TCR Capital exits Alkan

TCR had held an 83% stake in Alkan since 2014. IDI was previously invested in the business as well, holding a 15% stake.

IDI and family office Groupe Chevrillon will each hold 37% of the share capital, with the balance going to management and CEO Armand Carlier.

The parties said the transaction had been approved by the relevant authorities, and that completion depends on the provision by Tikehau Investment Management of unitranche debt. The deal is expected to close by the end of July.

Over TCR's holding period, Alkan's revenues increased from €30m to €37.3m, with 51% of revenues generated abroad. With IDI's renewed support and that of new investor Chevrillon, the company will look to expand its product offering and to continue its international development.

Previous funding
In 2014, Argos Soditic sold Groupe Alkan to TCR Capital and IDI. A senior debt package was arranged by LCL, BNP Paribas, BECM and Societe Generale, while Tikehau supplied a mezzanine facility.

Argos Soditic acquired Alkan in a buy-in management buyout in May 2007. The firm picked up an 80% stake in the business, with management securing the balance. LCL provided a senior debt package for the deal, with mezzanine financing supplied by Paris-Orléans.

Company
Founded in 1923, Alkan is a military and civil aerospace equipment manufacturer specialised in the making of carriage, release and ejection systems. Alkan claims its equipment is used in more than 60 types of aircraft, including training and transport aircraft, helicopters and combat aircraft. The company also provides maintenance services for its products and exports its equipment to 65 countries, servicing clients in the defence industry (Safran, Thalès, MBDA, Raytheo) and in the aeronautics industry (Dassault Aviation, Eurocopter, Embraer, Saab).

Headquartered in Valenton, near Paris, Alkan employs 150 staff and generated €37.3m in revenues in 2016.

People
Alkan – Armand Carlier (CEO); Lionel Levy (CFO).
Groupe Chevrillon – François de Guitaut (partner, investment director); Charles Best (investment manager); Caroline Jurien de la Gravière (partner, CFO).
IDI – Julien Bentz (partner); Alexis Garand-Clavel (director); Tatiana Nourissat (chief administrative officer).
Tikehau Investment Management – Cécile Lévi, Margaux Fabre (private debt managers).

Advisers
Equity – Alantra, Franck Portais, Olivier Guignon, Florian Touchard (corporate finance); Hogan Lovells (legal).
Debt – Paul Hastings (legal).
Vendor – Allen & Overy (legal); Transaction R (corporate finance).
Company – Ayache Salama (legal).

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• Topics
• Exits
• Buyouts
• Industrials
• France
• Secondary buyout
• France
• IDI
• TCR Capital
• Argos Wityu