CDG acquires Babcock Wanson

The investment was made via Fonds de Consolidation et de Développement des Entreprises (FCDE), managed by CDG. It marks the carve-out of Babcock Wanson from French listed industrial conglomerate CNIM, following negotiations disclosed back in May. It is the first carve-out completed by CDG.

CDG became a majority shareholder in the group via the deal, while company management took a minority share. Kartesia acted as mezzanine provider and minority equity investor.

The total round is close to the €60m mark, with a €20m commitment coming from FCDE, according to a source close to the deal.

Kartesia had been approached by FCDE's financial adviser on the transaction, Lincoln International, and had been working with the €200m fund on the deal over the last few months.

A source close to the deal described the sale process as "quite competitive", with various parties interested in the acquisition.

With the new investors' backing, Babcock Wanson will look to strengthen the company's key market positions, further diversifying its activities. It will also complete a number of external acquisitions across Europe.

Debt
In addition to mezzanine debt provided by Kartesia, a senior debt package was provided by BNP Paribas, Crédit Agricole, LCL and BECM.

Company
Babcock Wanson manufactures and maintains medium-sized industrial boilers used in various types of production processes, including food processing, chemicals, pharmaceutical manufacturing and electricity production.

The company's headquarters are located in Chevilly-Larue, while its proidcution facilities are in Nérac, France, and Canevago, Italy. The company currently generates a €90m turnover and employs 573 people across France, Italy, the UK, Spain and Portugal.

People
Kartesia Advisor – Damien Scaillierez (founding partner); Julien Rigon (investment manager).

Advisers
Equity – Lincoln International, Serge Palleau, Margaux Lamothe (corporate finance); AyacheSalama, Sandrine Benaroya, Magda Picchetto (legal); Arsene Taxand, Frédéric Teper, Olivier Janoray (tax); Oderis Consulting, Aurélien Vion,Michel Banh (financial due diligence); Roland Berger Strategy Consultants, Eric Confais, Georges de Thieulloy (commercial due diliengence); Fidal, Philippe Chevrier, Benoît Creis (legal); Racine, Frédéric Broud, Gladys Annaïmi (environmental due diligence); Cohen & Gresser, Guillaume Seligmann (IT due diligence).
Vendor – DC Advisory, David Benin, Louis Vercken, Alexis Leblanc (corporate finance); Darrois Villey Maillot Brochier Avocats, Pierre Casanova, Loïc Védie, Jean-Guillaume Meunier, Frédéric Chevalier (legal); EY (financial due diligence); EY Société d'Avocats, Jean-Christophe Sabourin (legal).
Debt – De Pardieu Brocas Maffei, Christophe Gaillard,Thibaut Lechoux (legal).
Mezzanine – De Pardieu Brocas Maffei, Joanna Gumpelson (legal).

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