Activa's Mecadaq bolts on Armoa

Amedeo Goria
06 September 2017

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Activa Capital-backed aircraft component manufacturer Mecadaq has acquired French high-precision machining business Armoa.

According to a statement, the GP financed the acquisition of the family-owned business with an equity and debt package, and the management team also provided some equity to support the deal.

Societe General acted as the arranger for the credit facility, which has a seven-year seniority, said a source close to the situation. A syndication is expected to start in September 2017.

The bolt-on follows the recent acquisition of Marignier, a French gear manufacturer, in August 2016, which brought the group's headcount to 300, generating €32m in revenues. Following the purchase, the group expects to hit a €50m turnover.

The company is currently targeting further acquisitions both in France and overseas, Mecadaq said in a statement.

Previous funding
Activa acquired Mecadaq in January 2016 via its Activa Capital III fund, which reached its final close on €220m in October 2015.

Company
Based in Chanteloup-les-Vignes, Armoa specialises in high-precision machining for the aerospace industry. The business posted an €18m turnover in 2016 and has one production site in France with 100 employees, and a presence in Tunisia that employs 10 people.

People
Activa Capital – Benjamin Moreau, Christophe Parier (partners); David Quatrepoint (manager).
Mecadaq – Julien Dubecq (president).

Advisers
Acquirer – Bucéphale Finance (corporate finance); Advance Capital (financial due diligence); LL Berg (legal); Axeans Strategy Consulting (commercial due diligence); Weil Gotshal & Manges (tax); McDermott Will & Emery (legal).
Vendor – BNP Paribas Corporate Finance (corporate finance); Fidal (legal).
Debt – De Pardieu Brocas Maffei (legal).