Carlyle's Cap Vert Finance acquires Nexeya Services

The acquisition was financed by Cap Vert Finance and was structured as a mixture of debt and equity, a source close to the deal revealed. The GP made no additional contribution as part of the deal, it is understood.

The transaction forms part of Cap Vert's strategy to consolidate its position in the French market by merging with an IT maintenance company. It is also the result of Nexeya's strategy of refocusing its offer and reinforcing its identity as an international electronic equipment manufacturer, a company spokesperson said.

Nexeya Services, which specialises in computer maintenance – including network, server, storage and back-up services – will give the enlarged group an additional 60-strong team, generating a €12m turnover and a 20-25% EBITDA margin.

Cap Vert has recently been achieving yearly growth in excess of 10% on average. It opened a new office in Japan last month, and plans a move to Mexico next.

Previous funding
Cap Vert first came under private equity ownership in 2010 when Atria Capital Partenaires invested via its third fund to acquire a majority stake in the business. Three years later, Eurazeo acquired a 57% stake in the group alongside the company's management, which secured a 35% stake, while Cap Vert founder Loïc Villers retained 8% of the capital. Cap Vert then undertook a buy-and-build strategy, acquiring Aditia Lease, Digital Computer Service and Phoenix Services within a year.

In July 2015, Eurazeo sold its majority stake to Carlyle Group after less than two years of ownership in a deal valuing the business at €137m. Market sources placed Carlyle's share around the 60% mark. The company's management reinvested alongside the firm, securing all remaining shares.

In July 2013, Activa acquired a 57.9% stake in Nexeya alongside BPI France as the company listed on the NYSE Euronext. On acquiring the holding, the duo launched an offer to buy the remaining shares at €12 each, valuing the company at €47.8m. The GPs planned on making a public tender offer for the remaining listed shares of Nexeya as soon as the acquisition of the majority stake would be formally completed, unquote" reported at the time.

In February 2015, the company acquired Canadian business Cabletest to support its expansion into the US market.

Company
Founded in 1998, Nexeya is headquartered in Paris and currently employs 1,000 staff. The company designs and manufactures specialised electronic products for the defence, aeronautics, space, energy, transportation, telecommunications and finance industries. Its products include sensors, radar systems and signal processing systems.

Nexeya's clients include global corporations such as Airbus, Thales, Safran and EDF. The company also provides engineering and technology consulting services, as well as IT infrastructure assistance. It recorded €133m in revenues last year. Its EBITDA for 2012-13 was €8m.

People
Activa Capital – Christophe Parier (partner).
Carlyle Group – Vladimir Lasocki (managing director).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Portfolio management
• Exits
• France
• Technology
• France
• Build-up
• Carlyle Group
• Activa Capital
• BPI France