Ardian takes minority stake in S&H

Ardian will secure a minority stake in the business, investing purely in equity. BNP and Caisse d'Epargne provided a senior debt package. The equity supplied by Ardian and the debt financing amount to a combined €14m.

The transaction was structured as a buyout, via a newco. S&H's enterprise value remains confidential.

Ardian invested via its growth arm. Its most recent vehicle for that strategy, Ardian Growth II, closed on €230m in 2018 and provides equity tickets in the €5-25m range.

With the GP's backing, S&H will look to boost its growth through investment and potential acquisitions.

Company
Founded in 1990, S&H advises businesses on the digitalisation of their HR and finance functions. It employs 250 consultants and is based in Paris.

People
Ardian Growth – Geoffroy de La Grandière (director); Florian Dupont (investment manager).

Advisers
Equity – Crowe HAF, Thomas Corbineau, Julien Latrubesse (corporate finance); McDermott Will & Emery, Diana Hund, Pierre-Arnoux Mayoly, Côme de Saint-Vincent (legal).
Company – Aca Nexia, Laurent Cazebonne, Olivier Duval (financial due diligence); BNR Avocats, Julien Berthezène (legal).

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• Topics
• Buyouts
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• Ardian (formerly Axa PE)
• Minority investing