Andera buys 99 Group in SBO

The transaction sees the previous owner, private equity firm Développement & Partenariat Finance (D&P) exit the investment.

Andera has invested alongside management, which has retained a minority stake and is led by Hugues Morel-Lab.

The GP invested via its Cabestan Capital 2 fund, closed on €165m in 2016. The vehicle typically acquires minority and majority stakes in companies with turnover of €10-100m and commits equity tickets of €4-10m in first investment rounds, which could go up to €16m in subsequent rounds. 

Mezzanine debt was provided for the transaction by French GP Capza, which has acquired a minority stake.

Previous funding
D&P acquired two businesses, 11 Management and 99 Advisory, in a buy-in management buyout in 2016. The GP combined the two companies, creating 99 Group. The new entity generated a turnover of around €20m.

D&P invested €3.5m for a majority stake and financed the deal via its €50m Fund V, which held a final close in 2010. 

Company
Founded in 2016, 99 Group operates 99 Advisory, a strategic and regulatory consultancy; 11 Management, a specialist in IT systems optimisation and business projects management; and Azzana Consulting, a cash management and payment solutions specialist. The company serves clients including banks, insurance companies and asset managers.

Based in Neuilly-sur-Seine, the group has offices London, Luxembourg, Brussels and Singapore. 99 Group employs 300 people.

People
99 Group – Hugues Morel-Lab (president).
Andera Partners – David Robin (partner).
Capza – Bruno Bonnin (managing director).

Advisers
Equity – Advance Capital (corporate finance); Roland Berger (commercial due diligence); Oaklins (corporate finance); Hogan Lovells (legal); McDermott Will & Emery (legal).
Management – Gaftarnik Le Douarin & Associes (legal); Lamy Lexel (legal).
Vendor – Dillenschneider Favaro Associes (legal); Toison & Associes (legal); Invest Corporate Finance (corporate finance).

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