Equistone to sell Amadys to PE-backed ETC in third exit this year

Amadys’ management team will re-invest in the combined group, according to a press release. ETC also counts among its minority shareholders founder Cédric Varasteh and Carlyle, which sold its majority stake in the business to Cinven last year.

The combination of ETC and Amadys is expected to provide opportunities for both companies to leverage product offerings and capabilities, such as in supporting customers’ active and passive equipment needs for network deployments, upgrades and maintenance at a time of increasing demand for high-speed connectivity across Europe, according to the press release.

Mergermarket reported last year that Equistone had mandated Jefferies to run a sale process that was expected to value the company at more than EUR 600m. PAI Partners and ETC were among the shortlisted bidders in the auction, as reported earlier this year.

Equistone acquired a majority stake in Amadys in December 2019 investing through Equistone Partners Europe Fund VI, a EUR 2.8bn fund that held a final close in March 2018.

Under Equistone’s ownership, Amadys invested in fibre, other telecom infrastructure, and energy transition. It also bolstered its presence in various regions including the Benelux and DACH, as well as central Europe and the UK through bolt-on acquisitions, according to the press release. 

Recent bolt-on investments include UK-based Passcomm Holdings in May 2022, Germany-based Pro-Kunststoff in March 2022, and Germany-based Muth Kommunikationstechnik in February 2022. Amadys was nearing EUR 300m revenues in 2022, versus around EUR 130m revenues when Equistone acquired it, as reported by Mergermarket.

Cinven acquired a majority stake in ETC in October 2022 from Carlyle, with founder Varasteh and Carlyle Europe Technology Partners reinvesting in the business for significant minority stakes, according to the press release.

Other recent exits this year from Equistone funds include the sale of a majority stake in Acuity Knowledge Partners, a UK-based research, analytics and intelligence provider to the financial services sector, to Permira in February; and Bulgin, a British manufacturer of connectors and related components, sold to California-based Infinite Electronics, in January.

Company
Established in 2016, Amadys is based in Antwerp and has 400 employees. It provides passive equipment for the telecom, water and gas industry. It serves customers across 11 European countries including the UK, Denmark, the Netherlands, Germany, Austria, Slovakia and Hungary.

People
Equistone – Hubert van Wolfswinkel (partner).
Cinven – Thomas Railhac (partner).
Carlyle Europe Technology Partners – Cyril Bourdarot (managing director).
Amadys – Hein Wilderjans (CEO, co-founder).
ETC – Cédric Varasteh (founder, chairman).

Advisor 
Vendor – Jefferies (corporate finance).

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