
FCDE buys 70% of Utac Ceram
FCDE (Fonds de Consolidation et de Développement des Entreprises) has bought a majority stake in French vehicle testing and certification services provider Utac Ceram for €50m from the CCFA (Comité des Constructeurs Français d'Automobiles) and management team, which have retained a minority stake.
The transaction, which should be completed in early 2018, sees €20m contributed by FCDE, €12m of mezzanine financing arranged by Tikehau Investment Management and €18m in short- and medium-term financing lines to be arranged by BNP Paribas.
The transaction is the eighth investment from the FCDE II fund, which held a final close in 2015 on €200m. The GP invests in French SMEs and mid-cap companies. It is supported by the main financial institutions operating in France (BPI France, banks, insurance companies) as well as the European Investment Fund.
FCDE plans to support the company in its recruitment efforts and international expansion.
Company
Founded in 1945, Utac Ceram provides automobile regulation and approval, testing and technical expertise (environment, safety, durability and reliability), certification, events and driver training. Over 400 employees work at two test centres at Linas-Montlhéry and Mortefontaine. An additional 100 staff works in customers' sites in France and in the UK, North America, Russia and China. The group generated a turnover of €55m in 2016 and is expected to generate growth of more than 15% in 2017. The company is headquartered in Linas.
People
Utac Ceram – Laurent Benoit (president).
FCDE – Amélie Brossier (CEO); Julien Di Marco (managing director); Anne-Laure Dupont (investment manager); Matthieu Casas (chargé d'affaires).
Comité des Constructeurs Français d'Automobiles – Christian Peugeot (president), Gaël Bouquet (head of legal department).
Tikehau Investment Management – Cécile Mayer-Levi (head of private debt).
BNP Paribas – Hervé Desbief (director of structured financing).
Advisers
Equity – Ayache Salama, Sandrine Benaroya, Myriam Khetib-Khatiri, Bruno Erard, Laurent Bibaut (legal); Will Consulting, Jacques Ittah (M&A); AdDen, Nicolas Nahmias, Rachel Cattier (legal); Oderis Aurélien Vion, Nicolas Boucher (commercial due diligence); Roland Berger, Sébastien Amichi, Olivier Hanoulle (strategic due diligence); Gramond & Associés, Xavier Gramond, Corinne Cousseau (legal, social due diligence, tax); AECOM, Chichin Lim, Joël Ferrus (ESG due diligence).
Company – Desfilis, Guillaume Giuliani (legal); Banque Privée 1818, Frédéric Balochard (commercial due diligence); NG Finance, Ghislain d’Ouince (commercial due diligence).
Vendor – Degroof Petercam Finance, Cyril Kammoun, Freddy Moland, Théodora Xu (M&A); Vivien & Associés, Emmanuel Chauvet, Lisa Becker (legal); EY, Gilles Marchadier, Philippe Berteaux (financial due diligence).
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