Turenne et al. back Groupe Sources MBO

As part of a primary LBO transaction, 10 unidentified managers, led by Patrick Billette, have acquired an undisclosed minority stake in the business.

Turenne led the investment and acquired a minority stake, drawing capital from Emergence ETI fund. Meanwhile, BPI France invested via its €100m Investissement Energie Environnement (FIEE) fund, which closed in 2017 (Sources is the seventh investment from the fund). Existing investor Isatis has reinvested in the company.

The GPs are aiming to support the company's expansion both in France and internationally, and will help the diversification of its activities.

Company
Founded in 2000, Sources designs and builds water treatment plants for municipalities and communities of agglomerations in France and North Africa. Some of its clients include Veolia, Suez and Saur. The business generates revenues of €20m.

People
Groupe Sources – Patrick Billette (founder, president).
Turenne Capital – Stéphane Saudo (associate director).
BPI France – Alexis Mahieu (investment director).

Advisers
Equity – Lamartine Conseil (legal); Deloitte (financial due diligence).
Company – Pax Corporate Finance (corporate finance); FTPA (legal).

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