Omers PE to acquire Trescal in SBO

Francesca Veronesi
15 November 2017

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Omers Private Equity is in preemptive talks to buy a majority stake in Ardian-backed French calibration services specialist Trescal, valued at approximately €670m.

The proposed transaction will see the senior management make an equity reinvestment in Trescal alongside Omers PE.

The deal was sourced through a bilateral agreement.

Debt for this transaction was not provided, a spokesperson for Omers PE confirmed. However, financing will be put in place for the deal's closing at the end of Q1 2018.

Omers PE, the private equity investment arm of Omers, currently has $12bn in capital invested, and a team of 42 investment professionals based in London, New York and Toronto. The investment in Trescal will be Omers PE's third consecutive off-market transaction and first investment in France, it said. The GP's typical investment period is five to seven years.

Omers PE will support the management and employees through further development of the company's service capability and through acquisitions.

A spokesperson for Ardian confirmed the GP used its Ardian LBO Fund V for the investment, which closed on €2.41bn in October 2013.

Previous funding
Trescal first came under private equity ownership in December 2007, when Astorg Partners drew equity from its €300m third fund to carve the business out from corporate Air Liquide. The spin-out involved Ardian, which supported it with a mezzanine package.

In October 2010, listed player 3i and buyout house TCR Capital acquired the asset from Astorg. The SBO, valuing Trescal at €110m, saw 3i secure a majority stake, while TCR invested from its €161m third fund in return for a minority interest; the management retained a 20% holding.

After backing Trescal's entry into the US market by adding on Dynamic Technology in 2011, 3i and TCR offloaded the asset to Ardian in June 2013. The second SBO valued the company at €250m and led to Ardian controlling a 82% stake, with management holding the balance. Meanwhile, 3i reported €71m in proceeds from its sale, a 2x multiple on its original €36m investment.

Ardian's backing of Trescal allowed it to expand into the Americas and Asia, completing 25 acquisitions worldwide, including Trescal's acquisition of German company Gebhardt earlier this year.

Company
Headquartered in Paris, Trescal offers customised calibration management software and metrology solutions, including repair and maintenance of test and measurement equipment. According to press releases, the company's enterprise value amounts to €270m. Trescal has 3,000 employees worldwide and serves 40,000 customers over a range of sectors, including defence, aerospace, telecommunications, transportation and automotive. It operates across 110 sites in 22 countries across Europe, the Americas and Asia.

People
Trescal – Olivier Delrieu (CEO); Guillaume Caroit (head of M&A); Philippe Gelbert-Maury (CFO).
Omers Private Equity – Jonathan Mussellwhite (co-head Omers Private Equity Europe); Isabelle Pagnotta (director).
Ardian – Thibault Basquin, Yann Bak (managing directors); Edouard Level (senior investment manager).

Advisers
Acquirer – DC Advisory, David Benin, Thierry Marie, Thomas Brulé, Bertrand Ciron (M&A); Weil Gotshal & Manges, David Aknin, Gautier Elies, Pierre-Adrien Achard and Adina Mihaescu (legal); EY, Laurent Majubert, Jérôme Cazauvieilh, Benjamin Poissonnier (financial due diligence); Matthieu Autret, Tim Goodman, Jean-Laurent Bargiarelli (tax); Bain, Trevor Cotton, Jean-Marc Le Roux (commercial due diligence); Liberty, Riley Scott (IT due diligence); Marsh, Jean-Marie Dargaignaratz (insurance due diligence).
Vendor – Latham & Watkins, Gaëtan Gianasso, Claire Mahieu, Sharon Mitz (legal); 8Advisory, Pascal Raidron, Gennat Mouline, Paul-Henri Chopin (financial due diligence); Arsène Taxand, David Chaumontet (tax); PwC, Edouard Bitton, Christophe, Guénard (IT due diligence); Siaci, Johanne Charbit (insurance due diligence).
Company – Natixis Partners, Jean-Baptiste Marchand, Benjamin Giner, Bertrand Duquesne (M&A); Canaccord Genuity, Nadim Barouki, Nicolas Royer, Dimitri Prouvost (M&A); Delaby & Dorison, Emmanuel Delaby, Alexandre Gaudin, Virginie Couvrat, Romain Hantz (legal).