Gimv takes 60% stake in Acceo

Alice Tchernookova
04 October 2016

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Gimv has taken a 60% stake in building engineering services provider Acceo, acquiring shares previously owned by Ekkio Capital.

Ekkio's share amounted to 40% of the capital prior to the transaction. In addition to Ekkio's stake, Gimv acquired an extra 20% from the company's founder and management, who keep a 40% interest in the group.

With Ekkio's support, the company grew its revenues to €18.4m in 2015, mostly driven by increasing regulatory requirements for buildings in the areas of safety, accessibility and sustainability. Since 2008, the company has registered an average growth of 20% per year.

Gimv would like to at least double the company's size within the next five years, aiming to strengthen its position in France and expand its geographical coverage, which currently also includes Belgium and Spain. The company projects a turnover in excess of €20m for 2016.

Debt
Senior debt was provided by BNP Paribas for the transaction, and represented a 2-2.5x EBITDA multiple.

A source close to the deal told unquote" the company's founder and management team insisted on the fact that the portion of debt should be very limited, as they want to allow the company to finance its own growth.

Previous funding
In June 2012, Acto Capital (now known as Ekkio) led an expansion round and took a minority stake in the group for an undisclosed amount (<€25m, according to unquote" data), along with other corporate investors. The firm invested via its Acto Capital II fund, with the funding aimed towards increased technical support to customers.

Company
Founded in 2003, Acceo is an independent provider of inspection and certification services for buildings, with a focus on areas requiring specialist expertise. Based in Gémenos, near Marseille, the firm also offers consulting services related to building design and control, as well as elevators.

The group consists of four business units – A2C, A2CH, E2C and A9C – and has a network of 17 agencies in France, Belgium and Spain. A2C focuses on elevator inspection and continuous monitoring services; A2CH is active in the market of regulated accessibility audits; E2C performs energy efficiency audits; and A9C provides advice for elevator design in new and existing buildings. Its clients are property owners in the commercial or administrative sector (Unibail Rodamco, BNP, Allianz, EDF, Casino), municipalities or regional authorities, schools and universities, hospitals, social sector organisations and property managers (Foncia, Citya, Nexity, Square Habitat).

People
Acceo – Stephane Dore (CEO/founder).
Gimv – Thomas Dewever (partner, sustainable cities platform).