The three large, French promotional products agencies, AFSO, BV l’Agence Objets Média and LAGARDERE, have merged and will be operating on the French and international promotional products market under the name Synneo in future. As a result of the merger of the three companies, with a turnover of 36 million Euros, by own accounts, Synneo will become the largest promotional products agency in France with customers such as Thales, Safran, Airbus, Macif, Alfa Romeo, Fiat, Kubota, Joker and Carglass.
A headcount of around 90 people will be employed at twelve locations, among others in Paris, Toulouse and Nizza. In addition to three logistics centres with warehouse space spanning 3,000 m² in total, the three business units l’Agence Corail, Smartobjet and Vins & Cadeaux will also be integrated into the new group. Last but not least, Synneo is a shareholder of Prominate, an international joint venture with a presence in more than 100 countries. Prominate helps multinational groups like Siemens or Castrol, optimise their global purchases of promotional products by generating important cost savings, securing the supply chain, guaranteeing the respect of the logo’s graphic charter, and assuring the coherence with global CSR values.
The five shareholders and friends of many years, Laurent Bourasseau and Stève Brocher (both from BV L’Agence Objets Média), Élie and David Maman (both from AFSO) and Frédéric Misseri (LAGARDERE) stated that the fusion is a reaction to the market developments in the promotional products sector. Since all three companies complement each other in terms of added values, teams and customer structure, there is huge potential for growth and joint business development.
“Every year more than a billion Euros is invested into product media in France. The industry is doing well, but it is currently undergoing change: It is being challenged by a growing awareness for CSR. Synneo arose from the desire to actively take part in this change by bundling the strengths and competences of three of the leading players of the promotional products industry,” company sources stated. “The name of the group reflects the histories and ambitions of the companies: Synneo stands for a synergy of competences and teams that will contribute towards dynamizing the market. Each executive and each structure brings a specific added value with it. Hence, the group is well-armed to react to the calls for tenders of large French and international groups.”
A three-stage plan over a term of five years illustrates the ambitions of the French company. After a consolidation and integration phase, Synneo intends to organically increase its market share so that it ultimately expands from 2025 onwards by tapping into new markets and business areas. The aim is to increase the turnover up to 60 million Euros by 2027. This plan is to be supported by an external growth strategy.
Synneo has been operating since September 2022. All five founders hold an equal amount of shares. The investment fund, IXO Private Equity, which acquired a participation in AFSO two years ago, remains an investor in Synneo to facilitate the growth. The new Synneo website goes live at the end of September.
