Equistone backs Wallenborn Transports MBO

The management buyout values the target at between €70-90m, while its EBITDA stands at €13m, according to French publication Capital Finance.

The GP has used its €2.8bn Equistone Partners Europe Fund VI for the transaction. The fund typically invests €25-150m in western European lower-mid-market companies with enterprise values typically between €50-€500m.

According to a source familiar with the situation, term loan A and term loan B senior debt was provided, equivalent to less than 2x EBITDA.

Equistone's backing will allow the business to support its international expansion and diversify its offering.

Previous funding
Afinum Management acquired Wallenborn in 2009, in a deal valued between €25-50m. Co-shareholders were the previous owner, Frantz Wallenborn, and Ludwig Bertsch. The investor has since then exited the investment, Unquote understands. 

Company
Founded in 1920, Wallenborn has since grown to become a transportation service and a road feeder service (RFS).

Based in Munsbach and with 16 offices in 12 countries around the world, Wallenborn serves 800 companies in around 40 markets. The business expects to generate a €150m turnover in 2018. 

People
Equistone – Thierry Lardinois, Grégoire Schlumberger (partners).  
Wallenborn Transports – Frantz Wallenborn (CEO).

Advisers
Equity – Eight Advisory (corporate finance); LEK Consulting (commercial due diligence); Atoz (IT due diligence); Arsene Taxand (tax); Paul Hastings (legal); Stibbe (legal).
Company – Lazard  (corporate finance); Kleyr Grasso Associes (legal); EY (financial due diligence); Roland Berger Strategy Consultants (commercial due diligence); NG Finance (commercial due diligence); Scotto & Associes (legal).

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