Society Generale Capital Partners and Galiena exit Scaff'holding

The deal marks an exit for private equity investors including Société Générale Capital Partners, Galiena Capital and GMB Invest.

Societe Generale, which has been a lender in its previous deals, arranged the debt for the transaction.

Previous funding
In January 2002, TCR Europe led the management buyout of Echafaudages from Groupe Fabricom. The deal was carried out via newco Scaff’Holding, in which TCR Europe took a 52% equity stake. Baring Private Equity France also invested, acquiring a 38% stake in newco, while the management team of the company retained a 2% interest.

In 2007, Barclays Private Equity acquired a minority stake with management retaining control of the company.The selling syndicate, led by TCR Capital, generated a money multiple of around 4x and an IRR of more than 30% from the sale.

European Capital then sold its stake in 2013 for €7.2m, generating a 1.8x money multiple on its investment, representing an IRR of circa 13%. Scaff'holding's majority shareholder Equistone agreed on a tertiary buyout led by the company's management and supported by minority equity investors TIP Gestion (20%) and Société Générale Capital Partners (15%). The transaction was valued at around €150m.

Company
Scaff'holding designs, manufactures, leases and sells scaffolding for diversified sectors including civil engineering and events. It provides the stands used in the Formula 1 Grand Prix of Monaco. Scaff'holding has 25 branches and depots and a design office. It has 550 staff and annual revenues of €100m.

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• Topics
• Industrials
• France
• Exits
• France
• Societe Generale
• Management buyback