Who Owns Trigano Company?

Who controls Trigano?

Trigano SA remains largely controlled by the founding Feuillet family, whose dual-class governance and strategic board positions have preserved long-term industrial control despite public listing and market consolidation.

The Feuillet family’s concentrated voting power steers policy, M&A like the 2024–2025 BIO Habitat deal, and a conservative balance-sheet approach, making ownership structure central to investor risk assessment.

Explore a product analysis: Trigano Porter's Five Forces Analysis

Founders and Early Ownership of Trigano trace to the Trigano family textile firm, which gained national prominence in 1936 by supplying tents for French state‑mandated vacations; initial equity was held wholly by Edgard Trigano and his sons, including Gilbert Trigano.

Family textile roots

The business began as a family textile operation supplying tents in 1936, establishing the Trigano name in leisure equipment.

Founding ownership

Edgard Trigano and his sons initially retained 100% equity control in the early decades.

Financial distress

In the late 1970s and early 1980s the group faced financial stress, leading to brief bank ownership interlude by Crédit Lyonnais.

Management buy-in

François Feuillet was recruited in 1981 to lead a turnaround, marking the start of a management‑led ownership shift.

Feuillet family takeover

François and Marie‑Hélène Feuillet progressively acquired shares, establishing a holding structure that became the controlling block.

Strategic pivot

The new owners shifted strategy from camping gear to higher‑value motorhomes and caravans, reinvesting profits into manufacturing capacity.

Post‑restructuring equity concentrated with the Feuillet family, who by the mid‑1980s held the vast majority of shares, enabling low external interference and financing the company’s expansion into motorhomes and caravan production; see the company’s ownership evolution in the Growth Strategy of Trigano article.

Key facts — founders and early ownership

Concise timeline and ownership points relevant to Trigano ownership and early control.

• 1936: Trigano family becomes nationally known for supplying tents to French vacationers.
• Founders: Edgard Trigano and sons (including Gilbert Trigano) initially held full equity.
• Early 1980s: Financial distress led to brief Crédit Lyonnais intervention.
• 1981 onward: François Feuillet recruited; François and Marie‑Hélène Feuillet acquired controlling stake and formed a holding structure.

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Key events shaping Trigano ownership include the 1998 IPO on Euronext Paris, the Feuillet family's persistent majority control through Roma, and strategic acquisitions funded without significant stake dilution such as Adria in 2017 and BIO Habitat in 2024, preserving family-led governance.

As of early 2025 the ownership structure shows the Feuillet family controlling approximately 57.8 percent of share capital—mainly via holding company Roma and direct holdings—while the remaining 42.2 percent is free float dominated by international institutional investors.

Ownership profile and investor mix

The Feuillet family's majority stake secures strategic independence; institutional investors provide liquidity and long-term support.

• Family control: 57.8% of share capital through Roma and individuals
• Free float: 42.2%, largely international institutions
• Notable institutions (2024–2025): Norges Bank IM (~2–3%), Amundi, BlackRock, BPIFrance
• Funding approach: organic cash flow and modest debt, avoiding significant equity dilution

Further context on Trigano ownership and the company's business model can be found in the article Revenue Streams & Business Model of Trigano.

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Trigano’s board is chaired by François Feuillet with family members Alice Feuillet and Marie-Hélène Feuillet holding key seats; CEO Stéphane Gigou (appointed 2020) leads daily operations while reporting closely to the board, which also includes independent directors to meet Euronext governance rules.

The true extent of control at Trigano lies in voting power: a dual-class share system grants double voting rights to loyalty shares held over two years, so while the Feuillet family owns approximately 57.8 percent of capital they control more than 70 percent of voting rights, preserving strategic control and shielding the company from hostile takeovers and activist campaigns.

Voting structure and board impact

The dual-class loyalty share system concentrates strategic veto power with the Feuillet family, enabling continuity in long-term industrial strategy and capital allocation.

• Family ownership: roughly 57.8% of capital
• Voting control: over 70% of votes via loyalty shares
• Dividend policy: typically around 2.5%–3.5% yield
• Capital expenditure: recent large investments for modernization in Italy and France approved by the board

For further context on corporate strategy and governance linked to ownership, see Marketing Strategy of Trigano.

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From 2022 to 2025 Trigano’s ownership remained family-dominant while showing signs of generational transition and increasing institutional value investor presence; tactical buybacks and a steady family stake have underpinned stability amid sector consolidation and rising motorhome demand.

Analysts at Berenberg and Société Générale cited the ownership structure as Trigano’s primary defence against RV market cyclicality, a stance validated by robust 2025 order books and the company’s ability to maintain production during volatile interest-rate conditions.

Succession and governance

Visible succession planning: Alice Feuillet’s board role signals intent to keep Trigano ownership within the family while professionalising governance.

Institutional inflows

Value-focused institutions increased holdings modestly during 2023–2024 as retail participation softened post-pandemic.

Capital tactics

Tactical share buybacks were deployed to counter volatility but did not materially dilute family control; buybacks aimed at price support during 2024 rate swings.

Market resilience

Record turnover and a 12.8 percent motorhome sales increase underpin Trigano’s ability to ramp production and sustain inventory, supporting long-term shareholder value.

For background on Trigano company history and ownership changes see Brief History of Trigano

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