HLD is to acquire a 52.95% stake in listed France-based electromagnetic waves testing company Microwave Vision Group (MVG).
According to a statement, HLD is acquiring this stake from previous shareholders Eximium, the holding company of the Baule family, as well as BPI France and Seventure Partners.
The deal values each share in MVG at €26, giving the company a valuation of €170m and valuing a 52.95% stake at more than €90m.
The deal is expected to complete by the end of 2020 and is subject to regulatory approval. On completion, HLD Europe plans to make a mandatory public takeover offer for the remaining shares at €26 apiece.
According to a statement, this share price offers a premium of 7.9% compared with the last closing pive on 29 July 2020.
Founded in 1986, Microwave Vision Group (MVG) develops technology for electromagnetic wave testing, which has applications in areas including wireless connectivity testing. Its technology is used in the telecommunications, aerospace, defence, automotive and consumer electronics sectors. The company has 350 employees and is headquartered in Villejust, Essonne, with operations in North America, Europe and Asia.
The company reported revenues of €74.6m in 2018, according to its annual report, compared with €71m in 2017. It reported EBITDA of €10.4m and EBIT of €6.4m in 2018, compared with EBITDA of €7.8m and EBIT of €4.3m in the previous year.
Microwave Vision Group – Philippe Garreau (chairman, CEO).
HLD Europe – Cédric Chateau (partner, investment committee chairman).
Equity – Weil, Gotshal & Manges (legal); Cabinet Bompoint (legal); Boston Consulting Group (corporate finance); Arsene Taxand (tax); EY (commercial due diligence).
Company – Allen & Overy (legal); Lazard (corporate finance); Sevenstones (corporate finance); Deloitte (financial due diligence).
Vendor – DLA Piper (legal).
Tom Alzin and Jannick Hunnecke will join, while Rolf Scheffels is to leave when his term ends
Fund focuses on investment opportunities in the lower-mid-market across North America and Europe
Frank Bretag joins from Georgieff Capital Advisors and focuses on the industrial goods sector
Enterprise Investors acquired a minority stake in the oncology company in 2013