PE-backed MBO for MB Electronique

The two investors contributed €1.3m in equity and convertible bonds to secure a 20% stake in the business. Half of MB Electronique's staff and president Pierre Roux will hold the remaining 80% of the shares.

Avenir invested via the Avenir Entreprises Développement fund, a €140m vehicle launched in 2008. It sourced the deal via Oseo, the French state-backed financing institution.

The company now expects to grow at a 10% rate, with a forecast turnover of €28m for 2011.

Debt
CIC provided a senior debt package to finance the MBO, accounting for slightly less than the equity and convertible bond elements.

Company
Established in 1972, MB Electronique distributes measuring equipment and electronic devices to various indutries, including the aerospace, semiconductors and telecoms sectors. It also provides services related to this equipment.

The Buc-based business employs 70 staff and posted a €25m turnover for 2010. Its EBITDA stood at around €1m last year.

People
Denis Vilarinho and Charles Goedraad led the deal for Avenir. CM-CIC was represented by Franck Thouroude.

Advisers
Equity – Cabinet Pinot de Villechenon, Isabelle Burel-Blasoni, Morgan Hunault-Berret (Legal); Cabinet A&D, François Laporte (Financial due diligence).
Management – Cabinet Ginestié Magellan Paley-Vincent, Sidonie Hill (Legal).

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• Topics
• France
• Buyouts
• Industrials
• France
• Avenir Entreprises