Equistone acquires Camusat from MBO Partenaires

Alice Tchernookova
07 July 2016

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Equistone Partners Europe has acquired a majority stake in French telecoms group Camusat from MBO Partenaires, a minority shareholder since 2011.

CEO Richard Thomas and general manager Eric Braghini, as well as several members of the management team, will reinvest in the group as part of the transaction.

MBO Partenaires had taken a 46% minority stake in the group in 2011, alongside management who took a majority share of 54%.

With MBO Partenaires' backing, Camusat expanded into new territories in Asia and launched new business lines. Equistone will continue implementing a similar international growth strategy.

Camusat will also pursue its development within the telecoms infrastructure market and its technological progress, focusing on innovation in the energy field in order to enlarge its product offering.

A unitranche debt package was provided by Alcentra for the SBO.

Previous funding
Camusat was acquired by the Ginger industrial group in 2002. In 2011, Richard Thomas and Eric Braghini led a spinout from Ginger, backed by MBO Partenaires.

Camusat directors Richard Thomas and Eric Braghini represented the management team and acquired 54% jointly in the transaction. MBO Partenaires acquired a 46% stake through the transaction.

Debt was provided by LCL and Caisse d'Epargne.

In 2013, Camusat sold its French operations and refocused its strategy on international activities, notably in emerging markets.

Company
Founded in 1948 and headquartered in Dijon, Camusat is a French company specialised in the construction and maintenance of telecoms infrastructure for fixed and mobile telecommunications operators. The group has three main business units: design and installation of telecoms towers, monitoring and maintenance services, and energy supply solutions for these sites.

Camusat employs more than 2,000 people in 35 countries (mainly in Africa, southern Asia, the Middle East, and the Caribbean) and generated almost €175m net sales in 2015.

People
Equistone – Guillaume Jacqueau (managing partner); Arnaud Thomas, Thierry Lardinois (partners); Florent Rostaing (investment manager).
MBO Partenaires – Richard Broche (partner); Julien Wormser (associate director); Hugues de Gastines (senior associate).

Advisers
Vendor – UBS, Arnaud Fauqueur, Karine Houtmann, Julien Donarier (M&A); Lamartine, Fabien Mauvais, Ugo Audouard (legal); 8 advisory, Eric Demuyt, Mathieu Morisot, Dimitri Cromback (financial due diligence); Neovian Partners (commercial due diligence).
Equity – Goodwin Procter, Thomas Maitrejean, Benjamin Garçon, Charlotte Cloix (legal); Oliver Wyman, Emmanuel Amiot, Gunesh Dwarika, Nicolas Dunais (commercial due diligence); Deloitte, Cyril Stivala, Frederic Martin-Prevel (financial due diligence); PwC, Anne-Valerie Attias-Assouline, Sara Dezes, Touma Assaf, Corinne Bourdelot (tax, legal, environmental due diligence); ADIT, Jérôme Louvet, Matthieu Paternotte, Marc Lemarignier (other due diligence); Marlborough Partners, Romain Cattet, Holly Bott, Charlotte Al Usta (debt advisory); Paul Hastings, Olivier Vermeulen (legal).
Debt – Shearman & Sterling, Arnaud Fromion (legal).
Management – Axys Finance, Didier Izabel, Sandrine Chouard (M&A).