Parquest, BPI France back JVS in OBO; Apax exits

Apax Partners, UI Gestion and the company's founders exited the investment, while BPI France reduced its stake but reinvested in the business.

Following the deal, Parquest will own a stake of around 30% and BPI France will control a stake of approximately 10%, while the management team, led by CEO Nebojsa Jankovic, will own the remainder.

Additional credit to finance the transaction was provided by a pool of banks led by Crédit Agricole Nord Est.

With the support of Parquest and BPI France, the company intends to further boost its growth both organically and via new acquisitions, and expand its service offering.

Parquest specialises in investments across the French mid-market. The firm span out from ING in 2014 and closed its second buyout fund, Parquest Capital II, on €310m in 2017. Following this last deal, the fund will be 60% deployed, the GP told Unquote.

Under Apax ownership, JVS developed new products and expanded its citizen relationship management offering. In addition, Apax backed the company in five acquisitions (Better Company, Start ABI, Sistec, Be Attractive and a target in exclusive negotiations).

By implementing this external growth strategy, JVS expanded its presence in western France and added new segments to its offering, such as field service management, childcare services and customer relationship management to address needs of local authorities for digital services.

Previous funding
Naxicap Partners, Societe Generale Capital Partenaires and Euro Capital invested in JVS in September 2012. They sold their stakes in the company to EPF Partners (subsequently acquired by Apax) and BPI France in June 2016.

EPF was the lead investor in the transaction and bought a majority stake, while BPI acquired a minority. Senior debt for the transaction was provided by Crédit du Nord.

Company
Founded in 1983 and headquartered in Chalons-en-Champagne, JVS provides software and IT services to local authorities and city councils for the management of energy, water and infrastructure. The company employs 300 staff and generated revenues of €30m in 2019. ebitda 15% on the revenues

People
Parquest Capital – Pierre Decré (partner).
BPI France – Olivier Fosse (partner).
Apax Partners Development - Isabelle Hermetet (partner), Bérenger Mistral (director).

Advisers
Acquirers – Goodwin (legal); Grant Thornton (financial due diligence); MB Avocats (legal).
Vendors – Oaklins (corporate finance); GDA Avocats (legal); Oderis (financial due diligence).

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• Topics
• Buyouts
• Exits
• France
• Technology
• Parquest Capital
• BPI France
• France
• Apax France SA
• UI Gestion