Ardian to back Alvest's SBO

The investors' consortium is in talks with the asset's owner, French private equity firm Sagard, to back Alvest's management team, led by CEO Jean-Marie Fulconis. According to a statement, the management team and the previous owner plan to reinvest in the business for an undisclosed stake.

A source close to the matter told unquote" that CDPQ aims to acquire the largest stake, while Ardian and the management team will own an equal stake in the business. The deal is understood to be based on an EV between €500m-1bn.

Alvest currently employs 1,800 people and produces technical products for the aviation industry, focusing on ground support equipment for airports. The company has 10 production plants in the US, France, Canada and China, and distributes across 130 countries.

The transaction would be the second time Ardian has invested in the business. In September 2006, the GP led an investor syndicate including Equistone Partners Europe and Indigo Capital France in the €90m take-private of Alvest (then known as TDL Group). LBO France subsequently acquired the business in a deal valuing it at €170m, according to unquote" data. Most recently, Sagard purchased a controlling stake in the company in April 2015 in a deal understood to have valued Alvest at €250-300m.

While Ardian initially invested in the business via its mid-cap buyout team, the GP is understood to be intent on reacquiring the asset through its co-investment team.

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• Topics
• Buyouts
• Exits
• France
• Industrials
• Secondary buyout
• France
• Ardian (formerly Axa PE)
• Sagard Private Equity