21 Centrale Partners to acquire DL Software

Alice Tchernookova
24 February 2017

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France-based GP 21 Centrale Partners (21CP) has entered into exclusive talks to acquire Alternext-listed management software publisher DL Software.

The bid sees 21CP and Amundi Private Equity offer €22.06 per share for DL, valuing the company at around €107m.

If completed, 21CP will acquire the majority of DL's share capital and voting rights. DL Invest and Phoenix – two holding vehicles controlled by the company founders and key executives – directly and indirectly control around 84% of the DL Software, and will realise a partial exit from the group upon completion.

Amundi will acquire a minority stake alongside 21 Centrale in the deal, and DL Software's key managers and founders will also stay on as minority shareholders.

The company claims to have achieved steady growth in recent years, having implemented an external expansion strategy that it will look to continue under 21CP's tenure. In 2015, the group acquired the Serig group, which recorded revenues of €12.53m at the time.

The group's disposal of its subsidiary Thelis – which generated €7.5m in revenues – to SequoiaSoft last year saw a small drop in DL Software's turnover from €51.4m to €48.9m between 2015 and 2016.

The group is currently looking for new acquisition opportunities, according to a company statement.

21CP is currently investing through its Fund V, launched by the GP in 2015 with a €400m target.

Company
DL Software is a management software publisher for SMEs in the tourism, health, retail and trade sectors. The group was founded by Jean-Noël Drouin and Patrick Lemaire in 2003, and is based in Paris. In 2016, it recorded revenues of €48.9m and had 452 employees.

People
21 Centrale Partners – Stéphane Perriquet (managing partner); Fabrice Voituron (partner).

Advisers
Equity – De Pardieu Brocas Maffei, Jean-François Pourdieu, Delphine Vidalenc (legal).
Vendor – Edmond de Rothschild Corporate Finance, Christian Menard, Vincent de Saint Sernin, Grégory Fradelizi (corporate finance); Hoche Société d'Avocats, Jean-Luc Blein, Laurent Bensaïd (legal); Eight Advisory, Christian Berling, Marie-Raphaëlle de Wissocq (financial due diligence); Advention Business Partners, Alban Neveux, Etienne Pithois (commercial due diligence).