Carlyle acquires stake in Envea for €186m EV

Carlyle bought 914,853 shares at a price of €110 apiece, for a total of around €100.6m.

The transaction was carried out via a special purpose vehicle (SPV) controlled by Carlyle Europe Technology Partners IV. The fund closed on €1.3bn in January 2019 and is currently 19% deployed.

The stake acquired by the SPV was held by several current and former employees, who controlled 3.8% of the company; 15 unidentified institutional investors, which held 23.9%; and the management team, led by CEO Francois Gourdon, who collectively owned 28%. 

Following the deal, the SPV intends to file a mandatory tender offer at a price of €110 per share for all of the outstanding Envea shares not held by Carlyle. 

The SPV has no intention to implement a squeeze-out upon closing of the tender offer, which is expected to end during the fourth quarter of 2020.

During the first four months of the year, Envea recorded revenue of €23.8m, down 22% compared to sales made in the same period in 2019 of €30.7m. The drop has been attributed to the Covid-19 pandemic. Management expects to reduce this revenue decrease in the second half of the year and currently targets sales of €95-100m in 2020.

Company
Founded in 1978, Envea is a designer and manufacturer of equipment and systems for air and water quality measurement and evaluation. It is based in Poissy and employs more than 700 people. Since its foundation, it has acquired a number of companies including Mercury Instruments in 2018, SWR engineering Messtechnik and TDL Sensors in 2016.

The company was listed on the Euronext Paris in January 2006.

It reported revenue of €100.4m and an operating profit of €14.7m in 2019.

Advisers
Equity – DLA Piper France (legal); Rothschild & Co (corporate finance).
Company – EC (M&A); King & Spalding (legal).

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