Andera, Capital Croissance sell stakes in Snadec

Francesca Veronesi
17 September 2019

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Andera Partners and Capital Croissance have sold their stakes in France-based Snadec, a provider of decontamination and asbestos removal services, while Amundi reinvests and LFPI Gestion buys a stake for the first time.

LFPI Gestion has acquired a majority stake in the business, according to French publication Capital Finance.

Snadec was controlled by founder and president André Bénita and the management team, alongside minority backers Amundi, Capital Croissance, Andera and Siparex.

Andera was invested in the business via its Cabestan vehicle, which closed on €113m in late 2011. The fund typically deployed €1-7m in owner buyouts for French SMEs with turnover in the €10-100m range. The divestment represents the vehicle's 14th exit.

On the other hand, Capital Croissance backed the company via Cairn Capital I, a €75m fund that closed in 2015. The exit represents the sixth exit for the vehicle, the GP disclosed.

Since the 2011 MBO transaction, the business has tripled its turnover and quadrupled its EBITDA, according to a statement by Andera.

Previous funding
XAnge Private Equity has been a backer of the business since 2008, according to press reports published at the time. Andera then acquired a 23% stake in the business, Siparex joined the capital structure, and XAnge reinvested in 2011.

Capital Croissance led the management buyout of Snadec in 2016. The firm invested alongside Amundi, XAnge and Siparex (the latter two merged in 2015). Credit Mutuel Arkea and Crédit Agricole provided debt for the transaction.

Company
Founded in 1980, Snadec provides decontamination and asbestos removal services. Based in Cagnes sur mer, France, the company generated annual revenues of €60m in 2015 and has a workforce of 300 employees.

People
Snadec – André Bénita (founder, CEO).

Advisers
Equity – EY (financial due diligence); CMI (commercial due diligence); Chassany Watrelot & Associes (legal); Satec (insurance due diligence); Hogan Lovells (legal); Sekri Valentin Zerrouk (legal).
Vendor – Inspirit Partner (corporate finance); Apollo Avocats (legal).
Company – Orpa Legal (legal); Klein Avocats (legal).