IK makes final Fund VII investment with I@D buyout

In June, IK announced it had entered into an exclusivity agreement to acquire a majority stake in the group with the support of Five Arrows, the corporate private equity business of Rothschild Merchant Banking.

Founders Malik Benrejdal, Jade Benrejdal and Jerome Chabin, as well as Naxicap Partners, a shareholder since 2012, are investing alongside IK and Five Arrows, with a total stake amounting to 37%. Naxicap realises a partial exit through the transaction.

The transaction marks IK's last investment from the IK VII Fund, closed on €1.4bn in October 2013, as the fund is now fully deployed in 15 portfolio companies. The latest investments made with the fund include Marle, Netel, TeleComputing, Salad Signature and CID Lines, all of which were made in 2016.

The new investors will help I@D continue expansion of its real estate services range, and further expand in France and other selected European countries. In 2015, it notably launched operations in Portugal, where it supports 200 agents.

Since Naxicap invested in the company, its turnover increased from €23m to €80m.

Debt
Permira provided leverage for the transaction.

Previous funding
In 2012, Naxicap Partners entered the group as minority shareholder in an OBO that saw co-founder and then sales director Sebastien Caille exit the group, while the group's CEO Malik Benrejdal, his wife and another company executive kept a controlling stake of more than 50%.

The transaction also included a €6m senior debt provided by Societe Generale and Banque Populaire Rives de Paris.

Company
Founded in 2008 to offer an alternative way of buying and selling residential property, I@D is a digital platform of support services for independent real estate agents. It currently connects 3,200 local agents and registered 11,800 intermediated transactions last year. I@D posted revenues of €80m in June 2016 and currently employs 64 people.

People
IK Investment Partners – Dan Soudry, Rémi Buttiaux (partners); Vincent Elriz (associate director); Thibaut Richard (associate).
Five Arrows Principal Investments – Emmanuel Roth (co-managing partner); Nicolas Robin, Brahim Ammor (principals); Stéphane Gaudard (investment analyst).
Naxicap Partners – Laurent Sallé (managing partner); Clemence Rousselet (associate).

Advisers
Equity – goetzpartners, Guillaume Piette, Cedric Hawthorn, Adrien Hautefeuille, Julien Pascal, Leo Fallourd (corporate finance); UBS, Jerome Pin, Anne-Sophie Serre (corporate finance); AT Kearney, Jerome Souied, Hugo Azerad, Nicholas Veg, Charlotte Lescop (commercial due diligence); KPMG, Vincent Delmas, Stephanie Taupin, Maroua Bouchareb (financial due diligence); Willkie Farr & Gallagher, Eduardo Fernandez, Gregory De Saxce, Gil Kiener, Stanislas Curien, Mathilde de Wiljes (legal); De Pardieu Brocas Maffei, Jean-François Pourdieu, Matthieu Candia (legal).
Vendor – Edmond de Rothschild Corporate Finance, Christophe Marchand, Inès Reinmann-Toper, Sebastien Auger, Sara Napolitano, Arthur Pignot, Gregory Fradelizi, Paul O'Mahony (M&A); Eleven Ambroise Huret, Thomas Littee (commercial due diligence); Accuracy, Arnaud Lambert, Florence Westermann (financial due diligence); Pinot de Villechenon & Aassociés, Gilles Roux, Tristan Segonds (legal); Octo Technology, Jean-Damien Blanc, Stephen Perin (IT due diligence); Hoche Société d'Avocats, Guillaume Martinet, Alexia Berbain Faguer, Eric Ginter, Julien Bellet (legal, tax); Groupe Pictet, Paul Puech (financial due diligence); Banque Privée 1818, Pierre-Emmanuel Eveillard (financial due diligence).

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