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Unquote
  • Buyouts

Eurazeo PME buys Smile from Keensight

  • Greg Gille
  • Greg Gille
  • @unquotenews
  • 28 April 2017
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Listed PE house Eurazeo, via its PME mid-cap arm, has acquired a majority stake in French open-source IT business Smile from Keensight Capital.

According to French publication Capital Finance, the deal would value Smile at around €100m, equivalent to 12x the company's EBITDA. According to the same source, Eurazeo saw off competition from fellow GPs Apax France and IK Investment Partners in the DC Advisory-run sale process.

The transaction is expected to complete by the end of May, subject to the approval of the French competition authorities.

Smile

  • DEAL:

    SBO

  • VALUE:

    n/d (c€100m est)

  • LOCATION:

    Paris

  • SECTOR:

    Computer services

  • FOUNDED:

    1991

  • TURNOVER:

    €75m

  • STAFF:

    1,100

  • VENDOR:

    Keensight Capital, Edmond de Rothschild Investment Partners

Keensight acquired a majority stake in Smile as part of a management buyout alongside existing investor Edmond de Rothschild Investment Partners (EdRip) in 2014. Management also took part in the transaction, led by CEO Marc Palazon. EdRip had previously backed Smile in January 2010 with €3.5m from its €112m Cabestan Capital venture fund. According to unquote" data, EdRip's investment comprised €2.5m in new equity and €1m to acquire a stake from Smile's founders.

In 2015, Smile was backed by its owners Keensight and EdRip in its purchase of competitor Open Wide.

At the time of EdRip's initial investment, Smile generated turnover of €20m. This grew to €50m by the time of Keensight's purchase, and the company now generates revenues of €75m, with an €83m target for 2017.

Company
Founded in 1991, Smile is headquartered in Paris with 15 additional agencies in seven countries. The company currently employs around 1,100 staff.

Smile provides open source integration services, including web content management solutions, open source infrastructure, intranet portals and extranet platforms.

People
Eurazeo PME – Pierre Meignen (managing director).
Keensight Capital – Philippe Crochet (partner).
Smile – Marc Palazon (chair).

Advisers
Vendors – DC Advisory (M&A).

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