3i, PAI, Alvarez & Marsal head into second round for Anaveo

Francesca Veronesi
28 September 2021

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The sale of Bridgepoint-owned Anaveo, a French provider of electronic security technology products, has seen sponsors 3i, PAI Partners and Alvarez & Marsal Capital Europe prepping second-round bids, according to two sources familiar with the situation.

The private equity firms are not alone, as a couple of corporate suitors are also looking to bid for the asset at this stage of the sale, according to a third source.

3i is seen as a front-runner in the process, the first two sources noted. The sponsor might submit a final offer ahead of the second round, the first source added.

Anaveo generated a 2020 EBITDA of EUR 14m and the forecast EBITDA for 2021 is EUR 18m. Turnover was at EUR 72m in 2020, with EUR 83m expected this year.

Bridgepoint is looking to fetch an EV of around EUR 215m-225m in the process, the third source said. Transaction R is sell-side adviser.

Bridgepoint acquired Anaveo in 2016 for a reported EUR 70m via its Bridgepoint Development Capital (BDC) arm. The company is a provider of video systems and security products for retail and commercial buildings in France. Founded in 1985 and headquartered in Lyon, it has 270 employees, as per Bridgepoint's website.

The SBO saw BDC become Anaveo's majority owner via BDC II, a €350m, 2012-vintage vehicle. The deal featured Paluel Marmont Capital as a minority investor, according to Unquote coverage at the time – although the company is currently not listed as being part of the portfolio on the firm's website.

PAI, and Bridgepoint declined to comment. Transaction R, 3i and Alvarez & Marsal did not respond to a request for comment.