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Unquote
  • Buyouts

Carlyle clinches AutoForm in SBO from Astorg

  • Greg Gille
  • Greg Gille
  • @unquotenews
  • 17 November 2021
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Carlyle has agreed to acquire AutoForm, a Swiss developer of engineering software for sheet metal forming simulation primarily used in the automotive industry, from fellow private equity firm Astorg.

Carlyle and Francisco Partners were among private equity suitors left in the second round of the auction for the Swiss industrial software company in recent days. Permira, Onex, EQT, KKR and Hellman & Friedman, as well as industry players Roper Technologies, Dassault Systems and Hexagon, were flagged as potential bidders for the Astorg-backed business, as reported.

AutoForm is expected to generate EUR 75m in EBITDA this year, which is up from around EUR 27m six years ago when Astorg acquired the business, according to Mergermarket coverage. Previous reports have suggested that AutoForm could fetch a valuation of more than 30x EBITDA.

AutoForm

  • DEAL:

    SBO

  • VALUE:

    n/d (EUR 2bn-3bn est)

  • LOCATION:

    Pfäffikon

  • SECTOR:

    Software

  • FOUNDED:

    1995

  • EBITDA:

    EUR 75m est

  • STAFF:

    400

  • VENDOR:

    Astorg

Details of the transaction, which is subject to regulatory approvals, remain undisclosed.

In June 2016, Astorg acquired a majority stake in the business, investing from its sixth fund. Unicredit bank and MV Credit provided debt funding. Permira, Hg and TA Associates had also been pursuing the business through the auction process alongside trade buyers, according to Unquote Data.

According to reports at the time, the transaction was agreed at a CHF 700m (EUR 648.6m) valuation, which represented an EBITDA multiple of 19x on run-rate forecasts.

Astorg said that, under its ownership, the company has transitioned from a founder-led organisation to an institutionalised company, with an enlarged focus now covering all critical steps from design to assembly of an automobile's body-in-white (BIW) manufacturing process.

Company
Founded in 1995 and headquartered in Pfäffikon, Switzerland, AutoForm provides software for sheet metal forming simulation and BIW assembly simulation, mainly for the automotive industry. Its customer base includes automotive original equipment manufacturer and suppliers.

The company employs approximately 400 people – of whom 140 are in research and development – and is present in more than 50 countries, across EMEA, Asia and the Americas.

People
Carlyle
– Benjamin Deshayes (managing director).
Astorg – Joël Lacourte (managing partner); Benoit Ficheur, (partner).
AutoForm – Olivier Leteurtre (CEO).

Advisers
Equity – Rothschild & Co (M&A); Linklaters (legal); Lenz & Staehelin (legal); Latham & Watkins (legal).
Vendors – Evercore (M&A); Jefferies (M&A); Paul Hastings (legal).

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  • Carlyle Group
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  • Secondary buyout

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