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Cap Isoplas

presented by October France



36 months


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Harfleur, France




Presentation of the company

Created in 2014, Cap Isoplas is one of the top 10 joinery plants in France. The company, managed by New Cap, has 200 employees and is based in Harfleur. With production plants of 10,000 m2 each, located in Harfleur (Seine Maritime) and Reims (Marne), Cap Isoplas can produce up to 750 joineries per day, more than 80,000 joineries per year.

The company’s main activity is: manufacture and trade of joinery and closures (windows, roller shutters, doors, verandas).

The company works with dedicated to professional such as craftsmen, installers, construction companies and dealers.

Cap Isoplas is a long-standing player known for the quality of its products and their packaging.

Through its holding New cap, Pierre Coutelas drive the group developement through external growth. He buys out factories in the sector which are in difficulty and straightens them out by preserving the workforce. In January 2019, SAS New Cap bought SAS SAMBP at the helm of the court. SAMBP was the co-leader in Aluminium. This acquisition will allow the group New Cap to became the largest specialized woodworkers. 

Project Description

The company requests a loan of 156 000 € over 36 months to finance investment in machinery and people to support the plant’s production growth and business synergy following the external growth of the group. This project will be realised next month.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 76 440€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 20 354 000 € in 2018 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The increase in turnover in 2018 is driven by the development of the portfolio. The forecast is based on 2018 performance.

The borrower has a solid repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,59 and a strong financial structure, with a forecast net debt / ebitda ratio of 0,57 and a net debt / shareholder equity of 99%.

The analysis of the project leads to a credit rating of B and a 5,9% annual interest rate.

*The multiple of FCCR at 1,59 means that the company has a safety margin of 59% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (External data provider). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.

Strong points:

  • Good historical performance based on diversified client base.
  • Solid repayment ability with a forecasted FCCR of 1,59.
  • Long-standing player known for the quality of its products and their packaging.

Points of caution:

  • Fast growing Group in a competitive sector.