Ardian picks up Equistone’s stake in Spie Batignolles

Following the deal, Ardian will support Spie Batignolles' development through bolt-on acquisitions. Investment company Salvepar has retained its 6.7% stake in the company.

Equistone acquired its holding in the company in 2003, when it span out from former parent Spie, which has been partly owned by Ardian since 2011. A private equity consortium led by Clayton Dubilier & Rice acquired Spie from PAI partners that year for a total consideration of €2.1bn. Ardian and Caisse de Dépot et Placement du Québec (CDCQ) co-invested in the transaction.

Company
Spie Batignolles is a French construction business that operates through five divisions: construction, civil engineering, energy, public works, property development and concessions. The company has 160 sites across France, employing 7,000 people. In 2013, Spie Batignolles generated turnover in excess of €2.1bn.

People
Dominique Gaillard is a managing partner at Ardian. François-Xavier Clédat is chairman of the supervisory board of Spie Batignolles. Guillame Jacqueau is a managing partner at Equistone.

Advisers
Equity – Latham & Watkins, Olivier du Mottay, François Mary (Legal); Eight Advisory, Stéphane Vanbergue, Aurélien Vion, Alexandre Vesval (Financial due diligence); Advention, Alban Neveux, Nicholas Veg (Commercial due diligence); EY Société d'Avocats, Frédéric Reliquet, Xavier Faurie (Legal); Marsh, Jean-Marie Dargaignaratz (Insurance due diligence).
Management – Cabinet Bompoint, Dominique Bompoint, Louis-Francois Guéret (Legal); Arsène, Alexandre Rocchi, Denis Andres (Tax).
Vendor – Crédit Agricole CIB, Yves Kieken, Virginie Grouselle, Lester Bernard (Corporate finance); King & Wood Mallesons SJ Berwin, Thomas Maitrejean, Benjamin Garçon (Legal); Deloitte, Thierry Quéron (Financial due diligence).

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• Topics
• France
• Buyouts
• Exits
• Industrials
• Ardian (formerly Axa PE)
• Equistone Partners Europe
• France
• Secondary buyout