B & Capital backs Steliau Technology SBO

B & Capital, a private equity firm set up in 2016 and sponsored by consultancy Roland Berger, used its maiden fund B and Capital I for the transaction. Having held a first close on €90m in Q1 2019, the vehicle is expected to hold a final close in October and surpass its €200m target, Unquote understands.

The deal sees Steliau valued in the €50-75m range, Unquote has learned.

French publication Capital Finance has reported that the new owner acquired a majority stake, while the management team has retained a minority stake.

The SBO transaction was supported by a unitranche package provided by Idinvest, Unquote understands. The financing will be helpful in supporting the buy-and-build strategy, as well as the company's international expansion plans.

Previous funding
Siparex first backed Steliau (then known as Silfox) in 2013, investing from its regional arm Siparex Proximité Innovation in order to support the transition of ownership from its founder, Alain Moucheront, to the management team.

The GP sold its stake in Steliau to Isatis Capital three years later, but reinvested in the business and provided mezzanine financing via its dedicated unit Siparex Intermezzo.

Company
Founded in 1992, and headquartered in Moissy Cramayel, Steliau distributes electronic components and materials, including touch screens, routers, fans, boards and cables.

Steliau expects a turnover of €42m and to post €6m in EBITDA in 2019, a source familiar with the situation confirmed to Unquote.

People
B & Capital – Bertrand Tissot (partner).

Advisers
Equity – Oderis Consulting (corporate finance); AMR International (commercial due diligence); Lexton Avocats (legal); Paul Hastings (legal); NG Finance (corporate finance).
Vendor – DDA & Company (corporate finance); Apollo Avocats (legal); Grant Thornton (corporate finance).

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