Abénex, Etoile ID buy Groupe ADF in SBO

Francesca Veronesi
04 October 2018

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Abénex has acquired a minority stake in French industrial maintenance and engineering service Groupe ADF, while previous backer Etoile ID reinvests.

The MBO transaction sees CEO Marc Eliayan retain a stake in the business, while previous backers Andera and Ace Management exit the investment.

According to French publication Capital Finance, Abénex acquired a 20% stake in the business.

Previous funding
Andera supported the management buyout of industrial maintenance business ADF from state-backed Gaz de France in 2007. According to several press reports, Etoile ID also invested in the business at the time.

Andera subsequently sold its stake in 2014. The SBO saw Actomezz become a shareholder, alongside Etoile ID, while the management retained a majority stake of over 80%, a person familiar with the situation told Unquote.

Two years later, ActoMezz was bought again by Andera. Also in 2016, Ace Management bought a stake in the business, investing via its €150m Aerofund III vehicle.

Company
Founded in 2007 and based in Vitrolles, ADF is a provider of industrial engineering and maintenance services. The group specialises in three business lines: engineering and expertise, the supply of production and testing equipment, and production and maintenance services. ADF serves the aeronautic, space, defence, industrial, energy, oil and gas sectors.

The company's website reports an estimated revenue for 2017 of €411m. The group employs 3,900 people in 14 countries, across four continents.

People
Groupe ADF – Marc Eliayan (CEO).
Andera Partners – Arnaud Faure (managing partner).
Abénex – Olivier Moatti (partner).
Etoile ID – Marc Dussart (director).

Advisers
Equity – Mayer Brown, Olivier Aubouin, Ségolène Dufétel, Renan Lombard-Platet (legal); KPMG, Charles Abbey, David Peny, Sahar Jilal (financial due diligence); Fidal, Xavier Houard, Albane Eglinger, Anne Kerbrat-Frechette, Xavier Lemaréchal, Julie Ansoult (tax, legal).
Company – Poyac Avocats, Patrice Poyac (legal).
Vendor – Hogan Lovells, Stéphane Huten, Florian Brechon, Franciane Rondet (legal); 8Advisory, Stéphane Vanbergue, Baptiste Piasentin, Martin Leveau (financial due diligence); Advancy, Eric de Bettignies, Patrick Pudduy, Saad Khaled (commercial due diligence).