IDI invests €21m in Freeland

Francesca Veronesi
01 March 2019

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Paris Euronext-listed private equity house IDI has invested €21m in Freeland Group, a provider of support services for freelance workers, investing alongside management.

The buyout was supported by a unitranche facility provided by Tikehau, a person familiar with the situation disclosed to Unquote.
The GP intends to support the business via a buy-and-build strategy and plans to reinvest in the future, Unquote understands.

IDI currently manages working capital of €456.6m, according to its website. The firm acquires majority or significant minority stakes in businesses with an enterprise value in the €10-150m range, providing equity tickets of €5-35m. However, the GP can go up to €50m tickets with co-investment.

Company
Based in Paris, Freeland is an umbrella company offering legal consulting, website creation and insurance services to freelancers. The company generated €120m turnover in 2018 and has a headcount of 80.

People
IDI – Marco de Alfaro (partner); Augustin Harrel-Courtès (investment director).
Freeland Group – Patrick Levy-Waitz (CEO).

Advisers
Equity – Hogan Lovells (legal); Indefi (financial due diligence); Alvarez & Marsal (corporate finance); Edmond de Rothschild (corporate finance).
Company – Developpement & Finances (corporate finance); Lawways (legal); Philippe Depoutot & Associes (legal).