Activa Capital, BPI exit Nexeya

Following the transaction, Nexeya's management (led by Jean-Yves Rivière, Philippe Gautier and Jérôme Giraud) will become the new controlling shareholders with 75% of the shares, while Capzanine and BNP Paribas Développement will hold minority stakes.

Capzanine, which first invested in Nexeya when the business listed in 2013, is providing a unitranche debt package to support the deal. In addition, the investor supplied a financing line for future external growth operations, it said, allowing the company to accelerate its development in targeted markets.

Capzanine invests in small to mid-cap companies with an enterprise value of €20-400m. BNP Paribas Développement deploys tickets of €1-15m. 

For Activa, the current divestment is the fourth exit completed over the last nine months – Maison Bleue was sold to management and Towerbrook in October 2016, Gaz Européen to DCC in November 2016, and Findis to Naxicap in April 2017, among other divestments.

Activa and BPI backed Nexeya's management in a takeover bid in 2013, which was followed by the company's delisting from Euronext the year after.

Over the holding period, Nexeya refocused its offering on its core business lines, and expanded its international presence through targeted acquisitions.

Between 2013-2017, Nexeya's turnover rose from €129m to €132m. Its workforce was scaled back from 1,200 to 900. The company's operating profit currently stands at €8.7m, according to Activa.

Previous funding
Activa acquired a 57.9% stake in Euronext-listed Nexeya alongside BPI France in July 2013. They launched an offer to buy the remaining shares at €12 each, valuing the company at €47.8m, according to unquote" data. Nexeya was delisted the following year.

Through the newco created by Activa and BPI for the take-private deal, the GPs also acquired shares held by BNP Paribas, NextStage AM, Talence Gestion, Alto Invest and management.

Company
Established in 1997, Nexeya designs and manufactures specialised electronic equipment for industrial companies primarily in the defence, aeronautics, space, energy, rail and automotive sectors. Products include sensors, radar systems and signal procession systems. The company also provides engineering and technology consulting services, as well as IT infrastructure assistance to its clients.

Nexeya works with French and international industrial groups such as Airbus, CEA, CNES, Naval Group, the French government's Defense Procurement and Technology Agency (DGA), Safran and Thales.

It has a presence in Germany, Canada, China, Morocco and Singapore.

People
Activa Capital – Christophe Parier, Benjamin Moreau (partners); David Quatrepoint (manager).
BPI France – Luc Heinrich (managing director, mid-cap transactions); Alexis Guinard (investment director).
BNP Paribas Développement – Delphine Larrandaburu (investment director); Jean-Charles Moulin (head, Ile-de-France investments); Sophie Hemond (analyst).
Capzanine – Laurent Bénard (managing partner, CEO); Bruno Bonnin (director); Emmanuel Fournial (associate).

Advisers
Vendors – Mayer Brown, Olivier Aubouin, Marine Ollive (legal); AyacheSalama, David Ayache, Grégoire Zeitoun (legal).
Company – Edmond de Rothschild Corporate Finance (corporate finance); Adviso Partners, Marc Lebrun (corporate finance); Orrick Rambaud Martel, Jean-Michel Leprêtre (legal).
Equity – Duteil Avocats, Cristian Rawlins (legal).
Debt – Goodwin, Adrien Paturaud, Laurent Bonnet (legal).

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• Topics
• Exits
• Buyouts
• France
• Industrials
• BPI France
• Activa Capital
• BNP Paribas
• Capzanine
• NextStage
• Secondary buyout
• France