Tikehau et al. sell majority stake in GreenYellow to Ardian

The deal is subject to competition and employee approval, and is expected to complete in Q4 2022.

Tikehau, Groupe Casino and Bpifrance are to reinvest a portion of their proceeds from the sale in the company for a minority stake. GreenYellow’s management team and all employees are also to participate in the capital of the company.

Groupe Casino issued a press release in May 2022 in response to market speculation about a potential sale of GreenYellow, confirming that it had launched a process to sell the company and was expecting a potential transaction by the end of 2022. French publication L’Agefi reported that HSBC and Credit Agricole were advising on the sale.

Unquote's sister publication Mergermarket reported earlier in July that Groupe Casino was set to take final offers for GreenYellow on 20 July. Macquarie Asset Management and Ardian Infrastructure were preparing offers for the business, sources told Mergermarket. Unquote sister publication Inframation previously reported that the company posted EUR 80m of EBITDA in 2021, a 30% increase versus the previous year.

In 2018, Tikehau and Bpifrance invested EUR 150m in GreenYellow, taking a 24% stake in the company with the aim of supporting its international expansion.

Tikehau invested in GreenYellow via its energy-focused private equity strategy, which was launched in the form of the GP’s T2 Energy Transition Fund in 2018. The vehicle held a final close in February 2021 on EUR 1.1bn, surpassing its EUR 1bn target. It typically deploys equity tickets of EUR 25m-EUR 75m, focusing on companies with revenues of EUR 30m-EUR 500m and an EBITDA of EUR 10m-EUR 50m.

Since 2018, Tikehau has invested EUR 900m across 10 European SMEs and ETIs in the energy sector, according to a statement.

Company
Groupe Casino formed GreenYellpw in 2007. The company provides companies with access to low-cost green energy and helps companies optimize their energy consumption. It operates in more than 16 countries on four continents.

People
GreenYellow – Otmane Hajji (president); Philippe Houins (chief officer in charge of operations).
Ardian – Mathias Burghardt (member of the Ardian executive committee, head of Ardian Infrastructure).
Tikehau Capital – Emmanuel Laillier (head of private equity).
Bpifrance – Charles-Henri Boyer (head of participations).

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• Topics
• Exits
• France
• Infrastructure
• France
• Partial sale
• Tikehau Capital
• BPI France
• Ardian (formerly Axa PE)