Chequers Capital acquires Fime from Orange

The deal value has not been disclosed, but, according to French publication Capital Finance, the deal is valued within the €50-100m bracket and includes both senior debt (LCL, Societe Generale) and mezzanine debt (Indigo Capital), representing around 50% of the total financing. 

Fime declined to comment at this stage.

The new investment should accelerate growth and bring "substantial" benefits to Fime's stakeholders, the company said in a statement. Chequers will invest in R&D and further international expansion, looking in particular to offer new services in emerging markets. New laboratory locations may also be added to the group.

The management structure will remain unchanged for the time being, Fime added.

Fime was acquired by Orange in 2007, along with the acquisition of a 54% stake in Silicomp Group – a company listed on Euronext Paris – for a total of €50m paid in cash on the basis of a €20 share price.

Company
Fime offers consulting services, technical training, technology design, test tools and certification testing across the financial services, telecoms, transit and identity sectors. Its services are aimed at ensuring security for mobile and card transactions.

The company covers a range of technologies such as contactless, EMV chip, near field communication, machine to machine, and trusted execution environment.

Fime currently has a 500-strong team based across seven countries (Canada, France, the US, India, South Korea, Taiwan and Japan). The company achieved a turnover in excess of €45m in 2015.

People
Chequers Capital – Stephane Mulard (associate director); Xavier Morin (senior associate); Vivien Le Nestour (senior associate).

Advisers
Equity – Lazard, Vincent Le Stradic (M&A); Weil Gotshal & Manges, Frédéric Cazals, Cassandre Porges, Edouard de Lamy (law); KPMG, Ghislaine Duval (financial due diligence); AT Kearney, Jérôme Souied (commercial due diligence); Sokrates Advisors, Lubomir Mortchev (commercial due diligence). 
Vendor – LD&A Jupiter, Christophe Morvan (M&A); Fidal, Jérôme Talleux (legal); Mazars, Reza Joomun, Pierre Tchertoff, Théophile Redaud (financial due diligence); Elena Aubrée (tax).
Debt (senior) –  Simmons & Simmons, Colin Millar (debt advisory).
Debt (mezzanine) – De Pardieu Brocas Maffei, Jean-François Pourdieu (debt advisory).
Company – Lexington, Arnaud Demont (law).

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