Evoco sells Plumettaz to Invision

Harriet Matthews
01 July 2021

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Evoco has sold its majority stake in Switzerland-headquartered cable-laying equipment producer Plumettaz in an SBO to Invision.

The company's revenues grew by more than 50% during the investment period, Evoco said in a statement. In addition, it established a US subsidiary and made add-ons in the Netherlands. Evoco also assisted Plumettaz with the development of its management team and structures, including the creation of new positions such as finance director and digital business manager.

Evoco makes lower-mid-market investments in Germany, Switzerland and neighbouring countries, acquiring multiple companies from vendors in single-portfolio deals. The GP acquired Plumettaz in 2015 as part of a deal for six portfolio companies of Defi Gestion. Defi Gestion originally acquired Plumettaz from its family owners via Defi EuroCap III in August 2008.

The acquisition of Plumettaz and the five other companies from Defi Gestion was the first deal from Evoco TSE II. The fund held a final close in September 2016 on €105m and is now fully deployed, with 13 portfolio companies from three platform deals remaining.

Evoco is currently on the road for Evoco TSE III, which has a target of €150m, as previously reported.

Unquote sister publication Mergermarket reported in February 2021 that Plumettaz was up for sale. Sources told the publication that the company posted EBITDA of €8m and revenues of €40m. The process saw interest from trade buyers, as well as particularly strong interest from GPs and financial investors.

Invision is currently deploying equity via Invision VI, which held a final close in February 2019 on €375m. The GP writes equity tickets of €25-45m, targeting DACH businesses with revenues of €25-200m.

The Plumettaz deal is Invision's third platform investment of 2021; the GP announced its investment in Germany-based football player agency Roof in April 2021, followed by online smartphone marketplace Skyscale Schweiz in May.

Company
Founded in 1923 and headquartered in Bex, Plumettaz produces cable-laying machinery and equipment for the telecommunications, energy, rail and construction industries. Its products cover functions including jetting and cable pushing.

People
Evoco – Michel Galeazzi, Felix Ackermann (founders, partners); Lorenzo Gregory Sirmani (director).
Invision – Frank Becker (managing partner)
Plumettaz – Philippe Prat (CEO).

Advisers
Vendor – Raymond James (corporate finance); Walder Wyss (legal).