Pragma Capital exits Groupe Brunet

Although the figure was not confirmed by the GP, Brunet was rumoured to be valued around €120m (9x EBITDA), a significant step-up compared to the company’s previous buyout in 2011, which valued the group at €28m, according to unquote" data.

Pragma had appointed Lazard for the sale in May this year.

Brunet grew significantly over Pragma Capital’s holding period, largely thanks to numerous bolt-ons including Lacheray (€4.5m turnover), Eric Loizeau (€2.8m), EEGI (€4m), Forby (€2.5) and Bataille Electrique (€10m). Overall, the company’s turnover grew from €105m in 2010 to the current €140m.

Ortec, meanwhile, recorded €920m in sales last year and employs 10,000 people. Based in Aix-en-Provence, the company mostly services the industrial, energy, environmental and aerospace sectors with 130 agencies and 32 subsidiaries across 24 countries.

Deal Description
In June 2011, Pragma Capital along with management acquired a majority stake in Brunet from Azulis Capital. The transaction was the company’s third buyout.

In 2007, Banexi Capital Partenaires backed the secondary buyout of utilities installer Brunet, acquiring a minority stake for an estimated €8.5m, according to unquote” data. Management, which held 15% prior to the deal, took control of the business, while founder Jean-Michel Brunet sold his remaining 20% stake.

Quartus, which had secured a 60% stake in the company’s first management buyout in December 2002, investing from the Quartus Capital Partners I fund, exited the group.

Company
Established in 1972, Groupe Brunet provides installation, breakdown and servicing services for electricity, heating, air-conditioning and low voltage systems. The company services customers in the IT, telecoms and security sector and has 31 agencies across France.

People
Pragma Capital - Arnaud Leclercq (managing director); Jean-Pierre Créange (board director); Benjamin Zowczak (associate).

Advisers
Vendor - Lazard, Charles Andrez, Samuel Alexander, Kevin Le Pelvé (corporate finance); Weil Gotshal & Manges, Frédéric Cazals, Guillaume de Danne (legal); Brunswick Société d’Avocats, Philippe Beauregard (legal); CMI, Nicolas Kandel, Romain Girard (commercial due diligence); EY, Laurent Majubert, Hugo Primas, Victor de Fromont (financial due diligence).

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• France
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• Azulis Capital
• Sparring Capital (formerly Pragma Capital)