Five Arrows to take Harvest private

In December 2018, Five Arrows and Harvest founders Brice Pineau and Jean-Michel Dupiot entered into exclusive talks with Harvest to buy a 58.3% stake in the company, amounting to 819,724 shares priced at €85 apiece.

The acquisition was completed in February 2019, with Five Arrows acquiring 61.04% of the share capital and 70.46% of the voting rights, bringing its total share capital in the company to 66.23%. The shares acquired were valued at €120.9m. The bidco planned to implement a squeeze-out at the end of the public offer if threshold conditions were met.

In May 2019, Five Arrows announced that its offer had been successful, with 190,134 shares tendered. Five Arrows owned an 84.65% stake in the company following the acquisition, which valued Harvest at €111.93m.

Previous funding
In June 2005, XAnge Private Equity backed Harvest with €1.1m in pre-IPO funding for a 6.3% equity stake in the company. The company was listed on Paris Euronext in the same month.

Company
Harvest provides time planning and tracking software for companies in the tax, real estate and financial services sectors.

Founded in 1989 and based in Paris, the company employs 234 people. According to its website, its 2019 turnover was €31.9m, compared with €28.4m in 2018. Its 2018 EBITDA was €4.6m with an EBIT of 4.1m. Its 2019 operating profit was €3.9m.

People
Harvest – Brice Pineau, Jean-Michel Dupiot (founders, co-chairmen).

Advisers
Equity – Alantra (corporate finance); Gide Loyrette Nouel (legal).
Company – BM&A (corporate finance); EuroLand Corporate (corporate finance); Lazard (corporate finance); Mayer Brown (legal).