PE-backed Oceanet merges with NBS

Enterprise value for the post-merger group, OT-NBS, was not disclosed but an unquote" source confirmed it fell within Capital Croissance's €5-50m target range.

The deal saw Oceanet, in which CM-CIC has been a minority shareholder since backing its bolt-on of Net4All in 2012, fully acquire fellow data storage specialist NBS.

The latter was sold by six of its managers alongside SME investor and minority owner Oterma Participations.

Both the executives and the firm will remain as shareholders of the new business, unquote" understands.

After the merger, OT-NBS will be controlled by the management group, while both CM-CIC and Capital Croissance will hold a joint minority stake. With an estimated €20m in revenues, the new group will employ a combined 150 professionals and provide data storage and protection services to around 1,700 clients.

Over the coming years, OT-NBS will try to boost its international presence via a build-up strategy. Growth abroad was a key driver behind the merger between both companies, which generate 10% of their current turnover in Switzerland and the UK.

Keen on bringing in a new financial backer, the managers at Oceanet mandated corporate finance outfit Acticam to set up a process and Capital Croissance was approached in July 2015. In parallel, the business set its sights on NBS as a target for a merger and entered a competitive, Clipperton-organised auction for the asset, with bids from corporate and institutional rivals.

During the talks for NBS, Capital Croissance – which had not yet become a shareholder – had four professionals of its seven-strong team assist Oceanet in winning the auction, a source familiar with the situation told unquote".

The SME investor helped the business conduct due diligence and explore its synergies with NBS; the alignment between the managers of both companies was central to Oceanet landing the deal, the same source added.

The deal saw Capital Croissance draw equity from its Cairn Capital I fund. Having closed on €75m in January 2015, the oversubscribed vehicle has backed five SMEs to date and deployed around 40% of its capital.

Debt
Banque Populaire Atlantique arranged a senior facility to support Oceanet's takeover of NBS. The package was also financed by Banque Tarneaud, Societe Generale, Caisse régionale de Crédit Agricole Mutuel Atlantique Vendée, Crédit Agricole Atlantique Vendée, BNP Paribas and CIC Ouest. BPI France provided an additional debt facility.

Company
Founded in 1996, Oceanet specialises in data storage, management and protection. Headquartered in Saint-Herblain, near Nantes, the business manages data for corporates via nine dedicated centres across France.

Paris-headquartered NBS provides the same services but targets e-commerce websites including Magento and Hybris. Since its creation in 1999, the company has grown to operate two data centres and recently launched high-security cloud platform CerberHost.

Branded as OT-NBS, the post-merger group represents a combined €20m in turnover and a 150-strong workforce.

People
Capital Croissance – Fabrice Fleury (partner); Edouard Nuttin (project manager); Eric Neuplanche (founder, CEO); Cédric Boxberger (associate director).
CM-CIC Investissement – Thierry Aubert, Stéphane Mentzer (investment directors).
OT – Pierre Voillet (founder, CEO).
NBS System – Arnaud Becquart, Philippe Humeau (co-founders).

Advisers
Equity – Cornet Vincent Segurel, Bertrand Coste (Legal); Agilys, Pierre Jouglard, Karine Violeau (Legal); Eight Advisory, Bertrand Perette, Frédéric Claquin (Financial due diligence).
Company – Acticam, Isabelle Mathis (M&A); LB Avocats, Youna Le Bour Feillard, Isabelle Coguic (Legal); Parthema, Sandrine Le Cocq (Legal); InExtenso, Eric Gambino, Florent Cadic (Financial due diligence); Euclyd, Claire Gourlier (Commercial due diligence); Clipperton Finance, Thibault Revel, Augustin Blanchard, Laurent Babut (M&A); Jones Day, Charles Gavoty, Jean-Gabriel Griboul, Florent Le Prado (Legal).

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• Topics
• Buyouts
• Exits
• Support services
• France
• France
• Credit Mutuel Equity (ex CM-CIC Investissement)
• Capital Croissance
• Secondary buyout