Parquest Capital buys Groupe Fauché

Parquest used its Parquest Capital 2 fund, which closed on its €310m hard-cap in May 2017. A fifth of the fund is currently deployed.

A source close to the deal confirmed management retains a significant minority and that its stake increased since the previous ownership structure.

Previous investors Naxicap Partners, Multicroissance, Grand Sud-Ouest Capital, Nord Midi-Pyrénées Développement have exited the business. Naxicap had held a majority stake in the company since 2011.

Debt
A spokesperson for Parquest confirmed the buyout was "lightly" leveraged. Senior debt was provided by Caisse Régionale de Crédit Agricole Mutuel Nord Midi-Pyrénées, Banque Populaire Occitane, Banque CIC Sud-Ouest and Crédit Lyonnais.

Company
Founded in 1963 and based in Lafrançaise, Fauché designs, builds, installs and maintains electrical equipment, processes and industrial automation. The business generated a turnover of €159m in 2016.

People
Parquest Capital – Denis Le Chevallier, Thomas Babinet, Camille Coutelet (managing directors).
Groupe Fauché – Patrick Zmirou, Philippe Touyarot (presidents).
Naxicap Partners – Jacques Spicq, Nathalie Triolet (directors); Dominique Frances (chargé d'affaires).  
Multicroissance – Laurent Sauvade (director).
Grand Sud-Ouest Capital – Laurent Mazard (regional delegate).
Nord Midi-Pyrénées Développement – Frédéric Sajas (director).

Advisers
Equity – Natixis Partners, Paul Bamberger, Sébastien Caillé, Margaux Chevillard (M&A); Eight Advisory, Katia Wagner, Hugues Berly (financial due diligence), Goodwin, Thomas Maitrejean, Mathieu Terrisse, Hind Badreddine, Adrien Paturaud, Benjamin Filiatre (legal); Arsene Taxand Frederic Teper, Yohan Francisku (tax); NG Finance, Ghislain d'Ouince, Christophe Lam (commercial due diligence). 
Vendor – Capitalmind, Michel Degryck, Thibault Laroche-Joubert, Christopher Martin, Julie Prudent (M&A); Deloitte, Mathieu Perromat, Bertrand Chaboussou, Julien Dupont (financial due diligence); Edge Avocats, Claire Baufine-Ducrocq (legal).

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