Ixo and A Plus back Groupe CMT’s MBO

According to Capital Finance, the GPs invested a combined €6m in return for a majority stake in CMT.

The transaction sees former CEO Franck Chahinian partially exit the business. Current CEO Patrick Richaud acquired a minority stake alongside management, as part of the MBO.

Chahinian and his father, who had taken over the group in 2006, will continue to advise the group on development matters, a company statement said.

With Ixo and A Plus's support, the group will look to diversify its services and will consider bolt-ons of smaller complementary assets, according to the GPs.

Debt
A senior debt package was provided by Societe Generale, CIC, LCL and Société Marseillaise de Crédit. The deal is leveraged at around 2x EBITDA, according to a source familiar with the matter.

Company
Founded in 1993 by the Chahinian family in Pennes Mirabeau, CMT is an installer of heating, air conditioning and other systems for the catering industry. CMT manages two subsidiaries: CMT Génie Electrique and CMT Services, and is mostly active in the Provence-Alpes-Côte d'Azur region. The group expects revenues of €20m in 2017.

People
Ixo Private Equity – Nicolas Charleux (managing partner); Hasnaa Hafid (investment director); Marie-Laure Joubard (associate).
A Plus Finance – Jean-Michel Sibué, Olivier Gillot (managing partners).

Advisers
Equity – Grant Thornton, Marc Claverie, Caroline Combet (financial due diligence); Innovathlon, Fabien Chalot (commercial due diligence); Delta Assurances, Anne Deutsch (insurance due diligence); Axten, Clyve Monfredo, Sophie Gsell (legal).
Vendor – Clairfield International, Pierre-Alexandre Suide, Emmanue Xerri (corporate finance) ; ASA, David Sitri (legal).

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• Topics
• Buyouts
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• France
• iXO Private Equity
• A Plus Finance