Imprimerie Nationale

The creation of a major Economic and Technological Intelligence (ETI) for the french identity industry: the Groupe Imprimerie Nationale acquire Smart Packaging Solution from FCDE.


Paris, May 14 2014


Fonds de consolidation et de développement des entreprises (FCDE) today announces:


The transfer of its shares held with Smart Packaging Solution (SPS) to Groupe Imprimerie Nationale. The Groupe Imprimerie Nationale becomes the majority shareholder with 51% of shares.


Founded in 2003, SPS is a world leader in contactless and dual interface chip cards technologies and a leading supplier of high technology for e-passport inlays.


The FCDE invested in SPS at the beginning of 2011 to assist the company in the recovery phase.

The FCDE team in close collaboration with the new management effected a rapid turnaround and then assisted the company’s survival and sustained its growth path, (turnover of €55M by the end of March 2014 against €5M in 2010) particularly through major strategic partnerships (Infineon, CPI).

The financial part of the operation generated a return on investment of 8x for FCDE.


The merger with the Groupe Imprimerie Nationale, a longtime partner of SPS.

(Ownership of 14% in the company since 2011) has led to an emergence of a major technological ETl for the french identity sector. This strategic acquisition has in fact enable the group to position itself as a key player on the national ID market while significantly strengthening its leadership at an international level.


This merger sustains the continued development of SPS within the group for which it considers competitive innovation as the driving force for its growth.

Didier Trutt, CEO of the Groupe Imprimerie Nationale states that: the strategic acquisition of SPS enables the group to have a strong technological advance in secured solutions for IDs and improve the service provided to the citizen when carrying out missions by the Imprimerie Nationale on behalf of the government and hence strengthening its leadership at an international level which is the key growth for the whole of the french identity sector for export.


Pierre Taillardat, member of the executive board of FCDE, ex president of the supervisory board of SPS states that: operation SPS is a prime example of market position and expertise of FCDE.

We have been able to identify the huge potential of the company, its enduring vision and quality management. We have provided SPS all the expertise of FCDE to bring about a rapid recovery and secure a high growth path at an international level.

The handing over to Imprimerie Nationale is natural and ensures the emergence of a promising French ETl combining legitimacy and the IN’s established expertise with the business agility and innovation culture of SPS.


Philippe Patrice, Chief Executive Officer and Co-founder of SPS states:

the quality of partnership with FCDE has been one of the key factors of the SPS recovery and its growth path. Through its approach, which goes beyond the financial considerations and focuses on the strategic, human and industrial issues, FCDE is a qualified partner with high added value for the management team. We are pleased to have made that choice.



Consolidation & Développement Gestion – SAS with a capital of €900,000 registered with the Paris registry of companies (RCS) under the No 517 624 979.

59 rue de la Boetie,CS 10017, 75008 PARIS.

Management Company approved by AMF under No 10000027

Fax : + 33 1 45 61 01 62  – www.fonds-fcde.fr