Tikehau, BPI France back Groupe Rougnon SBO

Tikehau and BPI France have together acquired a significant minority stake in the company, Unquote understands. 

The business was sold via an auction arranged by Hottinguer Corporate Finance and saw around 10 investors bidding for the asset, Unquote has learned.

Tikehau acquired a minority stake in the business via its T2 Energy Transition Fund, which held a first close on €350m in December 2018 and has a target of €1bn. Tikehau provided an equity ticket of almost €50m, Unquote understands. The vehicle typically deploys equity tickets of €25-75m for companies that generate €30-500m in revenues and EBITDA in the €10-50m range. 

Groupe Rougnon is the fund's second investment, following the backing of GreenYellow in Q4 last year. 

The sale is an exit for Andera's Winch Capital 3, which closed on €300m in 2014, as well as BPI France's Investissement Croissance vehicle. 

Senior debt for the transaction was provided by Banque Palatine, LCL, BNP Paribas, Societe Generale, Caisse d'Épargne and Crédit Agricole.

Previous funding
LBO Partners supported Rougnon's MBO with equity drawn from its CIC LBO Fund in 2010. The deal, understood at the time to be valued at €25-50m, saw the buyout house secure a majority stake in the business.

Under LBO Partners' ownership, the environmental engineering business undertook a series of bolt-on acquisitions as it picked up electricity companies Fouassin, Boucheron and Bédier in 2013, and collective heating business Albasini in 2014.

Andera then acquired a minority stake in Groupe Rougnon in 2015, investing alongside BPI France, the Rougnon family and the management team. At the time, it had been reported that Andera acquired a 26% stake in return for an investment of €20m.

Rougnon acquired domestic competitor Reolian in Q1 2019.

Company
Founded in 1921, Rougnon provides construction services, including heating, air conditioning, metalwork and plumbing. The business generated a €180m turnover in 2018 and employs 900 people. It is based in Vélizy-Villacoublay. 

People
Groupe Rougnon – François Rougnonm (owner); Frédéric Viet (president).
Tikehau Capital – Emmanuel Laillier (head of PE); Pierre Devillard (director); Massine Amri (investment associate); Léa Poisson (PE analyst).  
BPI France Investissement – Romain Gauvrit, Caroline Lebel (investment directors); Maxime Margier-Aubert (investment manager); Marie-Laëtitia Vassort (associate director).
Andera Partners – Laurent Tourtois (partner); Pierre-Yves Poirier (managing director); Arthur Milliard (investment director).

Advisers
Vendor – Hottinguer Corporate Finance, Louis Billot, Philippe Bonhomme, Rachid Nait Takourout, Romain Guillemin, Sébastien Brasy (M&A); Charles Russell Speechly, Thibaut Caharel, Pierre Monteil, Guillaume Ferrand, Raphael Bagdassarian, Henri-Louis (legal); Indefi, Julien Berger, Mehdi Belefqih, Adam Lassaoui (commercial due diligence); Oderis Consulting, Thomas Claverie, Nicolas Boucher, Quentin Gautier Conseils (corporate finance).
Management – Hottinguer Corporate Finance, Louis Billot, Philippe Bonhomme, Rachid Nait Takourout, Romain Guillemin, Sébastien Brasy, Bernard Le Gendre (corporate finance);
DLA Piper, Xavier Norlain, Julia Elkael, Mélanie Walusiak, Fanny Combourieu, Gwenaël Kropfinger, Maud Manon, Pierre Tardivo (legal).  
Equity – PwC Corporate Finance, Éric Favier, Salim Berkaïne, Camille Gay, Florent Keufer (M&A); Paul Hastings, Alexis Terray, Nicolas Lovas, Allard de Waal, Thomas Pulcini (legal); D'Ornano & Associés, Raphaëlle D'Ornano, Adrien D'Hauthuille, Marine Blondeau, Victoria Meddah (corporate finance, legal).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• France
• Tikehau Capital
• BPI France
• Andera Partners
• Secondary buyout