Omnes Capital sells Capcom stake to CM-CIC's Circet

The transaction marks the first exit completed with the GP's Omnes Croissance 4 fund, closed on its €210m hard-cap in January 2017 after three years on the road. According to the GP, the sale of Capcom reaped 2.6x money for the fund.

Omnes and Capcom's management will reinvest proceeds from the sale in the group resulting from the merger with CM-CIC's Circet.

The GP thus completes its fifth investment through Omnes Croissance 4, with previous deals including groups Bimedia, Cogepart and Dispam.

The new Capcom-Circet entity, with a combined turnover of €600m, will be controlled by CM-CIC, which acquired a majority stake in Circet in 2015 by backing the group's MBO with a €40m investment.

With Omnes's backing, Capcom expanded mostly by way of external acquisitions, having signed a number of partnership agreements in 2015 with telecoms companies such as Orange, Numéricable-SFR and Engie. As a result, the group grew its revenues from €50m at the time of Omnes's investment to €94.8m currently. Its staff increased from 382 in 2015 to a current 700.

Previous funding
In 2015, Omnes injected €9.5m into Capcom as part of an owner buyout alongside the company's management. The transaction saw Capcom executive directors Rachid Abdi and Angel Sandoval strengthen their control of the company. The group was hoping to double its size by 2017. Omnes's investment was the third to be financed via the €210m Omnes Croissance 4 fund.

The deal's EV was confidential, but unquote" sources said it fell within the €25-50m bracket. A €10m senior debt package provided by Crédit du Nord, LCL and Caisse d'Epargne supported the transaction.

In 2015, CM-CIC backed the MBO of Circet with a €40m investment, acquiring a majority stake in the group from its founding shareholders.

Company
Established in 2001, Capcom installs and maintains cable and fibre-optic networks for telecommunications companies. According to the business, it services 1,400 clients and 1 million private homes on a daily basis. Headquartered in Ivry-sur-Seine, the company generated sales of €94.8m in 2016 and employs 700 people across mainland France and in French overseas departments and territories.

Founded in 1993 and based in Solliès-Pont in the French southern department Provence-Alpes-Côte d'Azur, Circet engineers, constructs, and maintains fixed and mobile telecommunications networks and equipment. The group said it has sales of €290m and 1,250 employees.

People
Omnes Capital – Eric Rey (managing partner – mid-cap buyout & growth capital); Geoffroy Manet (analyst – mid-cap buyout & growth capital).

Advisers
Equity – Gide Loyrette Nouel, Christian Nouel, Anne Tolila, Paul Jourdan-Nayrac (legal); Odéris Consulting, Julien Passerat, Steven Mongondry (corporate finance); Lexton, Evelyne Crantelle, Matthieu Hénault, Emmanuelle-Anne Leroy, Laurent Mathely, Bruno Boulanger (legal/tax).

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• Topics
• Exits
• Portfolio management
• France
• Technology
• France
• Credit Mutuel Equity (ex CM-CIC Investissement)
• Omnes Capital
• Build-up
• Trade sale