Argos Wityu exits Olinn

The deal values Olinn at more than EUR 100m, Les Echos reported in September 2021.

Argos Wityu formed Olinn via the merger of four France-based vehicle and equipment leasing companies: AGL Services, Les Artisans du Mobile, Nodixia and Factum Group. The GP acquired a majority stake in Factum Group from Naxicap Partners, Swen Capital Partners and Euro Capital in June 2018. Factum Group, which was founded in 1995, posted revenues of EUR 150m at the time.

At the time, the GP was deploying equity via Euroknights VII, which held a final close in November 2017 on EUR 520m. The fund invests EUR 10m-100m per deal, backing small-cap and mid-market European companies. The vehicle was fully deployed as of December 2020, according to Unquote Data. Its exits include the sale of aircraft maintenance, repair and overhaul (MRO) business Revima to Ardian in 2019.

During the investment period, Olinn also acquired Rentys in January 2021, followed by Bon Plan Micro (BPM) in September. Argos said in a statement that additional growth initiatives include strengthening Olinn's sales and marketing teams, designing a new brand and improving the company at an organisational level via the implementation of a new enterprise resource planning system. Its ESG development included an emphasis on sustsainable and responsible equipment management via the reclaiming, reconditioning and recycling of products, the GP said in a statement.

Company
Founded in 2018 via the merger of four companies, Olinn provides a range of equipment for lease by SMEs and public authorities. Its AGL Services division provides long-term vehicle fleet leasing; Les Artisans du Mobile provides mobile vehicle fleets; Nodixia provides IT equipment; and Factum Group provides technical equipment rental. The company manages around 180,000 smartphones, 3,000 fleet vehicles and 250,000 pieces of refurbished IT equipment.

Olinn has 200 staff and posts revenues of around EUR 175m. The company is headquartered in Puteaux and operates in France, Switzerland, Belgium, Luxembourg, Germany, Italy and Spain.

People
Argos Wityu – Karel Kroupa (managing partner); Thomas Ribéreau (director); Vincent Yacoub (associate).
Olinn – Arnaud Deymier (CEO).
Crédit Agricole Leasing & Factoring – Hervé Varillon (CEO).

Advisers
Vendor – EY, Edouard Saintoin, Guillaume Lestang, Maxime Berlivet (financial due diligence); Arsene, Charles Dalarun, Claire Guillou (tax); August Debouzy, Julien Aucomte, Renaud Christol, Laure Bonin, Maxime Legourd, Sophie Faulcon, Driss Tlemcani (legal); Clearwater International, Thomas Gaucher, Laurent Camilli, Aubert Simonnot, Sophie Lerond, Louis-Wallerand Gayon, Adrien Tordeur (M&A); Roland Berger, Jean-Michel Cagin, Christian Heinis, Tristan Dhalluin (commercial due diligence).

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