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Unquote
  • Buyouts

LBO France carves out Crouzet

  • Francesca Veronesi
  • Francesca Veronesi
  • 15 December 2017
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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. 

Crouzet

  • DEAL:

    Carve out

  • LOCATION:

    Valence

  • SECTOR:

    Electrical components & equipment

  • FOUNDED:

    1921

  • TURNOVER:

    €136m

  • STAFF:

    1200

  • VENDOR:

    PAI Partners, The Carlyle Group, Schneider Electric

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).

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