Naxicap Partners buys Sateco from Omnes et al.

Other shareholders LFPI, Pechel Industries and Unexo are withdrawing from the group at the same time. The group's management team, led by François Guilloteau since 2007, also invested alongside Naxicap. Other joint investors include Siparex, Arkea, Ouest Croissance, BNP Paribas Developpement and BPI France.

Debt for the transaction was provided by Banque CIC Ouest, Arkea, Banque Populaire, Societe Generale, Credit Agricole Touraine Poitou and BNP Paribas. A source close to the deal indicated the debt would be refinanced when the deal is completed, and that a new one would also be provided later on. A debt ratio was not disclosed, but the source said equity and debt had been distributed in a "rather balanced manner".

Although a precise deal value has not been disclosed, the same source confirmed it was "largely in excess of €50m and underneath €100m," generating a 2x return for the nine-year investor. 

In 2007, Crédit Agricole Private Equity – now Omnes – led a quarternary buyout of the concrete moulding and safety platforms business. Omnes invested €18m in equity and took a majority stake in the company, while Pechel and FGP-LFPI took a combined 45% stake. Uni Expansion Ouest and management also invested. Vendor CIC LP generated an IRR in excess of 96% from the sale.

Omnes's intervention in the group enabled it to keep afloat at a time when the French public buildings and works sector was in troubled waters. After a major turnover drop from €50-55m in 2007 to €31m in 2009, the investment firm managed to turn the situation around, bringing revenues up to around €40m this year.

Omnes invested in Sateco using its CACI 2 fund, which invested in 15 companies between 2005-2007. CACI 2 currently has one company left in its portfolio.

Omnes stated that Sateco increased its market share among small and medium-sized enterprises in recent years, signing contracts in locations such as Dubai and the UK.

Company
Headquartered in Mirebeau, near Poitiers, Sateco was founded in 1953. The group designs, manufactures and markets concrete formwork and construction site safety equipment.

The group currently has sales of around €40m, two operating sites and 200 employees. It claims to be number one on the French market for safety walkways and number two for metal casing.

People
Omnes Capital – Philippe Zurawski (partner); Mikael Schaller (investment director).
Naxicap Partners – Luc Bertholat (associate director); Cyriaque Viaud (chargé d'affaires senior).
Pechel Industries – Bertrand Hainquerlot (managing director); Alain Cochenet (investment director).
Unexo – Antony Lemarchand (investment director).
Siparex – Alexandre Tremblin (director).
Arkea – Thomas Trideau (investment director).
Ouest Croissance - Henri Guillermit (chairman).
BNP Paribas Developpement - Benoit Picart (investment director).
BPI France - Marc Prevot (investment director). 

Advisers
Equity – PwC, Guillaume Morineaux, Jacques Darbois (law, tax, environmental due diligence); Oderis, Aurelien Vion (financial due diligence); Indefi, Julien Berger (commercial due diligence); CVS, Matthieu Guignard (law).
Vendor – Lincoln International, Ludovic Rodie, Serge Paleau (M&A); King & Wood Mallesons, Jerome Jouhanneaud, Remi Pages (legal); OC&C Strategy Consultants, Henri-Pierre Vacher (commercial due diligence); PwC, Dider Sidois, Antoine Fustier (financial due diligence). 
Debt – Hogan Lovells, Sabine Bironneau (legal).  
Management – Delaby & Dorison, Emmanuel Delaby; cabinet BGB, Alexandre Gaudin (legal). 

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