Abénex backs Squad MBO, Apax exits

French GP Abénex secured a stake alongside founders Eric Guillerm and Marc Brua, as well as 15 of the group's executives.

The GP is currently investing via its flagship fund Abénex V, which launched with a target of €350m in 2014 and closed on €425m in 2017. It usually invests €10-60m in French companies with enterprise values of €15-300m. Abénex also manages the growth capital vehicle Abénex Croissance Fund, which closed on its hard-cap of €150m in May last year.

The deal was arranged to allow for a reorganisation of the capital structure. In October 2017, Apax Partners Development (formerly EPF Partners) invested around €10m in the cybersecurity business; it has now exited the company.

Abénex also stated that the deal would provide Squad with financial resources to support organic growth and targeted acquisitions.

Company
Established in 2011, Paris-based Squad offers cloud-based digital and cybersecurity services to French businesses. It employs more than 500 staff and operates out of seven branches in France and one in Australia.

People
Abénex – Olivier Moatti (managing partner).
Squad – Marc Brua, Eric Guillerm (founders).
Apax Partners Development   Isabelle Hermetet (partner). 

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• Topics
• Buyouts
• Exits
• France
• Technology
• Secondary buyout
• Cybersecurity
• Apax France SA