Andera exits Europ Net in management buy-back

Andera's backing of the Europ Net management-buyout allowed the business to spin-out from multi-service provider Samsic in 2014. With the latest transaction, the management team, led by Stephane Payan and Carlos de Moura, has acquired the business fully, only five years after the spinout.  

The acquisition of Cabestan Capital shares is financed by senior debt fully subscribed by the banking pool set up in 2014, made of LCL, Caisse d'Epargne Ile-de-France and Banque Populaire Rives de Paris.

Previous funding
Andera backed the management buyout of Europ Net in 2014, investing via its €112m small-cap fund Cabestan Capital, which closed in 2011. The fund typically provides equity tickets of €1-7m and the Europ Net exit is the fund's 12th.

When the business was acquired in Q3 2014, it was expecting to generate a €25m turnover for the full year, Unquote reported at the time.

Company
Founded in 1981 and headquartered in Nanterre, Europ Net offers cleaning services, which are aimed at the "high-end market", namely large company headquarters, luxury hotels and stores, government and historical buildings, and private schools. Europ Net generates revenues of €40m according to a statement by Andera.

People
Andera Partners – Alexandre Foulon, Mayeul Caron (managing directors).
EuropNet – Stéphane Payan (president); Carlos de Moura (general director).

Advisers
Vendor – Lamartine Conseil (legal).

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