Argos seals Sage subsidiaries deal

Argos will back the MBOs of C&I, ATL and Activité Automobile in France and Aytos in Spain. Argos entered exclusive negotiations with Sage Group in February and, at the time, the transaction was expected to be done through a single newco.

The deal is worth a total consideration of €33.2m, with €27.2m payable in cash on completion.

The four former subsidiaries will now operate independently. Argos aims to support the companies' growth both organically and through acquisitions. The deal was not leveraged.

Company
C&I develops software intended for social housing organisations, local authorities and real estate developers. The company will be renamed Salvia Développement.

Activité Automobile specialises in software for automobile dealers and repairers, as well as distribution networks. The business will become I'Car Systems.

ATL will be renamed Akanea and focuses on the food industry, transport and logistics sectors. Spain-based Aytos provides administration resource planning and electronic administration products for Spanish local authorities.

People
Karel Kroupa, Frédéric Quéru and Nicolas Trani worked on the deal for Argos Soditic.

Advisers
Equity – Ernst & Young, Pierre Jouanne, Gino Poggiali (Financial due diligence); Marvell, Rémy Blain, Fabrice Bouquier, Monyvan Chan (Legal); Arsène Taxand, Franck Chaminade, Emilie Foy (Tax).
Vendors – KPMG, Marc Wyatt, Guillaume Cauchoix, Nicolas Pirot (M&A); Allen & Overy, Alexandre Ancel, Frédérique Dugué, Sandra Clapaud (Legal); Actance, Loïc Touranchet, Elise Anisten (Social due diligence).
Management – McDermott Will & Emery AARPI, Bertrand Delafaye, Kamal Naffi, Estelle By, Antoine Vergnat, Emilie Renaud (Legal, tax).

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