Pragma Capital sells CNN MCO to Endel Engie

The Paris-based GP backed the MBO of the French company in July 2015, alongside minority investor CIC Finance. The acquisition was financed at 60% by debt in order to internationalise and diversify the company. Compagnie Nationale de Navigation, the parent company of CNN MCO, was the vendor in the transaction.

The deal marks the first exit from the GP's Pragma III fund, which closed in 2015. It typically invests between €10-50m in French mid-sized companies with turnover ranging between €40-150m. The GP prefers to take majority and significant minority stakes.

Company
Founded in 2008, CNN MCO was created by parent company Compagnie Nationale de Navigation to carry out service missions to fast ships, patrol vessels and hydrographic and oceanic vessels. Headquartered in Guipavas, France, it maintains 50 ships and employs 60 staff.

People
Pragma Capital – Arnaud Leclercq (CEO).
CNN MCO – Céline Barazer (commercial director).

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• Topics
• Exits
• Industrials
• France
• Sparring Capital (formerly Pragma Capital)
• France
• Trade sale
• CIC Finance