InfraVia's Celeste acquires PE-backed VTX Telecom

The deal sees Celeste wholly acquire the business, according to a statement. VTX expects the deal will bring synergies for the business, as well as strengthen its position in the Swiss market.

A new board of directors is to be appointed following the transaction, VTX said in the same statement, although the company will continue to operate independently and under its current name.

InfraVia acquired a 75% stake in Celeste in March 2019, investing €110-143m alongside the company's management, according to contemporary press reports. VTX is Celeste's sixth bolt-on during InfraVia's investment period, but its first outside France. Celeste's domestic add-ons have included Stella Telecom in February 2020, as well as PacWan in September 2019.

Previous funding
Iris (then known as Part'Com) invested in VTX in June 1999 alongside Italy-based fund Pino Venture Partners (then known as Kiwi). Pino exited the investment in 2011, according to VTX's website.

In July 2005, Siparex invested in VTX, acquiring a minority stake in the business.

Company
VTX was founded in 1986 by Francis Cobbi, Philippe Roditi and Joseph Toledano. Based in Pully, it provides telecommunications services for Switzerland-based small and medium-sized businesses, including cloud services and mobile communications.

The company employs 150 people. According to French publication Capital Finance, VTX reported revenues of €70m in 2019, up from €22.5m in 2018.

People
Celeste – Nicolas Aubé (founder).
InfraVia Partners – Vincent Levita (founder, CEO).
VTX Telecom – Yves Pitton (CEO).
Iris Capital – Antoine Garrigues (co-founder).

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