Carlyle to acquire Præsidiad

CVC became the majority shareholder in Præsidiad, then known as Betafence, in 2014. It invested from the €10.9bn CVC European Equity Partners VI fund to take an 89% stake. 

Should the transaction go ahead, Carlyle will draw equity from Carlyle Europe Partners IV (CEP IV), closed on €3.75bn in 2015. The GP has completed a dozen investments to date with the vehicle, the most recent of which were in German electrical equipment company Atotech, Spanish business support services provider Digitex and Italian clothing and accessories specialist Golden Goose.

The GP also recently announced the acquisition of airfield ground lighting specialist ADB Safegate from PAI Partners for an estimated €900m, also drawing equity from CEP IV. PAI will generate a 3.3x return and 35% IRR from the exit, a source told unquote". 

Præsidiad went through a rebranding in 2016 following the acquisitions of Hesco and Secure USA. Since then, the company has been operating under three brands: Betafence, Hesco and Secure USA.

With Carlyle, Præsidiad will look to grow both organically and through additional acquisitions.

Further terms of the current transaction – which is still subject to workers' council consultation and approval from market authorities – were not disclosed.

Previous funding
In 2014, Gilde Buy Out Partners divested portfolio company Betafence to CVC, which already owned a minority stake in the company.

According to unquote" data, Gilde acquired an 89% stake in Betafence in 2005 as part of a carve-out from the listed Bekaert Fencing group. At the time, Bekaert had an enterprise value of €281.5m. Gilde provided around €70m in equity from its Buyout Fund II, while Rabobank International supplied debt facilities totalling €210m. Gilde further syndicated half of its stake to CVC.

Company
Headquartered in Ghent, Præsidiad produces integrated perimeter security systems to protect people and infrastructure. It services customers in the oil and gas, energy, aerospace, defence, information technology, industrial and consumer sectors.

Founded in 1880, the business posted €360m in sales and employed 1,500 people in 2014, according to unquote" data. Apart from its Ghent headquarters, the company has eight further production sites in France, the UK, Germany, Italy, Spain, Poland and South Africa.

People
Præsidiad – Michele Volpi (CEO).
CVC Capital Partners – Steven Buyse (partner).
The Carlyle Group – Rory Macmillan (principal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Exits
• Benelux
• Industrials
• Benelux
• Secondary buyout
• Belgium
• Carlyle Group
• Gilde Buy Out Partners
• CVC Capital Partners