3S Photonics raises 13 million euros
July 10, 2009 -- The French manufacturer of optical and optoelectronic components says it has raised 13 million euros in new funding from France's Strategic Investment Fund (Fonds StratÃ©gique d'Investissement or FSI), Alto Invest, and Midi Capital.
July 10, 2009 -- French manufacturer of optical and optoelectronic components 3S Photonics (search Lightwave for 3S Photonics) says it has raised 13 million euros in new funding from France's Strategic Investment Fund (Fonds StratÃ©gique d'Investissement or FSI), Alto Invest, and Midi Capital.
In May FSI promised to invest 10 million Euros, 5 million of which have already been provided. Alto Invest funds contributed an additional 2.5 million Euros to the company, which first operated as Alcatel Optronics and then Avanex France. Midi Capital, which recently purchased a shareholding in the company, also participated by reinvesting almost 450,000 Euros more in 3S Photonics.
"In 3S Photonics we found an expanding industrial project based on solid know-how and state-of-the-art technologies that we wanted to establish as part of the industrial heritage of France and increase its value even more. The aim is to support the strategy of external growth into new markets for the company, a strategy that we considered coherent and promising," said Gilles Michel, COO of FSI.
"We are very happy to welcome new shareholders to our company. This involvement in our work is validation for our strategy, emphasising and rewarding the high technological potential of our teams and their untiring investment. Since buying the company in 2007 we have managed to fulfil all the commitments and deadlines we set for ourselves. We have achieved all our growth on the basis of our own funds. Nowadays, in the light of the international context and although we are still unaffected by the crisis, our partners' capital contribution is extremely opportune and will act as an accelerant to growth," explains Alexandre Krivine, chairman and CEO of 3S Photonics.
Located in the heart of Optics Valley in Essonne, 3S Photonics employs almost 160 employees between its factory in Nozay and its sales departments in Marcoussis and London. It also uses subcontractors in Asia, supervised by its regional office in Thailand. Its turnover during financial year 2007/2008 was 27.9 million Euros.
Apart from the outlets provided by the market, the company's growth over the next few years will rely on shareholdings or acquisitions, facilitated by capital from its new shareholders, according to 3S Photonics.
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