Ixo backs Noeva's MBO

The transaction sees Ixo become the new majority shareholder of Noeva, with the balance going to the management team led by new company CEO Philippe Charmasson, who previously served as managing director within the group.

Bresciano, who has left his role, retains a minority stake in the company. Other minority shareholders that previously funded the group also exited, according to Ixo.

Based in Toulouse, Marseille and Lyon, Ixo seeks to acquire stakes in French SMEs based in south-eastern and south-western France. Its equity tickets usually vary between €1-15m. Recent deals have included the backing of Alpha Services Group, a €5.2m round for Care Labs, and the acquisition of a majority stake in Baobag.

With Ixo's backing, Noeva will look to extend its services in the Bouches-du-Rhône department, where it has recently opened an office in the town of Gémenos.

Debt
A senior debt package co-provided by CIC Côte d’Azur Entreprises and Crédit Agricole Provence Côte d’Azur supported the transaction. According to several sources, leverage accounts for around 40% of the transaction.

Company
Founded in 1992, Noeva covers six main types of activity: cloud services, storage servers development, network and security, business software, user environment, and outsourcing and support.

Based in Valbonne, and managing three agencies based in Sophia-Antipolis, Monaco and Gémenos, Noeva's activity is largely centred on the Provence Alpes Côte d’Azur region. The group employs 90 people, and recorded €22m in turnover in 2016.

People
Ixo Private Equity – Nicolas Charleux (associate director); Baptiste Martin-Wurmser (investor).

Advisers
Equity – Deloitte, Anne-Marie Martini, Thomas Gorguis (financial due diligence); Delta Assurances, Anne Deutsch (insurance due diligence); Axten, Clyve Monfredo, Maryline Pic-Dehongher (legal). Vendor – Mansartis, Jean-Pascal Clédat, Bastien Rey (corporate finance); Thierry Hannoun (legal).

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