PE-backed Consort NT acquires Altea and Estia

The acquisitions are in line with the group's strategy to expand internationally, reinforcing its outsourcing and applications development services, as well as developing its offering around data intelligence, the GP said in a statement.

The two acquisitions comprise two separate deals, the GP said. The deal between Consort and Altea will enable the new entity to offer a set of skills and systems that can manage applications issues throughout their whole lifecycle, from inception to operational outsourcing.

The second deal, between Consort and Estia, will enable the groups to conceive data valuation projects and offer a full scope of services, ranging from data consulting to data visualisation services.

Previous funding
In 2012, EPF joined existing investors Ardian and Naxicap as investors in Consort NT through a secondary buyout. The deal valued Consort at €60m. The management, which already held a majority stake in the business, increased its shareholding to 70%.

Previous backers Ardian and Naxicap reinvested "significantly" in the SBO, unquote" data reports. A new senior debt facility was negotiated to finance the transaction, arranged by incumbent lenders BNP Paribas and Societe Generale, who were joined by LCL and Banque Populaire. EPF invested via the EPF IV fund.

At the time of EPF's acquisition, Consort aimed to reach a €200m turnover by 2016, mainly driven by organic growth.

Ardian became a Consort shareholder in 2002, when it invested €2.3m to secure a 13.2% stake in the group. It was joined by Naxicap in 2008 to back the company's €30.8m take-private. The GPs acquired a joint 40% stake, with the remainder held by management. The transaction was backed by a 3.5x EBITDA debt package, arranged by BNP Paribas, Societe Generale and Fortis.

Company
Altea is a digital services company specialised in software testing and certification. Founded in 2008, the group operates in France, Belgium and Luxembourg. Altea covers two business lines: software testing and certification, and Microsoft applications development and advisory services. The group registered sales of €7.1m in 2016.

Set up in 2010, Estia is a specialist data intelligence consultant. With an 85-strong workforce, the group provides technology and marketing advisory services to clients in the marketing, banking, insurance, media, energy and retail sectors.

Based in Neuilly-sur-Seine and established in 1992, Consort offers businesses a range of IT services, including consulting, system integration and infrastructure outsourcing. The company employs 1,900 staff and generated sales of €125m in 2015. The group operates within the French, Belgian, Luxembourg, German and Moroccan markets.

People
Ardian – Laurent Foata (managing director); Frédéric Quéru (senior investment manager).
Naxicap Partners – Alban Sarie (partner); Dominique Frances (senior associate).
EPF Partners – Raphaël Delmarre (partner/financial director); Sylvain Giachino (associate).

Advisers
Equity – McDermott Will & Emery, Grégoire Andrieux, Diana Hund, Julie Seroka (legal).
Vendor – Transaction R, Virginie Lazès, Philippe Dubois de Montreynaud, Hadrien Mansour (M&A); Ayache Salama, Denis Salama, Vincent Merat (legal); KPMG Corporate Finance, Nicolas Manceau, Daniel Jautzy, Omar Chahine (corporate finance); KPMG, Caroline Desgouillons, Julien Meunier (financial due diligence); Bignon Lebray, Thomas Buffin, Tanguy Dubly (legal).

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• Topics
• Portfolio management
• France
• Technology
• France
• Ardian (formerly Axa PE)
• EPF Partners
• Naxicap
• Build-up