IK backs NetCo MBO

NetCo will be the fifth acquisition in IK's Small Cap II Fund, closed on €550m in February 2018. The fund typically acquires stakes in companies with an enterprise value of up to €100m.

Ardian supported the transaction with a unitranche facility with capex lines, Unquote understands. 

IK preempted the final round to gain exclusivity with a bid financed by Ardian, according to Unquote sister publication Debtwire. Ardian is providing 4.25-4.5x leverage through a unitranche facility, according to Debtwire.

NetCo has completed 32 bolt-on transactions since 2000, 14 of which were in the past three years. Most recently, it acquired Belgium conveyor specialist ABM Tecna in 2017.

Previous funding
Andera Partners backed the primary MBO of NetCo in 2016, providing growth capital via Winch Capital 3. Unquote reported at the time that the investment comprised partly an acquisition of company shares, and partly a capital increase; a mix of cash-in and cash-out.

The MBO saw the founding Perriez family (NetCo's managers, Samuel and James Perriez) retaining a controlling share in the group.

Company
Founded in 1902 in France, NetCo is a specialist in conveyor systems used in industries including quarries, food and heavy goods. 

Headquartered in Bordeaux, NetCo operates via three business units (NetCo Services, NetCo Distribution and NetCo Systems), across 55 agencies, employing 500 people across France. The business generates sales of €100m, Unquote understands. 

The business has a further presence across Belgium and Luxembourg, and a foothold in North Africa (Morocco), the Middle East (Bahrain) and South East Asia (Indonesia).

People               
IK Investment Partners – Pierre Gallix (partner).
Andera Partners – François-Xavier Mauron, Antoine Le Bourgeois (partners).
NetCo – Samuel Perriez (president); James Perriez (CEO).

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• Topics
• Buyouts
• France
• Industrials
• France
• Andera Partners
• IK Investment Partners