
LBO France carves out Crouzet
LBO France has bought a majority stake in French manufacturer of automation components Crouzet for an undisclosed sum from InnoVistaSensors, a company owned by PAI Partners, The Carlyle Group and Schneider Electric.
LBO France used its Mid Cap White Knight IX for the transaction, a €450m fund that held a final close in January 2017.
A source close to the deal discolsed the enterprise value of Crouzet is in the €175-215m range. A unitranche debt package of €95m was provided by Apollo and Bluebay, unquote" understands.
InnoVistaSensors, previously known as Custom Sensors & Technologies until 2015, benefited from PAI Partners and Carlyle's backing in 2014. The transaction saw the GP and asset manager buying minority stakes for €900m in total, while previous owner corporate Schneider Electric injected €100m to retain 30% of shares, and management maintained a minority stake.
Company
Founded in 1921, Crouzet is a manufacturer and supplier of automation components, such as customised switches, electric actuators and automated systems for critical applications. The company serves diversified end-markets, including aerospace & industry, transportation, energy & infrastructure and other industries, through 3 principal production sites (France, Morocco and China). In 2016, Crouzet generated €136m in sales, 74% of which came from outside France. It has a staff of 1,200 and is headquartered in Valence.
People
LBO France – Thomas Boulman (partner).
Crouzet – David Arragon (CEO).
Advisers
Acquirer – Advention, Alban Neveux, Eric Lesavre (strategic due diligence); EY Transaction Services, Jean-François Nadaud, Renaud Régner (M&A); Mayer Brown, Thomas Philippe, Clotilde Billat, Estelle Leclerc, Mélisande Sauze, Elodie Deschamps, Olivia Sibieude, Patrick Teboul, Maud Bischoff, Julien Leris (legal).
Company – Canaccord Genuity, Nadim Barouki, Nicolas Royer (M&A), Latham & Watkins, Alexander Benedetti, Julie Tchaglass, Alexandre Balat (legal), Linklaters, Oliver Sceales, Alex Szehidewicz (legal).
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater