EdRIP and Iris back ProwebCE take-private

The ProwebClub newco bought 94.5% of Alternext-listed ProwebCE shares at €18 per share, valuing the transaction at €19m and the whole business at €35.7m.

Crédit Agricole Ile-de-France and Caisse d'Epargne Ile-de-France provided debt facilities to finance the transaction.

Company
Founded in 2000, ProwebCE offers communication and management services targeting the entertainment and cultural activities of works councils. Its client base includes 7,000 works councils throughout France, which in turn serve more than five million employees.

The company posted a €43.2m turnover in 2011 – up 24% on the previous year – and a €1.3m EBITDA.

People
André Renaison and Mayeul Caron led the deal for EdRIP. Erik de la Rivière represented Iris. Patrice Thiry is the CEO and founder of ProwebCE.

Advisers
Company – Mooreland Partners, Stephen Schweich (Corporate finance); Aurel BGC Corporate Finance, Nicolas Martin (M&A); PDGB, Christophe Vannoote, Charlotte Riberprey-Jacob (Legal).

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• Andera Partners
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