Andera exits Erget in management buy-back

Francesca Veronesi
11 June 2019

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Andera has sold its minority stake in France-based surveyor and loss adjuster Erget to the chairman of the group Ludovic Redier and the management team, which will own the business wholly.

The divestment represents the Cabestan vehicle's 11th exit. The fund closed on €113m in late 2011 and typically deploys €1-7m in owner buyouts for French SMEs with turnover in the €10-100m range.

Under Andera's ownership, the business organically grew at around 8% per year and completed five external growth operations. Erget also made some recruitment efforts, hiring a CEO and a communications manager.

Redier's investment was supported by quasi-equity provided by Idinvest, via its fund Novi 2, Unquote has learned. The vehicle, closed in 2015 on €290m, invests in expansion, growth capital, debt and quasi-equity transactions for French companies operating in the industrial and business services sectors. It typically invests between €3-20m in debt and equity in businesses with a turnover ranging between €30-200m.

Previous funding
Andera took a minority stake in the buyout of Erget in 2015, securing a 36% stake via its Cabestan Capital small-cap fund. LCL arranged senior debt, joined by Societe Generale and Bred Banque Populaire.

Company
Established in 1986, Erget is a surveyor and loss adjuster. Having initially focused on appraising technical risks, the group has since expanded to cover liability and property services. The business targets clients such as insurance companies, reinsurers, brokers and corporates in the aerospace, nautical and energy sectors, among others.

Based in Neuilly-sur-Seine, Erget generates a turnover of €25m turnover, 35% of which is generated outside France.

People
Erget – Ludovic Redier (chairman).