Perspective et Participations et al. back Société Besnard bolt-on

Perspective et Participations, Ouest Croissance and BPI France are supporting Christian Evette, CEO of Besnard, in his takeover of the Microsteel-CIMD group. Previous backers Unexo and Sodero Unigestion invested in the group since 2006.

Following the transaction, both companies will merge. Together, the new entity will employ 115 people and generate a turnover of €17m – €4.5m from Besnard and €12.5m from Microsteel. Besnard currently generates €450,000 of EBITDA and employs 35 people, while Microsteel has a €2m EBITDA and employs 80 people.

Together, Perspective et Participations, Ouest Croissance and BPI France will hold a majority stake in the group, with Perspective et Participations acting as lead investor. According to a source close to the deal, the GP put Evette in touch with Microsteel. Perspectives et Participations typically invests €1-5m equity tickets.

The Microsteel-CIMD entity was born from a merger completed in 2006 that saw Daniel Pain take the group's lead. Aside from minority shareholders Unexo and Sodero, the group had also been backed by private investors Roger Hubert and Henri Giraud, who both exit the business on this occasion.

Microsteel's and Besnard's activities will be complementary, as the former is specialised in foundry while the latter focuses on high-precision machinery. Both groups service a similar clientele, as they focus on the defence and aeronautical industries.

Debt
The transaction was supported by a senior debt package provided by Banque Populaire de l'Ouest.

Company
Created in 1971 by Christian Evette, Besnard is a producer of metal and plastic components for the aerospace industry and car manufacturers. Based in Le Mans, the group posted a €4.5m turnover with €450,000 EBITDA last year, and counts 35 employees.

Microsteel specialises in producing steel alloy products for the aerospace, defence, energy, industrial and medical sectors. Based in Vern-sur-Seiche, the group employs 80 people and recorded a €12.5m turnover last year with €2m EBITDA.

People
Perspectives et Participations – Julien Godard (CEO); José Pantaleao (investment director).
Ouest Croissance – Didier Chaboche (investment director); Adeline Drogou (investment manager).
BPI France – Alain Fakhoury (investment director).

Advisers
Equity – EY, Emmanuel Picard, Pierre-Guillaume Fayet (financial due diligence); Aditis Audit, Pierre-Yves Poirier, Maëlle Méhault (financial due diligence); HPML, Thomas Hermetet, Marine Lobel (legal).
Company – Pax Corporate Finance, Karine Curtis, Pierre-Axel Lorho (corporate finance); Cleary Gottlieb Steen & Hamilton, Eole Rapone (legal); Vries Avocats, Geoffroy de Vries (legal); Gloaguen & Associés, Bruno Gloaguen (legal).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• Secondary buyout
• Ouest Croissance
• BPI France