Andera acquires two services companies from Salini

Eliza Punshi
11 September 2020

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French private equity firm Andera Partners has acquired social housing renovation company SMRD-Bat92 and office-building maintenance specialist SE2M Services from construction company Salini.

The companies' management teams, led by Stephane Curaudeau, will also participate in the transaction.

The deal is moderately leveraged, with debt provided by a pool of lenders led by Caisse d'Epargne Ile-de-France and CIC Est as co-arrangers.

The deal is the GP's 13th platform investment from its Cabestan Capital II fund, which held a final close in September 2016 on its hard-cap of €165m. The vehicle acquires both minority and majority stakes in companies with a turnover of €10-100m and was 67% deployed at the end of last year.

The target companies have a combined revenue of €40m and employ 200 staff.

Company
Founded in 1978 and based in Paris, SMRD-Bat92 specialises in the renovation of social housing. The company's services include painting, floor coverings, masonry, electricity, plumbing and carpentry.

Based in Paris, SE2M Services specialises in multi-technical maintenance of commercial property. The company provides services in three main areas – heating, cooling and electricity – and also offers other maintenance and facility management services.

People
SMRD-Bat92 – Stéphane Curaudeau (chairman).
Andera Partners – David Robin (partner).

Advisers
Equity – Advance Capital (financial due diligence); Indefi (strategic due diligence); McDermott Will & Emery (legal).
Vendor – Invest Corporate Finance (M&A); Alerion (legal).