Argos-backed Valco buys Guichon amid capital reshuffle

According to an unquote" source, Valco's purchase of Guichon was supported financially by Argos Soditic, its owner since an MBO in February 2014.

The private-equity-backed valve manufacturer had followed Guichon for around a year; the bolt-on target's product line was judged "extremely complementary" to Valco's own, the same source added.

After months-long negotiations to acquire the asset from CEO and majority owner Thierry Perrier, an agreement was sealed in late November 2015.

In December 2015, the Guichon purchase was followed by the entrance of FDEN as a minority shareholder at Valco; some of the capital invested by the new backer went towards financing the November bolt-on, unquote" understands.

A €133m fund backed by state investor BPI France and energy heavyweights EDF, Areva, Alstom, Vinci and Eiffage, FDEN was launched in January 2014 and typically deploys a €1-13m equity ticket in companies from the French nuclear sector. Its support to Valco will assist the valve designer as it targets clients from the segment.

Previous funding
According to unquote" data, Argos became a majority shareholder in Valco in February 2014, when it bought the business alongside the management team from HitecVision-backed Norwegian parent Technor.

The GP's takeover was supported by a unitranche package provided by IFE Mezzanine, Idinvest and BPI France.

At the time, Argos stated it would back Valco's expansion in existing and new markets, with plans for strategic acquisitions across Europe.

Company
Founded in 1921, Guichon Valves designs, installs and maintains industrial valves for clients within the petrochemical, pharmaceutical, nuclear and naval industries. Headquartered in Chambéry, the business operates across all continents and recently posted around €10m in revenues; its headcount currently sits at 75 people.

Valco was created in 1949 with a similar focus. Headquartered in Ruffec, the private-equity-backed business employs 234 staff and specialises in the manufacture of cryogenic valves.

People
Argos Soditic – Gilles Mougenot (partner); Raphaël Bazin (investment director); Samuel Touboul (project manager).
Fonds de Développements des Entreprises Nucléaires – Jacques Solleau (director); Thierry Deleuze (investment director); Jean-Philippe Luce (investment manager); Jeremie Swiecznik (legal analyst).
Valco Group France – Stéphane Galichet (CEO).
Guichon Valves – Thierry Perrier (CEO).

Advisers
Equity – Kepler Corporate Finance, Olivier Dardel (M&A); Olswang, Christophe Gaschin, Stanislas Marmion, Caroline Pucel (Legal); Estin & Co, Geoffroy Rupprecht, Marco Maeder (Commercial due diligence); Eight Advisory, Eric Demuyt, Benoit Bestion, Nicolas Bayle, Nicolas Cohen (Financial due diligence); Deloitte, Tristan Doquet-Chassaing, Armel Pedron, Arnaud de Vienne (Financial due diligence); Arsène Taxand, Franck Chaminade, Remy Bonnaud (Tax); Soulier, Véronique Vincent, Emilie Ducorps-Prouvost (Social due diligence); Brugmann, Benoit Verron (Insurance due diligence).
Company – August et Debouzy, Julien Wagmann, Antoine Reboulot (Legal).

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• Topics
• Expansion
• Industrials
• France
• France
• Argos Wityu
• Acquisition finance
• BPI France
• Build-up