Demathieu & Bard in partial secondary buyout

The deal will take the company's equity to nearly €100m, according to a press release by the lead legal adviser, Lamartine Conseil.

The transaction, the total funding for which was undisclosed, marks a new phase in the company's reorganisation after a number of domestic private equity backers acquired stakes in the business in 2011. Existing backers, including BTP Capital Investissement, Societe Generale Capital Partenaires, BNP Paribas Développement, Esfin Participation and BPI France, are understood to have contributed capital in this latest operation. Some 70 of the company's management and senior staff have also participated in the deal via a Société de Libre Partenariat (SLP) structure, which will be managed by agent Equalis Capital.

Debt
LCL and Natixis supported the deal with debt facilities totalling more than €150m. Syndicated lenders included BNP Paribas, Arkea, Kolb, CIC, Societe Generale and HSBC.

Company
Founded in 1861 and based in Metz, Demathieu & Bard is one of the largest operators in the French construction sector, focusing on road and rail infrastructure work, industrial civil engineering, and construction. The business generates around 25% of its revenues outside France, with European subsidiaries in Luxembourg and Germany, and other operations in Canada and the US. The company employs approximately 3,000 staff.

According to Demathieu & Bard's latest published annual report, the business generated a turnover of €1.13bn in 2016, with an order book of €1.52bn in the same year. EBITDA stood at €24.8m.

People
Demathieu & Bard – Jean-Philippe Negrevergne (finance & treasury director).

Advisers
Lamartine Conseil – (legal, tax); ACA Nexia (financial due diligence).

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• Topics
• Buyouts
• France
• Industrials
• Secondary buyout
• BNP Paribas Développement
• Natixis
• Lamartine Conseil
• ACA