ActoMezz backs Solware in sponsorless deal

The company's management team, led by Gerald Ferraro, secured the entirety of the share capital following a process managed by NOBC Corporate Finance. ActoMezz backed the sponsorless deal by providing two tranches of mezzanine totalling €8.7m. In addition, Credit Agricole arranged a senior debt package.

The deal, inked in December 2018, allowed Pechel Industries to exit the business. The investor held a minority stake in Solware since 2012, having succeeded Initiative & Finance.

Andera Partners (formerly EdRip) acquired ActoMezz, a French mezzanine debt and minority equity provider, from fund manager ACG Capital in 2016.

Previous funding
Initiative & Finance staged a management buyout of software-producer Solware in 2008. The company previously held two sponsorless LBOs, with the founder each time ceding a stake to the management. A senior debt package was provided by LCL, Societe Generale and Banque de l’Economie Crédit Mutuel.

Pechel Industries acquired a minority stake in the business in a 2012 SBO, allowing Initiative & Finance to exit its investment.

Company
Solware develops customisable software packages with two core focuses: automotive distribution and repair centres, and the medical segment. Based in Dardilly near Lyon, the company originated from a 1987 spin-off from the Motor Trade section of the GSI Group led by management.

Solware is expecting to post a €20m turnover for 2018, with the goal to increase this to €27m in the next four years.

People
Andera Partners - Stéphane Bergez (partner, head of ActoMezz).

Advisers
Company - NOBC Corporate Finance (corporate finance).

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