EdRip takes minority stake in NetCo

Alice Tchernookova
23 November 2016

Tweet
Facebook
LinkedIn
Google plus
Send to

Edmond de Rothschild Investment Partners (EdRip) has taken a minority stake in NetCo, a Bordeaux-based producer of conveyor belts for technical materials.

It is the first time since its inception in 1902 that the family-owned company has opened its capital to a private investor.

EdRip invested in the group via the fund Winch Capital 3, a mid-cap growth capital vehicle that closed on its €300m hard-cap in September 2014. Although the GP did not reveal the exact investment in NetCo, Winch Capital typically invests tickets ranging between €10-30m.

According to a source close to the deal, EdRip's investment comprised partly an acquisition of company shares, and partly a capital increase; a mix of cash-in and cash-out.

The founding Perriez family will retain a controlling share in the group. NetCo will now look to grow its activity outside France by way of acquisitions, according to a EdRip spokesperson. The company has made 15 acquisitions since 2009, and will now look to enter a new growth phase with the GP's backing.

Company
Founded in 1902 and based in Bordeaux, NetCo specialises in conveyor belts and in the making of conveyor belt systems.

The group manages 30 facilities in France and offers its services to industrial firms in France. The group currently generates €50m in turnover and employs 250 people, according to its website.

NetCo also operates two other brands: NetCo System, an entity dedicated to the design, manufacture, modification and compliance of conveyor systems; and NetCo Safety, a brand created when in 2007 the group took over Le-Breuil-Sur-Couze-based maker of PVC boots.

People
Edmond de Rothschild Investment Partners – François-Xavier Mauron (partner); Antoine Le Bourgeois (associate director); Arthur Milliard (private equity associate).

Advisers
Equity – Oderis Consulting, Aurélien Vion (financial due diligence); LEK Consulting, David Danon-Boileau, Serge Hovsepian, Olivier Asset (commercial due diligence); Nabarro & Hinge, David Lussigny, Alexander Hahn (legal).
Company – Mazars Corporate Finance, Matthieu Boyé, Olivier Schantz, Valentin Desdoits (corporate finance); Arpèges, Annie Meignen (legal); Grant Thornton, Marc Claverie, Elodie Lonqueu (financial due diligence); Stéphany Brevost, Sylvie Scelles-Tavé, Cécile Didolot (legal).