Perwyn backs Hea Expertise; IDI reaps 35% IRR

Apera Management provided a unitranche facility of around €25m to support the acquisition. The management team, led by founder and president Jonathan Lellouche, will remain the majority shareholder.

IDI made a net IRR of around 35% on the investment in Hea, the GP said in a statement.

This is the second deal inked by Perwyn in France, following its investment in Isla Délice, also acquired from IDI in July 2018.

Perwyn invests in established, cash-generative mid-market companies headquartered in the UK and western Europe, with enterprise values of £50-200m. It targets growth initiatives, buyouts, the transitioning of owner-managed businesses and corporate spin-outs.

IDI acquired a 40% stake in Hea in February 2017. Under IDI's ownership, Hea further developed and expanded its service offering, boosted its organic growth, tripled its revenues and opened two additional offices in Lyon and Lille.

Company
Founded in 2012, Hea provides administrative, legal and financial services to SMEs and micro-businesses in France. The company is based in Perret and employs 250 staff. It generated revenues of €8m in 2018.

People
IDI – Marco de Alfaro (partner); Augustin Harrel-Courtes (investment director).
Perwyn – Heinz Holsten (partner).
Hea Expertise – Jonathan Lellouche (founder, president).

Advisers
Equity – Alantra (corporate finance); Eight Advisory (financial due diligence); Desfilis (legal); Eversheds Sutherland (legal).
Company – UBS (corporate finance); Alvarez & Marsal (financial due diligence); Valther (legal); Hogan Lovells (legal).

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