Significant changes have taken place at the Concarneau-based Piriou Group, with Pascal and Jacques Piriou selling their stake, and taking it out of the hands of the family that established it in 1965 as a fishing vessel repair yard before expanding into building new vessels and subsequently into other marine sectors.
Former Group Technical Director Yannick Moreau has also sold a significant share of his holding in the company.
Vincent Faujour, who has been Piriou CEO for some years, is now at the head of the company, along with CFO Alain le Berre, COO Patrick de Leffe and ten senior executives who together take control of the shipbuilding and repair group.
Arkea Capital Managers strengthens its existing holding and new investors Idia Capital Investments, BPIFrance and AfricInvest have put investment into the group.
Pascal Piriou, who has been chair of the board of directors, has stepped down from all responsibilities as Vincent Faujour becomes chair of the management board.
‘It has always been important for the Piriou family to ensure the sustainability of the company created 55 years ago by Guy and Michel,’ Pascal Piriou said.
‘In the absence of a third generation, and after having already opened the capital to professional shareholders in 2006, Jacques and I have decided to retire to allow the current managers, Vincent, Alain and Patrick, and their team of senior executives, to align their position as shareholders with their responsibilities as managers.’
He commented that Vincent Faujour has been the Group’s CEO since 2015 and has proved his ability to win the trust of suppliers and partners, shareholders, and above all, customers and company personnel.
‘It’s an emotional event, but I’m handing over to him with complete confidence, certain that with his team he will continue the same enterprising spirit.’
Established in 1965 and specialising in construction, repair, marine engineering and services, Piriou builds medium-sized steel or aluminium vessels up to around 120 metres at locations in Europe, Africa and Asia.
With its origins firmly in the French fishing industry before expanding into other markets and marine sectors, Piriou has delivered more than 500 vessels over the years to both military and civil entities in private and public sectors.