Published on September 28, 2023 at 22:00
From his communist childhood in the housing projects of Bobigny, Olivier Sorin inherited a social background that shaped his career at the head of the geotechnical company Fondasol. Shortly after obtaining his engineering degree, he quickly demonstrated his interest in management. “A company is first and foremost a collective of personalities that need to be convinced to work towards a common vision,” he believes.
As branch manager, director, and then CEO, he assumed the presidency of the company based in Avignon in 2013, following the majority acquisition of Fondasol by an investment fund. The business is doing well, but it is not far from reaching its glass ceiling. To surpass it, the entrepreneur decided to involve his employees more.
Emphasizing employee shareholding
A first step was taken with an LBO that confirmed the departure of the founder in 1996. Therefore, some of the 900 employees were already shareholders. But Olivier Sorin wants more. “A company that belongs to its employees grows better. We agree on visions and strategies. We decide together how to invest. We share difficulties and successes with full awareness. It is a prerequisite if we want to build a solid foundation for growth,” he believes. After several capital restructurings, three quarters of the employees are now shareholders, either directly or through the FCPE (company mutual fund) created in 2022.
The internal organization has undergone the same changes. Alongside the management committee, an extended committee meets five times a year, including elected employee shareholders. An entrepreneurship café is also organized to discuss contracts, prospects, investments, and valuation. Today, each of the 25 agencies is autonomous. The teams consist of half engineers and half operators in about ten professions. The agencies manage a portfolio of around 20,000 active clients that require in-depth soil studies before a construction project. This autonomy has proven successful for the company. Its revenue has increased from 65 million euros in 2019 to 89 million euros last year.
Internationalizing
“New sources of growth have enriched our activity,” emphasizes Olivier Sorin. He began by opening the company internationally. In 2015, Fondasol created a first subsidiary in Morocco, then in Senegal, and acquired a company in Canada in 2020. 15% of its activity is now carried out abroad, employing nearly 150 people. “Our goal is to double this figure, particularly thanks to African economic development,” explains the CEO. An external growth project is in the works to accelerate this progress.
The company is also focusing on the development of new expertise: site pollution studies, hydrogeological studies, rainwater management, geothermal energy… These activities currently account for 20% of the revenue. “Innovation is our ally in convincing new clients,” affirms Olivier Sorin.
The prototype of an electric drilling machine, the first of its kind, is being tested to support the decarbonization of the sector. Starting from February next year, a fleet of 90 machines will be gradually converted. The company is also investing in artificial intelligence. Its predictive algorithm is capable of determining the likely nature of the soils studied, reducing the number of necessary drillings. This could lead to savings of 30 to 50% on the most common construction sites.
* The Entrepreneur of the Year award is organized by EY, in partnership with Samsic, Verlingue, Steelcase, and Bpifrance.
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