Parquest buys Aserti from Galiena

This is the second deal from Parquest's second fund, Parquest Capital 2, which closed on its €310m hard-cap in May. As a lower-mid-cap fund, Parquest Capital 2 largely follows the investment strategy established by its predecessor, targeting French SMEs with an enterprise value ranging between €20-150m. Target sectors include consumer goods, healthcare and B2B services.

CIC Ouest and Crédit Agricole du Morbihan provided senior debt to finance the deal, while CM-CIC Private Debt supplied mezzanine. Management also took a stake in the SBO.

Galiena acquired its stake in Aserti in 2013, taking over from Institut de Participations de l'Ouest (IPO). IPO staged a carve-out of Aserti Electronic from Vinci Energie in 2008, investing €2.1m for a 30% share of the company. Vinci initially wholly purchased Aserti in 2002.

Company
Founded in 1992, Aserti provides maintenance and repair services for all kinds of electronic devices, measuring devices, servomotors, and computer numerical control machine tools. It employs 270 staff and generates revenues of €32m.

People
Parquest Capital – Denis Le Chevallier (partner).
Galiena Capital – Pascal Noguera (partner).

Advisers
Equity – Eight Advisory, Katia Wagner, Edouard de Nettancourt (financial due diligence); Advention Business Partners, Alban Neveux (commercial due diligence); Goodwin, Thomas Maitrejean, Mathieu Terrisse, Hind Badreddine, Marie-Laure Bruneel, Adrien Paturaud, Laurent Bonnet (legal, tax).
Vendor – UBS M&A Mid-cap, Fabrice Scheer, Renaud Tochon, Daniel Hernandez (M&A); PwC, Didier Sidois, Arnaud Thibésart, Frédéric Mansour (financial due diligence); Ayache Salama, Gwenaëlle de Kerviler, Julie Bailly (legal).

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• Topics
• Buyouts
• Exits
• Support services
• France
• Parquest Capital
• Secondary buyout