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July 29, 2025 - Lyon | Paris - French industrial group DREYER, a specialist in the manufacture of cold rooms and modular solutions, has announced a change in its shareholder structure, with a management buy-out to launch a new strategic dynamic. This capital transition accompanies the exit of the historical partners, Pierre PERNIAS (founder), Thierry RUSCICA, and the LT Capital fund, advised by Largillière Finance.

Based in Avignon, Vedène and Lyon, the DREYER group meets the essential challenges of industry and the demands of its markets by offering innovative, high-performance and responsible solutions for cold rooms, off-site buildings and customized sea container conversion.

Founded 50 years ago by Alain DREYER and Philippe PUY of Lyon, France, DREYER specializes in the deployment of cold room solutions.
In recent years, it has consolidated a modular construction business with the creation of EASYCUBE, which builds off-site buildings, and the acquisition of CAPSA in 2019, which transforms and fits out customized sea containers for construction, industry and events. Today, the DREYER Group has total sales of around €40 million and employs 200 people.

Positioning itself as an “essential industry”, the group designs infrastructures that are often inconspicuous but always vital, particularly in the world of refrigeration and storage, and that contribute to the country's food, energy and health sovereignty. At the crossroads of industrial, logistical and environmental challenges, our products and services are fully in line with the ongoing changes in Europe's industrial fabric. The group is particularly committed to the environment, offering solutions for re-use, using recyclable or bio-sourced materials, and constantly reducing its carbon footprint, with energy production exceeding consumption.

Thanks to the strategy led by the historical partners, Pierre PERNIAS and Thierry RUSCICA, supported by LT Capital which joined in 2017, the group has become a key player in its two sectors, with a solid business model, and is ready to embark on a new strategic dynamic.

This shareholder transition is accompanied by a new managerial organization. The Group is now led by Félix BAEZNER, Chairman, and Guillaume BOISSIERE, Managing Director, who joined in 2019 via the acquisition of CAPSA. They are reinvesting with key managers alongside a majority pool of private equity funds including Siparex Territoires (via Fonds Souverain Auvergne-Rhône-Alpes), BNP PARIBAS Développement and Caisse d'Épargne Rhône Alpes Entreprises.

According to Pierre PERNIAS and Thierry RUSCICA, long-standing partners of the DREYER group: "After 20 years of building the DREYER group, with the support of LT Capital over the past 8 years, we are delighted to entrust the next stages of development to Félix and Guillaume. DREYER has all the assets to tackle this new chapter in the best possible conditions. Our collaboration with Largillière Finance was decisive in the success of this sale. Their in-depth understanding of the market, including at international level, and their strong affinity with the Lyon region and the South of France, enabled us to carry out this MBO transaction, which ensures a seamless transition and offers the Group a great deal of continuity".

For Nathanaël Blanc, Managing Partner of Largillière Finance: "We are delighted to have received the confidence of our shareholders to complete this transaction. The DREYER group is a recognized player in the Lyon region, where we are based. It operates in a refrigeration sector that we know particularly well, and which is in line with the challenges of food sovereignty. As for their modular construction business, it is strongly oriented towards the circular economy, which opens up significant development prospects."

About LT Capital
LT Capital (“LTC”) is an independent private equity firm with over €300 million under management, and has been in business continuously for more than 20 years. LTC is a pragmatic investor committed to providing concrete capital solutions to accelerate the development of the companies it supports. LTC's investment strategy is based on active support for value-creating business projects, providing “tailor-made” solutions based on a project drawn up jointly with the management teams. The LT Capital team always respects the values of the companies it invests in, as well as its own values of expertise, integrity, social and environmental responsibility, commitment and performance.
For further information : https://ltcapital.fr/

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Press contact 

Margie 

Aliénor Miens - 06 64 32 81 75 - alienor.miens@margie.fr