Ardian’s Trescal bolts on SE Laboratories

The bolt-on is designed to strengthen and expand on Trescal's position in the US calibration market. The company also intends to enter the South American market in the coming months, as well as invest in more US companies.

According to Ardian, SE Laboratories had already been identified as a potential bolt-on when the GP invested in Trescal in June, as part of the firm's development strategy for the company.

The transaction marks the third bolt-on by Trescal since Ardian became its owner in June. Ardian acquired the business from 3i for €250m, acquiring an 82% stake in the business. 3i stood to make €71m from the sale, equivalent to a 2x money multiple.

According to unquote" data, Ardian – under its former name Axa Private Equity prior to its spinout – provided mezzanine funding for the bolt-on of Dynamic Technology by Trescal in January 2011, when Trescal was under the ownership of 3i and TCR Capital.

3i and TCR acquired Trescal in October 2010. The secondary buyout valued the company at €110m, with 3i and TCR buying the business from Astorg Partners. According to unquote" data, Axa PE also provided mezzanine funding in this transaction.

Astorg Partners acquired the business in December 2007, with Axa PE again providing mezzanine funding.

Trescal was founded in 1988 and is headquartered in Rungis. The company employs 1,600 staff and generated turnover of €157m in 2012, as well as an EBITDA of €23m. It provides calibration, equipment management and IT solutions, targeting the telecommunications, automotive, defence, electronics, aerospace, energy, medical and chemical sectors.

Following this bolt-on, Trescal claims its pro forma turnover has risen to €177m.

Company
Founded in 1978, SE Laboratories is headquartered in Santa Clara. The company employs 60 staff and generates turnover of around $14m.

SE Laboratories provides equipment calibration, repair and asset management services predominantly to the electronics, telecoms, aerospace and defence industries.

People
Olivier Delrieu is the CEO of Trescal, while Anil Singh is the founder and CEO of SE Laboratories. Ardian managing director Thibault Basquin, director Yann Bak, investment manager Arnaud Tardan and analyst Edouard Level worked on the deal for the firm.

Advisers
Company – Latham & Watkins, Xavier Farde, Lionel Dechmann (Legal); Paul Hastings, Robert Carlson, Brianna Dougherty, Todd Schwartz (Legal); Arsène Taxand, David Chaumontet, Jacques Mestoudijan (Tax); Alvarez & Marsal, Cardell McKinstry, Fernando Diaz, Ernesto Perez (Tax); PwC, Katia Carow, Curt Moldenhauer (Financial due diligence).

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• Topics
• France
• Support services
• Expansion
• United States
• Axa Private Equity
• 3i
• TCR Capital
• Astorg Partners
• Acquisition finance