Naxicap's Technicis bolts on HL Trad

Capital Croissance, HL Trad's PE backer since 2015, and management have exited the investment in HL Trad.

Additional equity was provided by Naxicap to finance the acquisition, a person familiar with the situation told Unquote. 

The transaction is being financed by a single-tranche loan from Idinvest Partners. Technicis's previous bolt-on, TextMaster, was backed by a unitranche package also provided by Idinvest.

Founded in 1996 and based in Paris, Technicis provides translation and interpretation services. The business has a headcount of 450 and manages offices located in Europe (France, Belgium, Italy, Switzerland, Spain, Finland, Germany, the UK, the Netherlands, the Czech Republic) and Canada. The group expects to achieve a turnover of around €75m in 2018.

Previous funding
Capital Croissance acquired a minority stake in French translation service HL Trad in 2015 in an MBO that saw founders Eric Le Poole and Emmanuel Hacques retain control of the business.

HL Trad's takeover was supported with a debt facility supplied jointly by Crédit Lyonnais and Banque Populaire Val de France.

The enterprise value for HL Trad was not disclosed, but Cairn Capital I, the fund used by Capital Croissance for the buyout, targets companies valued at €30m or less. The GP did not reveal its contribution during the MBO either, but it typically writes €2-10m equity cheques as a standalone investor with the fund.

Two years after the MBO, HL Trad bolted-on agencies CPW, focusing on financial translation and Sémantis, operating in the communications, marketing and luxury goods translation space.

Company
Founded in Paris in 2006, HL Trad specialises exclusively in legal and financial translations. Headquartered in Paris with offices in Frankfurt, London, Brussels, Geneva and Amsterdam, the group expects to generate revenues of €19m in 2018, Unquote understands. 

People
Technicis Technology – Benjamin du Fraysseix (CEO); Guillaume Patry (COO).
Naxicap Partners – Laurent Sallé (investment director); Clémence Rousselet (associate).
Idinvest Partners – Nicolas Nedelec (investment director); Emmanuelle Tanguy (investment manager).
Capital Croissance – Régis Lamarche, Cédric Boxberger (partners).
HL Trad – Éric Le Poole, Emmanuel Hacques (founders).

Advisers
Equity – JSquare Conseil, Amélie du Chalard, Jennifer Johns (M&A); Exelmans, Stéphane Dahan, Richard Dahan, Manuel Manas (corporate finance); Villechenon, Gaspard Le Pomellec, Gilles Roux, Tristan Segonds (legal).
Vendor – EY Corporate Finance, Olivier Catonnet, Julie Van de Velde (M&A); Grant Thornton, Nathalie Margraitte, Hayat Omari (corporate finance); Villey Girard Grolleaud, Frédéric Grillier, François Sauvageot (legal).

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• Topics
• Expansion
• Exits
• France
• Consumer
• France
• Naxicap
• Capital Croissance
• IDInvest Partners (AGF Private Equity)