EdRip sells Itesa to CM-CIC Investissements

Alice Tchernookova
16 May 2017

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Edmond de Rothschild Investment Partners (EdRip) has exited security equipment distributor Itesa after a five-year holding, selling its stake to CM-CIC Investissements.

EdRip had been a minority shareholder since 2012. The GP invested in the group through growth capital and small-cap buyout vehicle Cabestan Capital I, closed on €112m the year before.

EdRip has since raised the vehicle's successor, Cabestan Capital II, closed last year with €165m in commitments.

In the current transaction, the GP is fully exiting Itesa, selling its stake to CM-CIC, which in turn will be the next minority shareholder. Meanwhile, the management team is increasing its stake.

During EdRip's holding period, Itesa diversified its product range and added new brands to its network. The group's turnover increased from €18m four years ago to €37.2m in 2016.

The current transaction was supported by a senior debt package provided by Crédit du Nord and Crédit Agricole Alpes-Provence's regional fund.

Previous funding
In 2012, EdRip took a minority stake in Itesa, allowing existing backer MBO Partenaires to exit the business. According to unquote" data, EdRip secured around a third of Itesa. The transaction was financed by a senior debt facility of around €5m, arranged by Crédit du Nord, Crédit Agricole Languedoc and Crédit Agricole Alpes Provence.

MBO Partenaires originally backed the OBO of Itesa in April 2008, acquiring a 33% stake via the MBO Capital II fund.

Company
Founded in 1978 and led by CEO Olivier Pagès, Itesa is a distributor of electronic security equipment such as alarms, access control devices, CCTV, intercoms, gate automation devices, sound systems and fire detection devices. It mostly targets electronic engineers and technicians. Based in Marseille, the group manages 13 agencies, 12 of which are located in France. It posted a turnover of €37.2m last year, with a headcount of around 100.

People
Edmond de Rothschild Investment Partners – Alexandre Foulon (partner); Pierre Cavalier (senior associate).
CM-CIC Investissement – Nam Metzger, Laurent Vasselin (investment directors); Clara Zimbris (associate).

Advisers
Company – Lexicube, Thibault Ricome, Marion Sourd (legal).
Equity – Duteil Avocats, David Merlet (legal); CMS Francis Lefebvre, Gilles Coumert, Marie Caloine (tax); Fromont Briens, Philippe Clément, Mathieu Hugueville, Benoît Martinez (environmental due diligence); Advance Capital, Thomas Bettan, Arnaud Vergnole (financial due diligence).