MBO Partenaires buys-back Groupe LT

The business was valued at €75m, a person familiar with the situation told Unquote, posting an EBITDA of €12.5m.

MBO Partenaires, currently investing via its MBO Capital 4 vehicle, has acquired a majority stake in the business. GPs Arkéa Capital Investissement and Amundi Private Equity, as well as LT director Eric Van Acker, all bought minority stakes.  

The transaction saw founders Jean-Claude Bel and Didier Brunelin sell their majority stake in LT. BNP Paribas Développement, Societe Generale Capital Partenaires and Ouest Croissance, which had owned stakes in the business since 2015, exited the investment.

IK Investment, Siparex and Meeschaert Capital Partners were in the bidding process alongside MBO Partenaires, a source close to the deal told Unquote. 

Senior debt amounting to €41m was provided by LCL, Banque Palatine and Crédit Agricole CIB, Unquote understands.

The backing of MBO will help LT refocus its activities, concentrating on fewer but more remunerative operations. The company aims to open more agencies, also implementing a buy-and-build strategy. 

Previous funding 
MBO Partenaires, via its MBO Capital II fund and together with trade buyer Becarre, backed the management buyout of the company in 2008.

The minority backer was replaced by PE firms BNP Paribas, Societe Generale and Ouest Croissance in 2015, which acquired a 30% stake. The group's founders retained a majority of 70%.  

Company
LT rents construction and civil engineering machines and equipment. Founded in 2000 and based in Merignac, the business manages seven agencies and employs 350 people. The business generates revenues of around €47m.  

People
MBO Partenaires – Xavier de Prévoisin (partner).
Groupe Location Transport – Jean-Claude Bel, Didier Brunelin (founders); Eric Van Acker (CEO). 

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• Topics
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