Axa PE sells Aixam Mega to Polaris Industries

Axa PE sold Aixam Mega to Polaris after seven years of holding. The sale also attracted interest from other trade buyers.

Previous funding
Axa PE bought Aixam Mega from Pechel Industries Partenaires and Financière Dentressangle in February 2006. The firm gained a majority shareholding in the business alongside Financière Norbert Dentressangle, which gained a share of around 20%, and the company's management, which acquired the rest. Rothschild ran the auction process, which attracted several private equity buyers.

Under Axa PE's ownership the company broadened its product portfolio, especially with the launch of electric vehicles on both B2B and B2C markets. Aixam Mega achieved sales of approximately €90m in 2012.

Company
Aixam Mega produces on-road motorised quadricycles and light-duty commercial vehicles. The company was founded in 1983 and is based in Aix-les-Bains, with two further sites across France.

The company's passenger vehicles are sold under the Aixam brand and its light-duty commercial vehicles are commercialised under the Mega brand. Aixam Mega's distribution network comprises around 400 partners throughout Europe.

People
Mathieu Antonini is managing director of Mid-Market Enterprise Capital at Axa PE. Yann Bak also worked on the deal for Axa PE.

Advisers
Vendor – Easton Corporate Finance, Philippe Croppi, Romain Massiah (M&A); BDA, Andrew Huntley, Shan Yue (M&A); SJ Berwin, Maxence Bloch, William Robert (Legal); PwC, Hervé Mader, Steven Perrin (Financial due diligence).
Acquirer – BNP Paribas, Sylvina Mayer, Laurene Gauthier, Bruno Attali (Corporate finance); Latham & Watkins, Thomas Forschbach, Alexander Benedetti (Legal).

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• Topics
• Exits
• France
• Industrials
• Trade sale
• France
• Axa Private Equity