Capitem backs Slat in SBO

CEO Francois Duchateau and five managers of the business have retained a majority stake in the business. Capitem typically provides tickets of between €1-5m and some of its recent investments include digital project management consultancy Shift and print and document-processing firm Cortex.

Previous owner Ciclad, the majority investor since 2014, exited its investment, according to French publication Capital Finance.

Previous funding
Initiative & Finance acquired Slat in June 2009, when the management carved out the division from US conglomerate 3M (Slat had been acquired by 3M in 2000). The GP picked up a stake in excess of 75% in Slat, which at the time employed 60 staff and had recorded revenues of €11.7m in 2008.

Ciclad subsequently acquired the business in a secondary buyout in 2014, acquiring a majority stake and allowing Initiative & Finance to exit the business. Members of the company's management team reinvested in Slat alongside Ciclad and increased the size of their shareholding in the business. The company employed 70 staff and recorded turnover of more than €15m in 2013. 

Company
Founded in 1953, Slat designs and manufactures battery-powered power supplies to ensure energy continuity for all applications where this continuity is an essential element. The company's power supplies can be used for burglar and fire alarms, video surveillance systems and access control panels.

The business is headquartered in Champagne-au-Mont-d'Or but has an additional office in Stuttgart. Slat currently employs 70 people and generates a €17m turnover.

People
Capitem Partenaires  - Stéphane Grès (founding partner).

Advisers
Equity - AHA Expertises (financial due diligence); Cornet Vincent Segurel (legal).
Company - Cofina Corporate Finance (corporate finance); Delsol Avocats (legal).
Vendor – HPML (legal).

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