Ardian in talks to buy Trustteam

The agreement still needs to be signed, according to a source familiar with the situation. 

Ardian is planning to use its Ardian Expansion Fund IV vehicle for the transaction, Unquote understands. The fund, closed in June 2016 on €1bn, provides tickets in the €50-60m range and has an initial investment capacity of up to €100m. It targets growth capital and buyout transactions through majority and minority investments in companies valued at up to €225m.

The transaction sees Trustteam valued at around €100m, according to Belgian publication De Tijd.

Naxicap Partners hired Degroof Petercam to guide the sale of Trustteam, Unquote sister publication Mergermarket reported in February. The company was posting EBITDA of €8m at the time, according to the report.

Ardian’s acquisition would represent the company’s third period of private equity ownership since 2011.

Belgium-based Gimv invested in Trustteam in October 2011, taking a majority stake. The company's founder and CEO, Stijn Vandeputte, and executive director Patrick Cornette held the remaining shares. Fortis Bank provided a debt package for the deal.

Gimv subsequently sold the business in 2014 to Naxicap Partners and Belgian entrepreneur Philip Cracco, while management retained its stake in the company.

Founded in 2002 and headquartered in Kortrijk, Trustteam provides network services to SMEs for infrastructure, security and communications, designed to allow SMEs to outsource their IT management.

The company has 95 employees and generates a turnover of around €20m, according to De Tijd.

Ardian could not be reached for comment at the time of publication.

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• Topics
• Buyouts
• Exits
• Benelux
• Technology
• Belgium
• Ardian (formerly Axa PE)
• Naxicap
• Secondary buyout