Bridgepoint explores Anaveo exit, initial bids due imminently

Barbara Pianese, Francesca Veronesi
29 July 2021

Tweet
Facebook
LinkedIn
Google plus
Send to

Bridgepoint is selling France-based security products business Anaveo after five years of ownership, according to four sources familiar with the situation.

First-round offers for the electronic security business are expected this week, three of the sources said. The second-round bids are expected in September, two of the sources added. Transaction R is handling the sale.

Over the past few months, popular French auctions have seen binding bids submitted in the first round, so the sale could potentially accelerate in the coming weeks, according to one of the sources.

Financial sponsors showing preliminary interest include 3i, three of the sources said, with two of them suggesting PAI Partners could bid, and one of them naming Motion Equity Partners.

PAI declined to comment. 3i and Motion Equity Partners did not respond to requests for comment.

Lyon-based Anaveo recorded a EUR 14m EBITDA in 2020 and expects EUR 18m in 2021, two of the sources said. It had EUR 72m turnover in 2020 and expects EUR 83m this year, one of these sources added.

Bridgepoint is looking to fetch an EV of around EUR 200m in the deal, one of the sources said, adding that an EBITDA multiple in the "low teens" could be optimistic for a security products business. Still, the company has good visibility on its future performance given the recurring nature of its revenues, this and another source added.

The business is very focused on the French market and internationalisation could help boost sales, one source said.

Bridgepoint acquired Anaveo in 2016 for EUR 70m, investing via BDC II, a €350m, 2012-vintage vehicle. Since then, the company has made three bolt-on acquisitions, including French peer Azman in 2020 for an undisclosed amount.

Anaveo, Bridgepoint and Transaction R did not respond to requests for comment.