DiliTrust backed by Eurazeo, Cathay, Sagard Newgen in EUR 130m deal

The consortium is investing more than EUR 130m, of which Eurazeo is contributing with EUR 52 million. The deal sees Calcium Capital exit DiliTrust, in which it had been a financial investor since 2017, according to a press release.

Last year DiliTrust, which is already present in France, Italy, and Canada, expanded its operations in Latin America following the acquisition of Gobertia, while also strengthening its presence in Spain. The company will continue expanding by gaining new clients in France and internationally and will implement a buy-and-build strategy with the support of the new investors.

Eurazeo invested through Eurazeo PME IV, which invests in mid-market businesses based in France. The fund has secured more than EUR 900m so far, including EUR 400m from Eurazeo's balance sheet, and continues to raise funds in 2022 with a target of around EUR 1bn.

Cathay invested through its Cathay Midcap II Fund which closed in May 2020 on EUR 800m. The vehicle invests in mid-cap companies with the potential to grow internationally in Europe (predominantly Germany and France), China and to a smaller extent in North America. It targets businesses operating in healthcare, consumer goods, business services and high-end industries, deploying equity tickets in the range of EUR 30m-EUR 100m, according to Unquote Data.

Sagard NewGen Fund I was launched by Sagard in July 2020. It held a first close in September 2020 on EUR 150m. The vehicle seeks to acquire majority and minority stakes in European companies operating in the healthcare and technology sectors, generating EBITDA of EUR 2m-EUR 15m and revenues of up to EUR 150m. The fund provides equity tickets in the range of EUR 10m-EUR 50m and intends to use a leverage of 3x EBITDA on average. It targets businesses based in Europe, focusing on western Europe, southern Europe, and the Nordic region, according to Unquote Data.

Company
DiliTrust was founded in 1995 and is headquartered in Paris. The company employs around 160 staff globally. The company provides a range of services relating to corporate governance and facilitating secure sharing of sensitive and confidential data for legal and governance departments. The company operates in around 50 countries and has 2,000 clients including, BNP Paribas and the Royal Bank of Canada. According to a press release, the company posted a turnover of nearly EUR 20m, half of which was generated internationally, and an increase of around 30% per year in recent years.

People
DiliTrust - Yves Garagnon (CEO).
Cathay Capital - Jérémie Falzone (partner).
Calcium Capital - Cédric Duchamp (partner).

Advisers
Equity - Bryan Garnier & Co (corporate finance); Natixis Partners (corporate finance); Hogan Lovells (legal); McDermott Will & Emery (legal); Eight Advisory (financial due diligence); Alvarez & Marsal (financial due diligence); Roland Berger (strategic due diligence); Kearney (strategic due diligence).
Vendor - FTPA (legal); Viguié Schmidt et Associés (legal); PwC (financial due diligence).

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• Topics
• Buyouts
• France
• Support services
• Eurazeo
• Cathay Capital
• Sagard Private Equity
• France
• Secondary buyout