Apax in exclusive negotiations to buy Snef Telecom – report

This follows a sale process managed by Transaction R & Co, a subsidiary of Rothschild, according to the report.

The deal values the company at €150m, equating to an EBITDA multiple of 10x.

The GP plans to invest via its Apax Development Fund, which held a final close in January 2020 on €255m, surpassing its target of €225m. The fund generally invests in French SMEs with a valuation of up to €100m, deploying equity tickets of €15-50m range. The fund plans to make 10 platform investments. The deal will be the second investment from the fund.

Snef Telecom operates and provides engineering, construction and maintenance services for fixed-line and mobile telecoms networks. Its clients include network operators Bouyges Telecom and Orange, as well as telecoms equipment producers Huawei and Nokia. Snef Telecom also assists corporates and public organisations with projects, such as SNCF and EDF.

Headquartered in Marseilles, the company has seven offices and employs 600 people. It reports revenues of €100m, according to Capital Finance.

Apax had not returned requests for comment at the time of publication.

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• Apax France SA