IK hires Lazard to advise on Linxis sale

Lazard was chosen from a shortlist that included Centerview Partners, BNP Paribas as well as SocGen, the sources added.

There is still considerable preparatory work to be done, two of the sources said. The sale process of the French specialised equipment company, which focuses on the food and health sectors, will kick off in early 2022, they added.

IK, Linxis and Lazard did not return requests for comment.

Sale documentations will be dispatched to a mix of private equity firms and strategics, the sources sources.

This asset, which will be marketed off a EUR 40m EBITDA, could be valued at close to EUR 500m, as reported in September by French daily L'Agefi. The group, formerly known as Breteche Industrie, generates annual sales of EUR 200m.

IK acquired Linxis Group from Cerea Partenaire, Capza and Equistone in July 2015. At the time of the deal, Linxis generated a turnover of approximately EUR 220m.

Several deals have occurred in the space, one of the sources noted. For example, private equity firm Xenon bought a 60% stake in Tecnopool, which makes equipment for the food industry, in April 2018; and in May 2019, Xenon and Tecnopool acquired CSC Sartori, which produces commercial bread-making machines.

In the same period last year, Scame Forni Industriali, which manufactures industrial equipment to heat-treat metals, was acquired by club-deal fund H4.0.

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