CD&R, Ardian sell 5.2% stake in Spie

The fund managers sold the 8 million shares at €23.66 apiece to Euronext-listed company FFP, controlled by the Peugeot family, and raised aggregate gross proceeds of €189.28m.

Following the transaction, the GPs will retain 5% of the business and have agreed to a 30-day lock-up period.

Previous funding
PAI acquired Spie from its parent company Amec for €1.04bn in 2006. Equistone Partners acquired a 20% stake in the business as part of the deal.

A private equity consortium led by CD&R acquired the French engineering group in May 2011 for €2.1bn. The deal saw CD&R injecting €510m in equity, while Ardian and Caisse de Depots et Placements du Quebec contributed around €140m each.

In April 2012, Spie issued a €375m high-yield bond to refinance the debt structure put in place when it was purchased in May 2011. The bond issue saw the company's bridging loan refinanced.

In July 2014, Ardian acquired Equistone's 20% stake.

In June 2015, the company raised €939m in its IPO on Euronext Paris, which gave Spie a market cap of around €2.5bn – equivalent to 7.5x EBITA.

Company
Founded in 2003, Cergy Pontoise-based Spie is a multi-technical services group with a focus on electrical, mechanical and HVAX engineering, energy, communication networks and railway infrastructure.

The business posted €5.1bn in revenues and €352.4m in EBITDA in 2016, and currently employs 38,000 people.

People
Ardian – Dominique Gaillard (managing partner).
Spie – François-Xavier Clédat (chair).

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• Topics
• Exits
• France
• Support services
• Partial sale
• France
• Ardian (formerly Axa PE)