Abénex Capital reaps 2.5x on Hild exit

Abénex had acquired the company from the Hild family in 2011, and exits the company after a five-year holding.

Chequers becomes the new majority shareholder, taking a stake in the company alongside management.

Debt
Senior debt was provided by LCL to support the transaction. The bank had previously supported Abénex's acquisition.

Previous funding
In January 2011, Abénex acquired a majority stake in Hild for an undisclosed amount in the €50-100m range as part of a management buy-in, according to unquote" data. The private equity house invested via its €300m Abénex IV FCPR vehicle. Didier Namy, who was then named as CEO of the group, also took a stake in the business.

Company
Founded in 1868, Hild specialises in manufacturing and distributing roofing materials, as well as smoke extraction systems. The company currently employs 350 people and registered a €100m turnover in 2015. The group manages 23 agencies and three manufacturing sites.

People
Abénex Capital – Patrice Verrier (managing partner); Florent Rey (partner); Jérôme Vandermarcq (manager).

Advisers
Equity – EY, Laurent Majubert, Guilhem de Montmarin (financial due diligence); Advancy, Patrick Pudduy, Florent Chapuis (commercial due diligence); Weil Gotshal & Manges, Frédéric Cazals, Fabrice Piollet (legal).
Vendor – Natixis Partners, Boris Picchiottino, Erwan Thebault (corporate finance); Eight Advisory, Christian Berling, Jean-Sébastien Rabus (financial due diligence); LEK Consulting, Arnaud Sergent, David Danon-Boileau (commercial due diligence); ERM, Julien Famy (environmental due diligence).
Company – McDermott Will & Emery, Grégoire Andrieux (legal).
Debt – Simmons & Simmons, Colin Millar, Hélène Le Garsmeur (legal).

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• Topics
• France
• Buyouts
• Exits
• Industrials
• France
• Secondary buyout
• Chequers Capital