Azulis backs business training specialist Orsys

Alessia Argentieri
03 February 2021

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Private equity firm Azulis Capital will acquire a controlling stake in French business and management training specialist Orsys, according to public documents published by the local competition authority.

Azulis recently held a first close for its sixth fund, Middle Market Fund 6 (MMF 6), on €200m. The fund has a final target of €250m, which it expects to hit in the coming months.

MMF 6 typically invests in majority and minority positions, deploying tickets between €10-20m in companies with enterprise values in the €20-120m range.

Previous funding
EPF Partners invested in Orsys in 2006 through its fund EPF II. In February 2011, the GP sold most of its shares to the company's founder, Denis Levy-Willard, and the management team; EPF retained a 12% stake. HSBC, BNP Paribas and Societe Generale provided debt for the transaction.

Subsequently, EPF sold its 12% sake to Levy Willard and the management in 2014.

Capza invested in Orsys in 2016 in a deal that valued the company at around €50m. The GP acquired a 37% stake, while Levy-Willard retained a 53% holding and the management team reinvested in exchange for a 10% stake. Capza provided a mezzanine facility, while BNP Paribas deployed a senior debt package.

Company
Established in 1976 and headquartered in Paris, Orsys is a provider of training and digital education, with a focus on project management, business administration and information-system management.

The company operates 27 training centres across France, Switzerland, Luxembourg and Belgium, generating annual revenues of around €60m.

People
Orsys – Denis Levy-Willard (founder).