EQT Credit et al. in exclusivity over Tiama sale to Caravelle

The proposed deal comes three years after the consortium took control of the business via a debt-for-equity deal.

Under the vendors' tenure, the business has undertaken an organic growth strategy and invested in research and development, new products and marketing activity.

According to a statement, a number of private equity and industrial buyers were also interested in acquiring Tiama.

Previous funding
Tiama first received private equity backing in December 2003, when 3i backed the management buyout of MSC, before syndicating 15% of the equity to CDC Capital Investissement six months later.

In June 2007, LBO France acquired a 75% stake in MSC from 3i, with European Capital providing mezzanine financing to support the deal. The following year, LBO provided MSC with acquisition finance to support the acquisition of SGCC, following which the consolidated group rebranded as Tiama MSC & SGCC.

In Q1 2014, Kartesia purchased part of the original senior debt in Tiama, restructuring its balance sheet, reducing its debt package and providing the business with fresh financing. EQT's credit opportunities fund became the largest shareholder following the deal, alongside Kartesia, European Capital and Omnes.

In December 2015, the company rebranded as Tiama, dropping the legacy brands MSC and SGCC from its title.

Company
Headquartered in Lyon and founded in 2008 via the merger of MSC and SGCC, Tiama provides inspection and quality control services for the glass packaging industry. The business has around 350 clients across 80 countries and has a headcount of 250, of whom 90 are research and development engineers.

People
Kartesia – Damien Scaillierez (managing partner).
Tiama – Max Hodeau (CEO).

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