Naxicap to acquire Sogelink from Keensight Capital

The transaction marks the third LBO for Sogelink, previously owned by Initiative & Finance, and then by Keensight and Fondations Capital, which both invested in the group in 2013.

During the holding period, Keensight and Fondations Capital helped the group grow its revenues to €30m from €17m three years ago. This was mainly driven by the acquisition of Atlog in 2014, which enabled the group to expand its offering with software for topography, underground networks, cartography and architecture. Atlog recorded a €12m turnover at the time, which made Sogelink almost double in size after the deal.

The GPs also supported the group's internal development by investing 10% of its turnover into research and development, according to the exiting GPs, which notably led to the launch of a new platform to address the asbestos-related risk market.

Debt 
The transaction was supported by a unitranche debt provided by Idinvest Partners.

Previous funding
In 2009, Initiative & Finance took a 40% stake in Sogelink alongside company founders Ignace Vantorre and Matthieu Ponson, who held the remaining 60% equity stake. The deal was valued between €10-20m. A small senior debt package was provided in a single A-tranche and was arranged by LCL, which provided 55% of the total debt and included Banque Populaire Loire et Lyonnais, which provided 45%, according to unquote" data.

Keensight and Fondations Capital then co-acquired Sogelink from Initiative & Finance in April 2013, alongside the management team.

Company
Founded in 2000 and based in Lyon, Sogelink designs, develops and markets software for the construction, infrastructure and property management markets. Its platform dict.fr is designed to simplify the regulatory requirements associated with construction projects near infrastructure networks. The group currently generates a €30m turnover.

People
Naxicap Partners – Angèle Faugier (partner).
Keensight Capital – Jean-Michel Beghin (managing partner).
Idinvest Partners – François Lacoste (partner); Nicolas Nedelec (investment director).

Advisers
Equity – Archers, Marc Baffreau, Emily du Pabot du Chatelard (legal); PMSI Consulting, Rémi de Guilhermier, Corentin Decouty (commercial due diligence); Eight Advisory, Xavier Mesguich, Christophe Delas (financial due diligence).
Vendor – Lamartine Conseil, Fabien Mauvais, Camille Le Foyer de Costil (legal).

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• Topics
• Buyouts
• France
• Technology
• Exits
• France
• Secondary buyout
• Naxicap
• Keensight Capital
• IDInvest Partners (AGF Private Equity)