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First loan in France guaranteed by InnovFin MidCap Growth Finance

First loan in France guaranteed by InnovFin MidCap Growth Finance

  •  Release date: 27 January 2016
  •  Reference: 2016-020-EN

On Wednesday 27 January 2016, Jean-Claude Maillard, Chief Executive Officer and founder of Figeac Aéro, and Ambroise Fayolle, Vice-President of the European Investment Bank (EIB), announced the signature of a €25m financing agreement in support of research, development and innovation (RDI) investments by the subcontractor. This is the first EIB loan in France guaranteed by InnovFin MidCap Growth Finance (MGF), a financial product developed under Horizon 2020, the European Union's Framework Programme for Research and Innovation implemented under the supervision of Carlos Moedas, European Commissioner for Research, Innovation and Science.

This large-scale financing operation will serve to support Figeac Aéro in its permanent innovation and competitiveness programmes centred on the performance of its machining techniques and optimisation of its fleet of machines. Figeac Aéro develops modern, efficient production processes, enabling reduced cycles with integrated control. A key partner for large industrial groups in the aeronautics field, Figeac Aéro will continue its development in France and on the international market in 2016.

European Commissioner for Research, Innovation and Science Carlos Moedas said: "This agreement symbolises and expresses the EU's commitment to supporting the development and growth of innovative midcaps. Horizon 2020 and InnovFin contribute to the rapid expansion of the real economy in France and Europe, which is again being excellently illustrated today."

"This first signature in France under InnovFin MidCap Growth Finance is a strong signal of our commitment to innovative enterprises", said EIB Vice-President Ambroise Fayolle. "Innovation is driving the competitiveness of companies and employment. That is why we offer financial products tailored to developing the technical and industrial excellence of these companies and raising their international profile. The EIB is very proud to finance a flagship of the French aeronautics industry at the heart of a particularly dynamic region."

Jean-Claude Maillard, Chief Executive Officer and founder of Figeac Aéro, added that this new agreement highlights the importance of innovation and research for the Group. "Our Group has always had an active policy of investing in research, development and innovation and we are committed more than ever to pursue these efforts. The EIB loan will support our commitment to offer our customers innovative products that integrate competitive technology."

The EIB's support to Figeac Aéro comes under the Horizon 2020 initiative, in particular the "InnovFin MidCap Growth Finance (MGF) - EU Finance for Innovators" programme, which provides customised products for supporting the development of innovative SMEs and midcaps.

With fostering innovation as one of its top priorities, the EIB Group provided more than €18bn in 2015 in support of basic, applied and clinical research programmes within the European Union. In France in 2015, 18% of the Group's total investment of just over €8.7bn was devoted to supporting SMEs, innovation and R&D.

Note to editors:

European Investment Bank

The European Investment Bank (EIB), whose shareholders are the Member States of the European Union (EU), is the EU's long-term financing institution. It provides long-term finance in support of quality projects to contribute to the achievement of the EU's key objectives. For additional information, please consult: www.eib.org

General information on InnovFin financial products

Under Horizon 2020, the new EU research programme for 2014-20 implemented under the supervision of Commissioner Moedas, in 2014 the European Commission and the European Investment Bank Group (EIB and EIF) launched a new generation of financial instruments and advisory services designed to help innovative firms access finance more easily. Until 2020, "InnovFin – EU Finance for Innovators" is offering a range of customised products which will make available more than EUR 24bn of financing support for research and innovation (R&I) by small, medium-sized and large companies and promoters of research infrastructure. Overall, this finance is expected to mobilise at least EUR 48bn of investment in research and innovation.

Backed by funds set aside under Horizon 2020 and by the EIB Group, InnovFin financial products are used to support R&I activities, which by their nature are riskier and harder to assess than traditional investments, and therefore often face difficulties in accessing finance. Firms and other entities located in EU Member States and Horizon 2020 Associated Countries are eligible as final beneficiaries.

InnovFin MidCap Growth Finance offers long term senior, subordinated loans or mezzanine loans, in order to improve access to finance mainly for innovative larger midcaps (up to 3000 employees), but also SMEs and small midcaps. Loans from EUR 7.5m to EUR 25m will be delivered directly by the EIB.

About FIGEAC AÉRO

The FIGEAC AÉRO Group, a key partner for large industrial groups in the aeronautics field, is specialised in producing light alloy and hard metal structural parts, engine parts, landing gear and sub-assemblies. FIGEAC AÉRO is an international group with over 1 800 employees which operates in France, the United States, Morocco, Mexico and Tunisia. At 31 March 2015, the Group's annual turnover was €204m and its order book totalled €3.7bn.






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