Manustra raises €8.5m from BPI France et al. for merger
French airport equipment service Manustra has raised €8.5m from backers BPI France and BNP Paribas Développement, to finance its merger with Euroman to form Groupe ADL.
A breakdown of the €8.5m investment remains confidential, but French publication Capital Finance understands it to comprise €4m in equity and €4.5m in debt.
The company resulting from the merger, soon to operate under the Groupe ADL name, will see its capital structure distributed between previous shareholders of both Menustra and Euroman.
The former had been owned by BPI France, BNP Paribas and managing director Christophe Guir since the management buy-in in 2005, while the latter was controlled by CEO Jacques Vignal. All four will be shareholders in Groupe ADL.
According to BPI France, Groupe ADL will employ 180 professionals. They will be responsible for operating more than 1,500 equipment pieces and materials across airports in France and abroad, with sites in Pointe-à-Pitre and Fort-de France in the French Antilles and Cayenne in French Guiana.
The group, currently understood to generate €25m in turnover, will use the fresh funds to adapt its business model to the expected boom in the air transport sector worldwide.
Previous funding
The merger between Manustra and Euroman takes places 10 years after the former was acquired by Avenir Entreprises and BNP Paribas Développement in July 2005. The management buy-in saw each GP secure a 23% stake, according to unquote" data. Meanwhile, Christophe Guir, who was appointed managing director at the time, obtained the remaining 54% from former CEO Alain Gillet.
Company
Founded in 1980, Taluyers-headquartered Manustra specialises in the long-term hire of forklift trucks and airport and rail buggies. Euroman was established in 1989 and is headquartered in Mitry Mory, France.
People
Jacques Solleau and Alexis Mahieu led the deal on behalf of BPI France, while BNP Paribas Développement was represented by Jean-Charles Moulin. Christophe Guir and Jean-Claude Raoul are CEO and managing director of Groupe ADL, respectively.
Advisers
Equity - Lamartine, Olivier Renault, Gary Levy (Legal); PDGB, Madia Iliopoulou (Legal); Cofigex, Frédéric Durand, Jean-Charles Norris (Financial due diligence).
More on France
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
EU FSR could impact PE fundraising with potential rise in ‘clean funds’
FSR could lead GPs to create funds without foreign LPs; red tape around sovereign wealth funds likely
Letter from the editor: Unquote is moving to Mergermarket
Unquote Editor Harriet Matthews outlines Unquote.com's upcoming move to the Mergermarket platform and the new capabilities and intelligence that this brings to Unquote readers
IK Investment-backed Eres expected to hit the auction block by 2024
French employee savings distribution and management firm could be valued at a few hundred million euros
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater