Ardian sells stake in CLS to CNP

Harriet Matthews
03 February 2020

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Ardian has sold its stake in France-based satellite data business CLS to CNP (Compagnie Nationale à Portefeuille), an investment company of Groupe Frère.

Minority shareholder Ifremer, which owned a 14% stake in the company, also sold its stake.

CNP acquired a majority stake in the company via a €400m offer, according to Belgian publication De Tijd. It has reportedly acquired 66% of the shares in the business. The offer amounts to 15x predicted EBITDA of €27m.

French space exploration public institution CNES (Centre National d'Etudes Spatiales) is the company's founding institution. It now owns 34% of the shares, having owned 54% before CNP's investment.

Unquote sister publication Mergermarket reported in November 2019 that CLS had entered into exclusive talks with CNP. In October 2019, Mergermarket reported that second-round bidders for the company included GPs Charterhouse, Five Arrows and Cobepa.

Ardian declined to comment.

Previous funding
Ardian invested €30m in CLS in November 2013 to acquire a minority stake. French government agency CNES remained the largest shareholder.

During the investment period, CLS made five bolt-on acquisitions, including satellite-based data analysis business Horizon Marine and US-based consultancy company Woods Hole Group.

Company
CLS was founded in 1986 and is based in Ramonville Saint-Agne. The company provides satellite services in location, environmental data collection and ocean monitoring.

CLS reported net profits of €4.4m and revenues of €127.5m in 2018. It employs 720 staff.

People
CLS – Christophe Vassal (CEO).
Ardian – Caroline Pihan (director of Ardian Expansion).

Advisers
Equity – Edmond de Rothschild Corporate Finance (M&A).
Acquirer – Messier Maris & Associés, Jean-Marie Messier, Driss Mernissi (M&A); KPMG, Mohamed Macaigne (corporate finance); Willkie Farr & Gallagher, Eduardo Fernandez, David Lambert, Marie Aubard (legal).
Management – Callisto Finance, Vincent Ayme, Tancrede Caulliez (corporate finance); Sekri Valentin Zerrouk, Frank Sekri, Céline Raynal (legal).