Astorg to sell Metrologic to trade

Francesca Veronesi
30 April 2018

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Astorg Partners has entered talks to sell French 3D inspection measurement software developer Metrologic for €360m to engineering company Sandvik.

Sandvik intends to acquire the French software company on a cash- and debt-free basis.

The GP tapped Astorg V for the original investment, which reached its €1.05bn hard-cap in April 2011.

Metrologic will form a new business unit within a new product area in Sandvik's division of machining solutions. It is expected to maintain brand independence, in line with Sandvik's decentralised business model.

Stockholm-headquartered Sandvik is a high-tech engineering group founded in 1862. It specialises in tools and tooling systems for industrial metal-cutting equipment, services for the mining and construction industries, and advanced stainless steel and special alloy production. The group generates revenues of SEK 91bn and has a workforce of 43,000.

Previous funding
In March 2011, Carlyle Group acquired a majority stake of 61.77% in listed French software firm Metrologic for €38 per share, via its fund Carlyle Europe Technology Partners II. CEO and founder Philippe Cimadomo and management also reinvested to retain a minority stake in the company.

Subsequently, Astorg agreed to acquire a majority stake from Carlyle in a secondary buyout in the €200-250m enterprise value range. Metrologic founder Cimadomo and the company's management again reinvested significantly as part of the transaction.

Company
Founded in 1980 and headquartered in Meylan, Metrologic develops a 3D inspection software and electronics that run measurement machines used for dimensional control in the automotive, aeronautic, transport and medical sectors.

The business employs 130 staff and its services are used in about 40 countries, according to the company. In its financial year ending in September 2017, Metrologic generated revenues of around €43m.

People
Astorg Partners – Stéphane Epin (partner).
Metrologic Group – Bertrand Gili (president).
Sandvik – Björn Rosengren (CEO).

Advisers
Equity – Accuracy, Arnaud Lambert, Florence Westermann (legal); Paul Hastings, Sébastien Crepy, Stanislas Offroy, Allard de Waal, Thomas Pulcini (legal).