AnaCap makes 2.6x on Ellisphere exit

Francesca Veronesi
15 July 2019

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London-based GP AnaCap has sold back to management France-based Ellisphere, a business intelligence company that specialises in data and analytics.

Andera Partners (via its ActoMezz team), Tikehau Capital and BPI France have acquired a majority stake in the business, mostly via mezzanine funding but also equity acquisition, according to French publication Capital Finance.

The exit comes just two years after AnaCap's initial investment and will generate a 2.6x money multiple and 52% IRR for the firm, according to a statement.

The auction process, handled by AnaCap's adviser, Vulcain, saw investment funds ICG, Eurazeo PME, Abenex and IK Investment Partners eyeing the business, according to French publication Capital Finance. According to the report, published in April, Ellisphere generated an EBITDA of €11m.

Andera has invested in several consultancies and business support companies: it backed engineering consultancy Scalian, from 2014 to 2018; digital marketing business TimeOne; and outsourced sales communication and promotional services specialist Sarawak in 2017.

Societe Generale CIB, Lyxor and BNP Paribas have provided senior debt for the transaction, according to the French publication Capital Finance.

Previous funding
Natixis acquired a stake in Ellisphere in 2014. Under the GP's ownership, the company expanded its product and services offering, looked to enlarge its client base and appointed a new management team. AnaCap then took over in 2017 with the aim of expanding Ellisphere's core offerings with new products such as compliance services. The GP, acquiring a majority stake, drew capital from its AnaCap Financial Partners III fund, which closed on €850m in 2016, according to Unquote Data.

Company
Founded in 2005, business intelligence market specialist Ellisphere collects and processes data to support clients' business decision-making processes. It offers a range of business and marketing information services that allow its clients to develop their customer portfolios, manage risk and monitor client exposure. Ellisphere generated a €50m turnover in 2018.

The company is headquartered in Nanterre and employs more than 300 staff across eight locations in France, serving around 6,500 clients, according to a statement.

People
AnaCap – Nassim Cherchali (managing director).
Andera Partners – Laurent Fichter (managing partners).
Tikehau Capital – Cécile Lévi (private debt director).
BPI France – Luc Heinrich (director).

Advisers
Equity – Natixis Partners, Boris Picchiottino, Valérie Pellereau (corporate finance); Paul Hastings, Olivier Deren, Charlotte Dupont, Marc Zerah, Olivier Vermeulen, Allard de Waal, Thomas Pulcini (legal); EY, Emmanuel Picard, Paul-Alexis Bernardet (financial due diligence); Neovian Partners, Patrick Richer, Kevin Bailey (commercial due diligence); Thémis Conseils, Xavier Roguet, Charlotte Lagrange (ESG due diligence).
Vendor – Vulcain, Michael Schor, Thierry Falque-Pierrotin (corporate finance); Proskauer, Richard Bull, Jenny Bowe (legal); PwC, Hervé Demoy, Timothée Spantaconi (financial due diligence); Indefi, Julien Berger, Rémi Pességuier (strategic due diligence); Alvarez & Marsal, Yawar Murad, Antony Barnes (IT due diligence); Norton Rose, Diane Odier, Bénédicte Denis (legal).
Company – Exponens Corporate Finance, Hervé Colson, Alexis Boudet (corporate finance); Racine, Jean-Christophe Beaury, Xavier Rollet (legal).