Equistone hires Jefferies to advise on Amadys auction

Charlie Taylor-Kroll , Josh O'Neill and Benaiah Moses
02 September 2022

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Amadys backer Equistone has retained Jefferies to oversee an auction of the Belgium-headquartered network equipment solutions provider, which is expected to be valued at north of EUR 600m, three sources familiar with the situation said.

The company is expected to be marketed off around EUR 70m annual EBITDA, the three sources and a fourth source familiar said. However, a formal process is not imminent, and an auction timeline is yet to be determined, one of the sources said.

Amadys, whose operations span the water, gas, electricity, telecoms and industrials sectors in the Netherlands, Belgium and Luxembourg, generates revenue in the region of EUR 300m, according to all three sources. This indicates an EBITDA margin of around 23%.

Amadys is expected to draw sponsor interest although a PE-led deal would be contingent on valuation expectations being met and the availability of debt financing, one of the sources said.

Under Equistone's ownership, Amadys has grown through a series of bolt-ons. Most recently, the firm snapped up PRO-Kunststoff, a German plastic manufacturer, in April. In June, the company was reported to be on the lookout for targets in the UK and DACH regions generating EBITDA of EUR 1m – EUR 5m, as reported.

Established in 2016 and based in Antwerp, Amadys has 300 employees. It provides procurement, integration, customisation, joint development and service delivery.

Representatives for Equistone and Jefferies declined to comment. Amadys was not immediately available for comment at the time of publication.