Quadran raises €45m from BPI France et al.

The stake to be held by Quadran's institutional backers remains confidential, but press reports place it at a combined 25%. 

The round was led by BPI France, which injected €25m of the total €45m, followed by Arkéa Capital Investissement's €5m equity ticket.

Investing alongside the two were Quadran's existing supporters Demeter Partners, Soridec and IRPAC Développement. The latter is UI Gestion's investment arm in the Champagne-Ardennes region, having been acquired by the GP in February.

The funds will assist Quadran as it aims to boost installed capacity from its current 400 MW to 1,000 MW. A France-focused player since inception, the renewable producer recently initiated expansion in Europe via the creation of Wroclaw-based Quadran Polska. The subsidiary is expected to generate 300 MW in photovoltaic power, with construction of the first facilities scheduled for 2017.

Previous funding
Quadran was created via the merger of renewable producers JMG Énergie and Aérowatt in 2013. The former had been founded in the Aude area in 2001, while the latter traced its roots back to 1966.

Prior to joining forces, both companies had been backed by private equity houses, most of which invested in this latest €45m round. In August 2006, Demeter Partners led a €4m series-B for Aérowatt alongside Crédit Agricole's environment fund Capénergie, CM-CIC Capital Privé and Viveris Management – the consortium secured a combined 85% stake in the business.

Two years later, Demeter was again the leader of a round for JMB Énergie together with IRPAC and Soridec – put together, the investors came to control a 17% shareholding, according to unquote" data. 

A merger scenario began to be considered by the managers of both companies in 2010. The first move was made by JMB Énergie, which acquired 60% of Aérowatt in September 2012.

Company
Founded in 2013, Quadran constructs and maintains renewable facilities including wind, solar, hydropower and biogas – together, its facilities represent 400 MW in installed capacity.

With headquarters in Villeneuve-les-Béziers, the business operates a total of 15 agencies in continental France and overseas territories like the Réunion island and Mauritius. Employing a workforce of 185 people, the company generated €75m in revenues and a €51m EBITDA in 2014.

People
BPI France's work on the deal was coordinated by José Gonzalo, director at the firm's mid- & large-cap investment arm; investment director Anne-Sophie Herelle; investment manager Clément Combal; analyst Stéphane Boivert; and legal director Sophie Paquin. Cyril Miller is a director at Arkéa Capital Investissement, while Jean-Marc Bouchet is the CEO of Quadran.

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• Topics
• France
• Expansion
• Industrials
• France
• BPI France
• Demeter Partners