Isatis backs Zenika MBO

Carl Azoury, the founder and CEO of Zenika, will become the majority shareholder following the MBO, with Isatis securing a minority stake. The transaction will see historical shareholders exiting, including investor Capital & Dirigeants Partenaires.

Banque Populaire Rives de Paris provided a debt package to help finance the transaction.

Isatis seeks to invest in growth capital transactions in France-based small and medium-sized enterprises generating revenues between €5-50m. Beyond its range of retail funds, it also manages Crescendo, an FPCI-type fund and Isatis's first to target institutional investors. The GP launched the vehicle in 2016, targeting €100m in commitments with a €120m hard-cap.

The investor stated that Zenika would pursue its current organic growth trajectory, with a focus on internationalisation. It said the company has been growing at more than 20% per year over the past five years.

Company
Founded in 2006, Zenika is an IT services firm aiming to help businesses with their digital transformation. It offers a three-pronged service including consulting, implementation and training. It has seven agencies in France and two offices abroad, in Montreal and Singapore. Clients include BNP Paribas, Orange and JC Decaux.

People
Isatis Capital – Bertrand Limoges (managing partner); Charles Collin (investment director); Arnaud Jozan (investor).

Advisers
Equity – Taylor Wessing, Nicolas de Witt, Anne-Juliette de Zaluski, Bertrand Hermant (legal); Cofigex, Frédéric Durand, Jean-Charles Norris (financial due diligence).
Company – Cohen Amir-Aslani, Karine Fitau, Nicolas Flochlay (legal); Constant-Cini, Edouard Cini, Jean-Matthieu Constant (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Technology
• France
• Isatis Capital
• Minority investing