Pragma takes majority stake in TVH Consulting SBO

Alice Tchernookova
30 September 2016

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Pragma Capital has acquired a majority stake in French enterprise resource planning business TVH Consulting from previous owner XAnge Private Equity.

The management team, led by Ahmed Mahcer and Eric Boisneault, and company founder Guy Tubiana invested alongside Pragma in the MBO transaction, which marks the exit of XAnge after a nine-year holding period.

Pragma made the investment via its latest vehicle, Pragma Fund III. The GP will look to maintain TVH's consistent organic growth rate (35% per year on average, according to Pragma) and will fund acquisitions in France and abroad.

Debt
The transaction was supported by mezzanine debt provided by Trocadero Capital, and a senior debt package provided by Societe Generale, Banque Populaire Val de France and LCL.

Previous funding
In December 2007, XAnge took a minority stake in the group via its fund XPansion for a total of €3.5m. XAnge invested €2m to purchase shares and €1.5m in new convertible bonds. The management retained a controlling stake.

Company
Headquartered in Maisons Laffitte since its creation in 2003, TVH distributes and integrates enterprise resource planning services for mid- and large-sized companies in the industrial, retail and business support sectors. The group manages three R&D centres in France, Morocco and Belgium.

People
TVH Consulting – Ahmed Mahcer (CEO).
Pragma Capital – Arnaud Leclercq (partner/CEO); Benjamin Zowczak (associate).

Advisers
Equity – Marvell, Jean-Louis Lasseri, Anne Ducros, Anna Lasseri (legal); Squareness, Frédéric Meunier, Antoine Sudérie (M&A); Neovian Partners (commercial due diligence).
Vendor – Bryan Garnier & Co, Thibaut De Smedt, Alexandre Boukhari, Jonathan Bohbot (corporate finance); LL Berg, Grine Lahreche, Christophe Bornes, Bengu Sulusoglu; Luther Luxembourg, Maxime Wagner, Euryale Didillon, Aurélien Latouche; Atoz Luxembourg, Jamal Afakir, Samantha Hauw, Edouard de La Serre (legal).
Mezzanine debt – Fieldfisher, Pascal Squercioni, Hélène Lefebvre (legal).
Senior debt – CMS, Benjamin Guilleminot (legal).