IK-backed Exxelia in €160m refinancing

As part of the deal, the company simplified its former debt structure, which included both senior and mezzanine debt financing, with the issuance of a new €160m senior tranche. Several European lenders arranged the financing, including Bank of Ireland, BNP Paribas, Crédit du Nord, Idinvest, ING, KBC, LCL, SCOR and Siemens Bank. Furthermore, CM-CIC, HSBC and Societe Generale acted as global coordinators.

Previous funding
The company’s private equity ownership period started in 1998, as Ardian acquired a controlling stake in the business, formerly known as Eurofarad. Subsequently, the GP sold the firm to Chequers Capital for €100m in 2003, which eventually handed it off to Qualium – formerly CDC Capital Investissement - in 2007.

More recently, Qualium sold the asset to LBO France at the end of 2010. Exxelia underwent a €175m refinancing in which which LBO France netted an €82m dividend in March 2014; the GP eventually sold its stake to IK Investment Partners in September 2014.

Company
Established in 1965, Exxelia manufactures electronic and electromechanical components, including capacitors, filters and wound magnetic components, focusing on the aerospace, aeronautics, defence, transportation, medical, energy, and telecommunications sectors.

With a turnover of €145m in 2016, the business is based in Paris and also has a presence in Morocco, the US and Vietnam. It employs 1,200 people.

People
IK Investment Partners – Dan Soudry (partner).
Exxelia – Christophe Malrin (CEO).

Advisers
Company – Conaccord Genuity (corporate finance); 8Advisory (financial due diligence); Advention (commercial due diligence); White & Case (legal).

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• Refinancing
• Industrials
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• France
• Refinancing
• IK Investment Partners