The family-owned conglomerate Financière Harlé Bickford was set up in 1839 in Rouen, with the creation of Davey Bickford, a specialist in pyrotechnical initiation for mines and quarries. The group then diversified through organic growth, extending its pyrotechnic range to defence and aerospace activities as well as the motor industry.

Later came the acquisition of a group of companies operating on the antennae market for mobile phone networks under the name Jaybeam Wireless.

This all led to a highly complex group:

• At a strategic and operational level: five different businesses, industrial bases in three countries and a commercial presence in over 80 countries.
• At a legal level: several dozen majority or minority interests in legal organisations around the world.
• At a shareholder level: 200 individual shareholders lacking a controlling group.

Resources to pursue an ambitious strategy

In addition to providing cash to a large number of historical shareholders, the management buy-out gave fresh impetus to a group whose technologies and products have been internationally renowned for over 150 years. The MBO led by Argos Soditic produced a leaner shareholding structure which has automatically accelerated the strategic decision-making process. In parallel, the second goal of the transaction was to refocus the group on its traditional business, pyrotechnics.

Davey Bickford has developed a new generation of electronic detonators using innovative and exclusive technology. Its advertising and marketing are based on a global distribution network which is able to assist customers with this technological transition. Argos Soditic intends to support management in this ambitious development.

“FHB’s management has been won over by Argos Soditic’s pragmatism and its ability to listen to and understand strategic options,”

Dominique Héber-Suffrin, Chairman