Azulis buys Helios Group in SBO

Azulis, buying the business from Abénex, used its Middle Market Fund V vehicle, which held a final close on €215m in 2017. The fund typically backs businesses with a €15-150m enterprise value, providing equity tickets between €10-15m.

The remainder is owned by CEO Jean-Christophe Blot and Helios's management team. CM CIC, Caisse d'Epargne et de Prévoyance IDF and Banque Populaire Rive de Paris provided debt for the transaction, according to a statement.  

Previous funding
TCR Capital bought a majority stake in the business in 2013, which at the time was known as Générale d'Etanchéité et de Couverture Ile-de-France. The GP drew capital from its France Transmission 1 fund, closed on €60m in 2012. The MBI transaction saw Jean-Christophe Blot becoming CEO of the group and acquiring a minority stake.

Unquote previously reported in November last year that Abénex had entered talks to acquire peer TCR Capital, based on a local press report. Abénex had not replied to a request for comment at the time of publication.  

Company
Founded in 1992, Helios Group originally specialised in waterproofing roof terraces and the thermal insulation of buildings. Today the company is a coatings specialist (including metal coatings, industrial wood coatings and car refinishing coatings) and also offers services related to road markings, resins and chemicals.  

Based in Gennevilliers, Helios employs around 90 people. The business generated a €22m turnover in 2018.

People
Azulis - Bruno Lavollé (managing director), Caroline Chemel (investment director), Yannick Ballandras (chargé d'affaires).

Advisers
Equity - NG Finance, Jacques-Henri Hacquin (commercial due diligence), Goodwin, Thomas Maitrejean, Benjamin Garçon, Sarah Paquay, Benjamin Filiatre (legal), Grant Thornton, Frédéric Zeitoun, Emilie Descroix, Stéphany Brévost (financial due diligence), Indefi, Julien Berger, Mehdi Belefqih, Adam Laissaoui (commercial due diligence).
Vendor - Mazars Corporate Finance (M&A), Arago Avocats, Lorenzo Barresi, Edouard Dumas (legal); ACA-Nexia, Fabrice Huglin (financial due diligence).

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• Topics
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• Azulis Capital
• Secondary buyout