Triton, Davidson Kempner buy Via Location from ICG

Davidson Kempner and Triton will pursue the growth strategy put in place by ICG in 2015, managed by the company's CEO, Xavier P Négiar.

After turning around the company in 2015, Via Location's managers and shareholders will now look to enter a new expansion phase, including growth through acquisitions, the GP said in a statement.

Previous funding
Edmond de Rothschild Capital Partners (EdRCP) first backed Via Location's management buyout in January 2004, acquiring a 52% interest in a deal valuing the business at €182m. Debt represented two-thirds of the EV, unquote" reported at the time. A €86m recap in July 2006 allowed 92% of investors' money to be returned, according to unquote" data.

In 2007, Weinberg Capital Partners took a majority stake in Via Location through an SBO that valued the business at €350m. EdRCP generated a money multiple of 2.6x and an IRR of 37% on its partial exit, and reinvested in the buyout for a 20% stake. Rothschild had been mandated in early 2007 to find an acquirer.

Societe Generale, the co-arranger of an €86m recap in July 2006, underwrote the €96m three-tranche senior debt package and an extended credit line for the company, while ICG provided a €35m warrantless mezzanine facility. Bridgepoint also acted as minority investor on this transaction.

In 2013, ICG became Via Location's majority owner though a tertiary buyout.

Company
Established in 1906 and headquartered in Paris, Via Location is an industrial and commercial vehicle rental company specialised in long-term truck rentals.

The group operates via a network of 52 agencies and 43 workshops in France and the Benelux region. It currently employs 670 people, and has revenues of €150m, according to a company release.

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

• Topics
• Exits
• Buyouts
• France
• Industrials
• France
• Triton Partners