TCR acquires GEC in MBI

Together, the two parties wholly acquired the company from outgoing president Philippe Meslage, with TCR believed to have secured a 55% stake.

TCR invested in GEC via its France Transmission 1 fund, according to French publication Capital Finance. The vehicle held its first close in February on €30m and typically targets French companies valued at less than €25m. The fund provides equity tickets of up to €6m in exchange for majority stakes, according to unquote" data.

TCR and Blot plan to grow the company by expanding its offering of services and entering new segments of the market.

Debt
A debt package was provided for the transaction by Crédit Industriel et Commercial, Caisse d'Epargne et de Prévoyance Ile-de-France and Société Générale. Debt reportedly accounted for around 50% of the acquisition price.

Company
Founded in 1992, GEC is based in Gennevilliers and currently employs around 50 staff. The company generates turnover of €17m. GEC specialises in frameworks and construction, as well as waterproof and airtight sealing of roof terraces.

People
Philippe Meslage is the founder of GEC and will remain president of the company for the next 18 months, until Blot takes over the role. TCR partner Christian Dorléac and associate director Olivier Le Gall worked on the deal for the firm.

Advisers
Equity – Weil Gotshal & Manges, Jean Beauchataud, Pierre-Alexandre Kahn, Cristina Marin (Legal); Advention Capital Partners, Alban Neveux, Apolline Noel (Commercial due diligence); ACA Nexia, Fabrice Huglin (Financial due diligence); Eurosearch & Associés, Géraud Fontanié (Management due diligence).
Company – Wagram Conseil, Olivier Larrat (Corporate finance); Advance Capital, Jean-Charles Geoffroy (Corporate finance); Arago, Lorenzo Barresi, Jean-Jacques Pujol, Claire Machureau (Legal, tax).
Vendors – Societex, Bernard Maussion, Josselin Noire (M&A); TDC Avocats, Guillaume Fouquet, Aurélie d'Hieux-Lardon (Legal).

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