Andera carves out Siemens' Merlin Gerin business

Francesca Veronesi
23 July 2019

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French private equity firm Andera Partners has invested in Grenoble-based Merlin Gerin, a high voltage equipment maintenance business, from Germany-based diversified group Siemens.

Andera used its Winch Capital 4 fund for the transaction. The vehicle closed on €445m in 2018 and typically provides equity tickets of €12-50m for its portfolio companies, taking both majority and minority stakes.

The transaction also sees managers Loic Zangara and Benoit de Turckheim acquire stakes in the business, according to the French publication Capital Finance.

Andera will help the business to complete build-up acquisitions to expand its domestic foothold and extend its services range.

The high-voltage equipment producer was taken over by Siemens in 2005.

Company
Merlin Gerin was founded in 1920 and is based in Grenoble. It is a high-voltage equipment producer serving energy producers, electricity transmission operators, and industrial and infrastructure groups. It operates in 50 countries and generates revenues of around €40m, according to the French publication Capital Finance.

People
Andera – Antoine Le Bourgeois, Sylvain Charignon (managing partners), Vincent Bazzocchi (directeur de participations), Aurélie Denieuil (chargée d'affaire).
Merlin Gerin – Loic Zangara, Benoit de Turckheim (managers).

Advisers
Andera Partners – Houlihan Lokey Howard & Zukin (legal); Volt Associes (legal); Eight Advisory (financial due diligence); LEK Consulting (commercial due diligence); Jeantet (legal); Cavaro Conseil (legal).
Vendor – Baker McKenzie (legal).