Ardian-backed Trescal aquires Precision Metrology

This acquisition will bring Trescal's portfolio in the US to 15 calibration laboratories, with 400 employees.

The transaction also fits within Trescal's expansion strategy in North America, and enables the group to strengthen its position in the Great Lakes area and in Florida.

Precision Metrology's founder, Carol Shipley, will remain in her current position and will still lead the company, which generates an $11m turnover.

Most of Trescal's bolt-ons have been completed in the US, including Dynamic Technology, SE Laboratories, Calibration Services, Test Equipment Repair Corporation, Master Metrology and General Calibration. One took place in Canada with Primo Instrument, and a few more in Europe, including GES Siemsa in Spain and Gefran in Italy.

Previous funding
In December 2007, Astorg Partners backed the management buyout of Trescal from parent company Air Liquide. Compagnie Financière du Crédit Mutuel and Ardian (then Axa Mezzanine) provided senior and mezzanine debt, respectively.

In October 2010, 3i and TCR Capital acquired Trescal from Astorg in a deal valuing the company at €110m. 3i was the majority shareholder in the deal, alongside minority investors Ardian and TCR.

In January 2011, Trescal acquired US-based measurement services company Dynamic Technology, enabling the company to penetrate the US market and offer broader services to its French clients in the US.

In June 2013, 3i and TCR sold their stakes in the group to Ardian, which thus became majority shareholder in the group. Ardian acquired an 82% stake in this deal, valuing the company at €250m (10x EBITDA multiple), with the balance going to management.

In October the same year, Trescal bolted on SE Laboratories, a Silicon Valley-based provider of calibration services. Ardian then provided €11.1m in acquisition finance to Trescal.

In April 2014, the group further pursued its US expansion by acquiring Instrument Calibration Services and Test Equipment Repair Corporation – two Atlanta-based companies.

In July 2014, it acquired US business Master Metrology and the Italian metrology assets of Gefran with additional equity provided by the GP. In October the same year, it bolted on Calibration Solutions (US) and GES Siemsa (Spain).

In January 2015, the French group took over General Calibration, another US-based company located in New Jersey. It was the 10th bolt-on made with Ardian's backing. Finally in January the following year, Trescal undertook its 14th bolt-on and the first ever in Canada with Primo Instrument, which brought to the group a workforce of 35 and €7m in sales.

Company
Founded in 1980, Precision Metrology is a calibration services provider based in Wisconsin and Florida. With a turnover of around $11m, the company employs 90 people and is mostly active in the utilities, aeronautics and life sciences sectors.

Trescal provides a broad range of services for the test and measuring equipment market. It has branches in 21 countries across Europe, Asia, Africa and the US. Headquartered in Rungis, Trescal manages 85 calibration laboratories and employs 2,300 people, servicing 35,000 customers in various sectors such as defence, aerospace, aeronautics, automotive, power generation, utilities, electronics manufacturing, communications and medical equipment. Its sales currently amount to €225m.

People
Ardian – Thibault Basquin, Yann Bak (managing directors); Edouard Level (investment manager).

Advisers
Equity – CW Downer & Co, Christopher Donegan, Ashley Rountree (M&A); EY, Laurent Majubert, Jérôme Cazauvieilh, Norbert Buil (financial due diligence); Hooper Hathaway, William Beuche (legal).
Company – N+1 (corporate finance). 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• France
• Support services
• France
• Ardian (formerly Axa PE)
• Build-up