Omnes-backed Exclusive Networks bolts on Secureway

The bolt-on follows swiftly on the heels of Exclusive Networks' refinancing in September, in which Intermediate Capital Group (ICG) provided the company with a €60m senior debt package for acquisition finance.

Alongside ICG's loan facility, Exclusive Networks' existing shareholders contributed €12m in equity to the company, including €6.7m from Omnes.

Exclusive Networks has acquired Secureway to give it entry into the Middle Eastern market and to expand its supplier network.

Exclusive Networks' current acquisitive strategy is to make three bolt-ons per year to reach an eventual €1bn turnover by 2017. The acquisition of Secureway increases Exclusive Networks' annual turnover target for 2013 to €400m.

Exclusive Networks raised its first round of funding worth €2.5m in June 2007, according to unquote" data. Edmond de Rothschild Investment Partners (EdRip) acquired a 33% stake in the business.

In August 2010, Omnes (then Crédit Agricole Private Equity) acquired a 69% stake in Exclusive Networks via its CACI 3 fund. EdRip and Socadif also invested in the company.

The following June, the three GPs contributed further funding to part-finance Exclusive Networks' acquisition of VADition, a UK-based IT security solutions provider.

In February this year, Omnes was reported to have committed between €50-60m in funding to Exclusive Networks for future acquisitions.

Company
Secureway is a distributor for the IT security and mobile sectors with clients in 10 countries across the Gulf region. The company provides end-to-end IT security solutions to Middle Eastern resellers.

The company is headquartered in Dubai with an additional office in Saudi Arabia. Secureway recorded turnover of $60m in 2012, as well as an EBITDA of $6m, and expects to generate €50m in turnover for 2013.

The company was founded in 2005 and currently employs 56 staff.

People
Olivier Breittmayer is the CEO of Exclusive Networks, while Fari Boustantchi is the CEO of Secureway. Omnes partner Philippe Zurawski and investment manager Mikaël Schaller assisted on the transaction.

Advisers
Equity – PwC, Didier Sidois, Nicolas Veillepeau (Financial due diligence, tax); SJ Berwin Dubai, Hamish Walton, Sandeep Dhama (Legal); SJ Berwin France, Jérôme Jouhanneaud, Isabelle Meyrier, Imen Moustafid (Legal).
Vendor – Pinot de Villechenon & Associés, Gilles Roux (Legal).

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• Omnes Capital
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• Socadif