Permira's Exclusive Networks readies EUR 370m Paris IPO

The indicative offering price range has been set between EUR 20 and EUR 24 per share. The pricing of the offering is expected to take place on 22 September 2021, with conditional trading expected to start on 23 September.

Selling shareholders (including Permira) will sell 5,295,307 existing shares, equating to approximately EUR 106m based on the low end of the indicative price range. The company will also issue new shares worth EUR 260m, also based on the low end of the indicative price range.

The overallotment option covers additional existing shares representing a maximum of 15% of the total number of shares offered.

JP Morgan and Morgan Stanley are acting as global coordinators, Societe Generale, Citigroup and BNP Paribas as joint bookrunners, and Lazard as financial adviser.

Founded in 2003 and headquartered in Paris, Exclusive Networks offers cybersecurity and cloud migration services. According to French daily L'Agefi, the company reported an adjusted EBITDA of EUR 108m from revenues of EUR 2.9bn in 2020. Its net debt amounted to 4.7x its EBITDA at the end of June 2021, and is expected to decrease to 2.5x by the end of the year.

Permira bought a majority stake in Exclusive Networks from Cobepa and Andera Partners in 2018 for around EUR 1.3bn. The management team maintained a significant equity stake and continued to lead the company.

Permira's equity for the investment came from global buyout investment fund Permira VI, which closed in January 2017 on EUR 7.5bn, according to Unquote Data.

Debt for the transaction amounted to around 6x EBITDA, according to a source close to the deal speaking to Unquote at the time.

Andera (then Edmond de Rothschild Investment Partners) initially backed the company in 2007, acquiring a 30% stake. At the time, the business had a turnover of EUR 20m.

In 2010, Omnes Capital joined the capital structure, acquiring a majority stake, alongside Andera. The company generated turnover of EUR 150m at the time.

Subsequently, Belgian GP Cobepa acquired a majority stake in the company in Q2 2015, while Omnes exited. Management retained 30% of the business, Andera 11%, and an additional investor the remainder. Andera used its Winch Capital 3 vehicle for the transaction.

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