Astorg to buy Metrologic from Carlyle

The SBO, understood to be valued between €200-250m, is expected to reach completion next week, according to market sources.

Metrologic founder Philippe Cimadomo and the company's management are to reinvest "significantly" as part of the transaction, according to Astorg.

Metrologic intends to use the fresh funds to reinforce its presence worldwide, with an emphasis on the inline/robot 3D measurements sector. The company's CEO, Bertrand Gili, and the management team will remain under Astorg's ownership.

The Paris-based buyout house will fund the deal via Astorg V, which reached its €1.05bn hard-cap in April 2011.

Astorg V is expected to carry out between 8-12 buyout investments in French companies with an enterprise value between €200-300m.

In October 2011, the fund was used for the acquisition of French circuits manufacturer Microconnections, later rebranded as Linxens. Aside from Metrologic, recent Astorg buyouts include medical equipment developer Sebia and calcium aluminate producer Kerneos, both in 2014.

That year also saw Astorg seal its first Italian deal as it acquired a majority stake in belts and pulleys manufacturer Megadyne.

Previous funding
Metrologic Group was acquired by Carlyle in March 2011. Investing via the €530m Carlyle Europe Technology Partners II fund, the firm secured a 61.77% stake in the company. Metrologic CEO and founder Philippe Cimadomo and management retained a minority shareholding in the business, according to unquote" data.

Company
Founded in 1980, Metrologic Group is a software developer specialising in 3D inspection systems. Headquartered in Meylan, France, it has additional offices in Germany, Italy, Spain, Sweden, the US, Brazil and China.

With a workforce of 160 worldwide, it is estimated the business generates around €32m in turnover.

People
Astorg Partners was represented by associate directors Stéphane Epin and Mathilde Desanges, managing director Thierry Timsit and associate Benjamin Dierickx.

Meanwhile, CETP managing director Vladimir Lasocki led the deal for the London firm. Bertrand Gili is CEO of Metrologic Group and Philippe Cimadomo is the founder of the company.

Advisers
Equity – Bryan Garnier, Olivier Beaudouin, Vincent Gasne (M&A); Bain & Cie, Jérôme Brunet, Matthieu Vigneron (Commercial due diligence); Accuracy, Arnaud Lambert, Anthony Theu (Financial due diligence).
Vendor – Arma Partners, Paul-Noel Guely, Jan Helle (M&A); ADL, Vincent Bamberger, Raphael Didier (Commercial due diligence); Deloitte, Cyril Stivala, Frederique Chenevoy (Financial due diligence); DLA Piper, Xavier Norlain, Bertrand Levy (Legal).
Management – Hoche, Laurent Bensaid, Jean-Luc Blein, Didier Barsus (Legal).

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• Topics
• France
• Buyouts
• Technology
• Exits
• France
• Astorg Partners
• Secondary buyout
• Carlyle Group