Apax France exits IEE

Apax bought IEE from Arcelor and Société National de Credit et Investissement (SNCI) in 2004, alongside investment companies BGL Investment Partners (BIP) and Luxempart, as well as IEE's management. The deal was valued at €125m.

Apax acquired 70% of IEE, while BIP, Luxempart and IEE's management each acquired 10%. The deal was structured with a 60:40 debt-to-equity ratio. Huton Collins arranged and underwrote the debt package, which included a senior term loan and mezzanine facilities.

Since then, IEE's turnover more than doubled from €70m to €160m while EBITDA tripled. Headcount also rose from 750 to 1,600. Apax stated that the business notably expanded its presence in the Chinese automotive market.

Company
Established in 1989, IEE is a developer of specialised sensing systems. Based in Luxembourg, the company also has operations in Europe, the US and Asia. IEE specialises in the automotive industry but also targets the public & commercial infrastructure, consumer and healthcare sectors.

People
Bertrand Pivin led the exit for Apax. Hubert Jacobs van Merlen is president and CEO of IEE.

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• Topics
• Exits
• Benelux
• Industrials
• Apax France SA
• Luxembourg