Ixo backs Altereo BIMBO

Francesca Veronesi
12 March 2019

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Ixo Private Equity has acquired a stake in France-based Altereo, a consulting and engineering firm, alongside management and CEO Gilles Brunschwig.

The president and founder, Christian Laplaud, has retained a 65% stake in the business, while 17 managers have equally bought stakes, including newly appointed CEO Gilles Brunschwig, Unquote understands.

Managers have acquired a 20% stake, while the GP now owns 15% of the business, a source familiar with the situation has confirmed to Unquote.

The GP stated that it did not use its latest fund, Ixo 4, to fund the transaction; Ixo 4 closed in January on €200m.

Banks CIC and SMC provided senior debt for the transaction.

Company
Founded in 1980 and based in Venelles, Altereo is a consulting and engineering firm that specialises in water, environmental and public services. The business employs 170 people and generated revenues of €13m in 2018.

People
Altereo – Christian Laplaud (founder, president); Gilles Brunschwig (CEO).
Ixo Private Equity – Nicolas Charleux (managing director); Baptiste Martin-Wurmser (investment director).

Advisers
Equity – PwC (financial due diligence); Deloitte (financial due diligence); PwC Societe d'Avocats (legal); Delta Assurances (insurance due diligence).
Management – LexCase (legal).
Company – Advirtus Corporate Finance (corporate finance).