EdRip takes majority stake in ACB Group

EdRip is acquiring the group alongside the company's management, led by CEO Gilles Rigon.

The deal marks the full exit of previous private equity backers Arkéa and Europe et Croissance, who jointly acquired a minority stake in the group in 2012.

It also marks the second investment made with EdRip's second buyout vehicle dedicated to small-cap investments, Cabestan Capital 2.

During Arkéa and Europe et Croissance's ownership, the group's revenues shrank from an estimated €26m and 200 employees at acquisition, to a current €24m in sales and 170 staff. 

With EdRip as new shareholder, the group is hoping to implement an external growth strategy as well as to stimulate organic growth with various investments programmes.

Debt
The investment was supported by a senior debt package arranged by Societe Generale and underwritten by LCL and BNP Paribas.

Previous funding
In March 2012, Arkéa Capital and Europe et Croissance backed the management buy-in of ACB Group, taking a minority stake. Europe et Croissance invested €500,000 through the Eurefi fund (set up by the EU in 1995), while Arkéa's investment was estimated between €1-5m. As part of the transaction, Humbert de Sallmard and Gilles Rigon, previously senior executives and shareholders who contributed to the group's creation, became majority owners.

Company
Founded in 1988, ACB designs and produces printed circuit boards for the electronics industry. Headquartered in Termonde, Belgium, it also operates a French subsidiary called Atlantec France, based in Malville. The group services customers in the telecommunications, medical, civil aviation, defence and aerospace industries.

ACB manages two industrial plants, one in Dendermonde in Belgium, and one in Malville, near Nantes in France. The group currently employs 170 people and registers €24m in revenues, two thirds of which comes from international sales.

People
Edmond de Rothschild Investment Partners – David Robin (partner); Mayeul Caron (director); Pierre Cavalier (senior associate). 
Arkéa Capital Investissement – Eric Besson-Damegon, Thomas Trideau (investment directors).
Europe et Croissance – Daniel Gheza (CEO).

Advisers
Equity – ACA Nexia, Hervé Krissi, Thierry Guelfi, Romain Bardou (financial due diligence); Archers, Marc Baffreau, Guillaume Bain, Hélène Testeil, Sabine Hossenbaccus (legal, tax); LEK, David Danon-Boileau, Servane Perrot (commercial due diligence); AECOM, Julie de Valence (environmental due diligence).
Vendor – Lincoln International, Géraud Estrangin, Antoine Poupard, Julien Chevrier (corporate finance) ; De Pardieu Brocas Maffei, Guillaume Touttee, Raphaëlle de Gabrielli (legal).
Debt – Herbert Smith Freehills, Laure Bonin, Fabien Communier (legal).

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• Topics
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