Latour sells Sogetrel to Andera-led consortium

The consortium comprises Luxempart, Capza (via its Capza Expansion Fund), BNP Paribas Développement and Idia Capital Investissement (via its LCL Croissance Fund).

According to press reports, the transaction values the company at around €300m, which equates to 7.5x its €40m 2020 EBITDA. The company has been on the market since February 2020, when Latour hired DC Advisory to find a buyer.

Latour acquired Sogetrel from Quilvest Private Equity in October 2018, investing through its €300m second-generation vehicle Latour Capital II. The GP backed the company alongside BPI France, BNP Paribas Développement and Paluel Marmont Capital, in a deal that valued the company at around €110m. Following the transaction, the management team retained a stake of around 30% in the business.

Under Latour's ownership, the company grew both organically and via strategic acquisitions, including bolting on Aubelec, Infratel, Sécurité Consultants, Sur&tis and Sysca. This resulted in a substantial increase in its revenues, which grew from €400m in 2017 to €700m in 2020, and a significant expansion of its customer base.

Sogetrel is the second exit completed by Latour Capital II, following the sale of Syclef in October 2020.

Previous funding
ABN Amro Capital France and BBS Capital invested in the business in 1999.

Subsequently, Equistone became a majority shareholder in Sogetrel in February 2006 when it bought the company from ABN Amro and BBS Capital. As part of the takeover, a debt package composed of €45m in senior debt and €25m in mezzanine debt was provided to support the deal.

Quilvest, alongside BPI France and the management team, bought a majority position in Sogetrel from Equistone at the beginning of 2016. Andera Partners provided mezzanine debt for the transaction.

Company
Established in 1985 and headquartered in Issy-les-Moulineaux, Sogetrel specialises in the deployment of high-speed fibre-optic network installation and system integration services for private operators and public clients, including local authorities.

The company also provides digital services for smart cities, and IP surveillance and security technologies.

Employing 4,500 staff, the company generated revenues of €700m in 2020.

People
Sogetrel – Xavier Vignon (CEO).
Latour Capital – Philippe Leoni (founding partner).
Andera Partners – Arnaud Faure (partner).
Capza – Christophe Karvelis-Senn (CEO).

Advisers
Vendors – DC Advisory (M&A); Willkie Farr & Gallagher (legal).
Acquirers – Messier Maris (M&A); Hogan Lovells (legal); Roland Berger (financial due diligence).

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