3i buys Evernex from Carlyle in deal exceeding €400m

The SBO transaction sees Evernex valued at more than €400m, Unquote has learned. 3i is investing alongside the management team, headed by Stanislas Pilot.

The deal was sourced via a pre-emptive move by 3i, French publication Capital Finance has reported. The asset was meant to be sold via auction towards the end of the year, according to the publication. 3i had been following the asset for more than two years, according to a statement by the GP. 

Evernex's new owner will support the business in diversifying its servers and storage systems in data centres and increasing its customer base.

Carlyle invested in the business in 2015, acquiring a majority stake via its Europe Technology Partners III fund, which closed on €656m that same year.

3i and Carlyle declined to comment on the transaction.

Previous funding
Evernex, originally known as Cap Vert Finance, first came under private equity ownership in 2010, when Atria Capital Partenaires invested via its third fund. Three years later, Eurazeo acquired a 57% stake in the computer maintenance service, while management secured a 35% stake and founder Loïc Villers retained the remainder.

Cap Vert then undertook a buy-and-build strategy, acquiring Aditia Lease, Digital Computer Service and Phoenix Services within a year. Along with the creation of seven subsidiaries abroad, the bolt-ons drove revenues from the €60m posted in 2013 to €87m by late 2014, according to Eurazeo.

A tertiary buyout saw Carlyle acquire a majority stake in the business in Q3 2015, in a deal valued at €137m. Capza provided debt for the transaction and market sources disclosed at the time that a senior debt facility was arranged, amounting to a 47% debt-to-equity ratio. At the time, the group posted a €87m turnover. The business then rebranded to Evernex in 2017.

Company
Founded in 1983 and headquartered in Paris, Evernex offers a maintenance proposition covering data centre hardware and critical IT assets. It maintains around 200,000 IT systems in approximately 160 countries and has a global network of 34 offices. 

The company has reported around 20% growth per annum over the past six years, according to a statement from 3i. Employing 520 people, the business generated a $220m consolidated turnover in 2018.

People
Evernex – Stanislas Pilot (CEO).
3i – Rémi Carnimolla (partner, managing director); Frédéric Chiche, Guillaume Basquin (directors).

Advisers
Equity – Shibumi CF, Jean-Michel Lebouvier, François Kittel (corporate finance); Eight Advisory, Justin Welstead (financial due diligence); Bain & Co, Daphné Vattier (commercial due diligence); Neovian Patrick Richer (commercial due diligence); Marsh, Humbert d'Autichamp (insurance due diligence); Eight Advisory Avocats, Guillaume Rembry (tax); Weil Gotshal & Manges, Jean Beauchataud, James Clarke, Edouard de Lamy (legal).
Vendor – Natixis Partners, Nicolas Segretain, Benjamin Giner (corporate finance); EY, Stéphane Vignals (financial due diligence); EY Parthenon, Etienne Costes (commercial due diligence); EY Société d'Avocats, Lionel Benant (legal); DLA Piper, Xavier Norlain, Matthieu Lampel (legal).
Management – Oloryn, Eric Lesieur (corporate finance); Desfilis, Guillaume Giuliani (legal).

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• Topics
• Exits
• Buyouts
• France
• Technology
• France
• Carlyle Group
• 3i
• Secondary buyout