Initiative & Finance acquires 40% stake in Adaming

Adaming's enterprise value was not disclosed but an unquote" source confirmed it fell within the €5-50m range Initiative & Finance typically focuses on. In Adaming's case, the actual figure lies closer to the lower end of that bracket, according to that same source.

The firm secured a stake in the 40% region, while the balance will be held by the management team, headed by the company's founder and CEO Fawzi Ouareth.

Adaming will launch a nearshoring business unit in Tunisia and initiate commercial deployment of two internally-developed software suites.

Having reportedly pushed turnover from €7m in 2014 to an expected €11m by the end of 2015, the business is looking to triple revenues over the next three years.

Initiative & Finance, which was approached by corporate finance house M Finance, drew equity from its €140m maiden vehicle. Launched in late 2010, the fund recently wrapped up its investment phase after two transactions (including Adaming) were sealed in early November.

The GP will finance upcoming deals via a recently closed €168m successor and plans to ink a maiden deal within the next 15 days, Initiative & Finance CEO Jean-Bernard Meurisse told unquote".

Debt
The OBO featured a senior debt facility provided by Neuflize OBC and Caisse d'Epargne.

Company
Founded in 2010, Adaming provides recruitment services to clients within the digital sector. Headquartered in Paris, the company operates additional offices in Lomme and Nantes and is also active in the Maghreb region. Its headcount currently sits at 140 people, with 250 consultants employed on a regular basis. The business expects to end 2015 with a €11m turnover.

People
Initiative & Finance was represented by associate director Arnaud Mendelsohn and project manager Philippe Dilasser. Fawzi Ouareth founded Adaming and is the company's current CEO.

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