Capzanine takes over Geomedia

For Capzanine, this marks the first investment made through the fund Capzanine 4, which hit its €350m hard-cap in October last year after just six months on the road. The fund targets France-based SMEs with a turnover up to €150m. 

The transaction is the third buyout transaction for Geomedia, after Arkéa Capital Investissement/Unexo, and later Ciclad, had successively acquired majority stakes in the group in 2001 and 2008. All three GPs are now fully exiting the group.

The takeover also sees company founder Christian Le Gac exit Geomedia as shareholder and CEO, passing on leadership to David Le Roux, who on the same occasion acquired a minority stake. Le Roux joined the group eight months ago.

Over Ciclad's holding period, Geomedia's turnover increased from €13m in 2011 to €18m at present, and its staff number was raised from 40 to 75. The group largely focused on its international expansion, with around 15% of its revenues currently generated abroad.

In 2012, thanks to an expansion round also provided by Ciclad, the group diversified its activity by bolting on France-based Geomensura, a group offering computer-aided design and drawing software packages for the creation and calculation of road infrastructure projects. The acquisition brought an extra €4m in revenues to the group.

With Capzanine's support, Geomedia will pursue its international roll-out and will look to enter new market segments, a company statement read.

Debt
A senior debt package provided by Crédit Agricole supported the transaction.

Previous funding
In May 2008, Ciclad acquired a majority stake in Geomedia for an undisclosed amount in a secondary buyout. The founders, Christian Le Gac, Prince Thierry, Chantal Jullien and Benedict Uguen reduced their holding in the company from 50.1% to 40%. Previous investors Unexo and Arkéa Capital Investissement retained minority stakes in the company. In September 2001, the two GPs first acquired a majority stake in Geomedia through a primary, owner buyout for an undisclosed amount.

Ciclad further completed its investment in the group with an expansion round in 2012, which helped finance the acquisition of design and drawing software maker Geomensura.

Company
Established in 1993, Geomedia is a publisher and distributor of specialised software for the topography, infrastructure and civil engineering sectors. Headquartered in Brest, the group currently generates €18m in revenues and employs 75 people.

Geomedia has a presence in Canada, Belgium, Switzerland, Hungary and north Africa, and generates around 15% of its revenues outside France.

People
Capzanine – Maxence Radix (partner); Olivier Guine (investment director); Emmanuel Fournial (associate).
Unexo – André Siohan (investment director).
Ciclad – Lionel Lambert (founding partner).
Arkéa Capital Investissement – Rémi Loiset (investment director).

Advisers
Equity – Agilys, Pierre Jouglard, Karine Violeau, Carolle Thain-Navarro, David Kalfon, Chloé Journel (legal, environmental due diligence, tax).
Vendor – HPML, Thomas Hermetet (legal); Oderis, Julien Passerat, Steven Mongondry (financial due diligence); PMSI, Rémi de Guilhermier (commercial due diligence).

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• Secondary buyout