Idinvest, BPI, Ouest Croissance support Segex SBO

Alice Tchernookova
23 March 2017

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Idinvest Partners, BPI France and Ouest Croissance have backed the secondary buyout of French civil engineering group Segex, enabling previous shareholders to exit the group.

Idinvest, BPI France and Ouest Croissance provided a total of €22m in equity and quasi-equity. Idinvest invested via the Novi 2 fund, which typically invests €3-20m in debt or equity in businesses with a turnover ranging between €30-200m.

The transaction comes six years after Edmond de Rothschild Investment Partners (EdRip), UI Gestion and Socadif backed the group's owner buyout in 2010. All three investors have now exited the group.

The deal was initiated by company managers Jean Charbonnel, Jean Loup Leveque and Olivier Platz, who have sold their stakes.

Four other managers, as well as 80 executives and 700 employees (who invested via an FCPE), have invested alongside the three GPs, and will now hold around 60% of Segex's share capital.

Segex's turnover currently amounts to €200m, having quadrupled since 2000, the group claims. The company's growth has been largely based on external acquisitions, with 10 bolt-ons completed over the last 15 years.

The company plans to continue its external growth strategy with the support provided by the three new GPs. It aims to increase turnover to €300m by 2025.

Debt
A senior debt package arranged by LCL and Palatine supported the transaction. Segex also secured two acquisitions lines amounting to €6m, jointly provided by Idinvest and various banks to support future bolt-ons.

Previous funding
In February 2010, EdRip, UI Gestion and Socadif backed Segex's OBO alongside management. EdRip provided €8m from its Winch Capital 2 fund. The investment was supported by a €15m senior debt provided by LCL.

Company
Founded in 1969, Segex specialises in civil engineering and offers public construction services. The company assists in building roadway systems, drainage systems, parks, footbridges, hydraulic installations, fountains, gardens, street-cleaning and sweeping services, road construction, electrical installation work, landscaping work, and anti-noise screens. Clients include industrial groups, developers, local authorities and urban planners.

Based in Wissous, Segex employs 2,000 people.

People
Idinvest Partners – Emmanuelle Pierret, Valérie Ducourty (investment directors).
BPI France – Luc Doyennel, Benoit Villain (investment directors).
Ouest Croissance – Anne Jacquinet-Sulger (managing director); Damien Jouanneau (investment director).
Edmond de Rothschild Investment Partners – Pierre-Yves Poirier (associate); Laurent Tourtois (partner).
UI Gestion – Michel Deprez (chair).
Socadif – Luis Baptista (senior manager).

Advisers
Equity – Deloitte, Philippe Serzec (financial due diligence); Arsene Taxand, Laurent Partouche (tax); Edge Avocats, Claire Baufine-Ducrocq, Matthieu Lochardet (legal).
Vendor – Oderis Consulting, Aurélien Vion (financial due diligence); Advention Business Partners, Alban Neveux (commercial due diligence); Fidufrance Avocats, Jean-Marie Bonneville, Marianne Alla (legal).