Ardian acquires NetCo from IK

IK's exit comes two years after it acquired a majority stake in the company via its IK Small Cap II Fund. 

Crédit Agricole CIB provided debt for the acquisition, which will help NetCo expand its business and achieve further growth. The company has carried out more than 20 bolt-ons since 2015, including the acquisition of stakes in ABM Tecna in Belgium in 2017. 

The completion of the transaction is subject to regulatory approval.

Previous funding
Andera Partners provided growth capital to NetCo in 2016 via Winch Capital 3. Unquote reported at the time that the investment comprised an acquisition of company shares, and a capital increase – a mix of cash-in and cash-out.

The transaction saw the founding Perriez family (NetCo's managers, Samuel and James Perriez) retaining a controlling share in the group.

In 2019, IK acquired a majority stake in NetCo, investing alongside Andera Partners and the firm's management team. Ardian provided a senior facility to support the transaction.

Company
Founded in Bordeaux in 1902, NetCo is a provider of general maintenance and servicing for conveyor systems across a wide range of production sectors – particularly food processing, logistics, minerals and agri-food.

The company has a network of 100 service points across France, Spain, Belgium, Germany and Luxembourg, and has 950 employees.

People
NetCo – Samuel Perriez; James Perriez
Ardian – Alexis Lavaillote (managing director).
IK Investment Partners – Pierre Gallix, Arnaud Bosc (partners).
Andera – François-Xavier Mauro (partner); Arthur Milliard (investment director).

Advisers
Vendor – Volt Associés (legal).
Company – Les Chemins Du Droit (legal). 

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• Topics
• France
• Industrials
• Buyouts
• Ardian (formerly Axa PE)
• IK Investment Partners
• Andera Partners
• Secondary buyout