Parquest takes over Accès Industries

Following the transaction, Parquest Capital will become the new majority owner of Accès, with previous investors Butler Capital and Irdi Soridec Gestion exiting the company.

Parquest is set to acquire 91.68% of Accès' shares at €6.78 apiece, with the total offering representing €41m. Accès' market capitalisation currently stands at around €100m.

Following the acquisition, Parquest will launch a takeover bid for the remainder of Accès' shares, based on the same share price.

Accès' managers will partially reinvest alongside Parquest, the GP said in a statement. The acquisition should be completed in Q4 2017.

Accès underwent financial difficulties in recent years, with revenues declining from €60m to €53m. In 2016, however, the business announced net profit of €6.2m after an extended period of yearly losses, with a €4m loss recorded the previous year.

Previous funding
In February 2006, Butler acquired a majority stake of 69% in Accès for an undisclosed sum. The GP invested in the group through holding company Financière Accès Industrie, which itself owned around 77.56% of Accès.

Irdi joined Accès' pool of investors in 2011.

Company
Founded in 1997, Accès leases lift equipment, including elevator cars and baskets, mainly intended for the construction and renovation sector. Based in Tonneins, the company has a network of 29 agencies and generates €53m in revenues.

People
Butler Capital Partners – Pierre Costes (partner).

Advisers
Vendor – DC Advisory, Jean-Christophe Quiniou, Alexis Matheron, Thierry Marie (corporate finance).

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