Apax carves out Rayonnance from Econocom

Apax acquired a majority stake, while the company's management team, led by Arnaud Affergan, reinvested alongside the GP and retained a minority stake in the business.

Apax deployed capital from its Apax Development fund, which was launched with a target of €225m in 2017 and is close to holding a final close. The small-cap vehicle acquires majority stakes in French companies with an enterprise value of up to €100m in the consumer, healthcare, services and TMT sectors. 

Previous funding
EPF Partners acquired a minority stake in Rayonnance in 2011 and sold it to Econocom in 2014. Apax France acquired EPF in 2017.

Company
Based in Neuilly-sur-Seine, Rayonnance specialises in mobility and traceability business applications for smartphones, tablets and industrial PDAs. The company employs 80 staff and generates revenues of €30m.

People
Apax Partners Development – Isabelle Hermetet (partner); Bérenger Mistral (director). 
Rayonnance – Arnaud Affergan (co-founder, CEO).

Advisers
Equity – Hogan Lovells (legal); Eight Advisory (financial due diligence); PwC (tax).
Company – Eurvad (corporate finance); Archers (legal).

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