Siparex scores 2x on Sylpa sell-off to management

José Rojo
09 July 2015

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Siparex has scored in excess of a 2x return on the sale of its minority stake in Groupe Sylpa to the company’s management after four years as a shareholder.

The divestment is the fourth for Siparex's Entrepreneurs 1 fund, which has so far invested in around a dozen companies, according to the GP.

The management buy-back follows recent exits by Siparex, which sold a joint 40% stake in French travel website EasyVoyage alongside fellow shareholder Gimv to Webedia in June, according to unquote" data.

In January 2015, the firm had joined Idinvest in the sale of a minority stake in HR and management consultancy service Julhiet-Sterwen to CM-CIC Capital Finance and BNP Paribas Développement. The SBO was sealed as part of a merger between Juhliet – in which Idinvest Partners and Siparex held shares – and strategy consultancy Sterwen.

Previous funding
Siparex had been a shareholder in Groupe Sylpa since late 2011, when it acquired a minority stake in the business via a €1.4 investment drawn from its Siparex Entrepreneurs 1 fund.

At the time, the GP stated it would support Sylpa in its plans to grow via bolt-on acquisitions. In the following four years, the company acquired high-tension network specialist Vernet in 2011 as well as Bosser and SGEA in 2014.

According to the company's estimates, the add-on strategy has led to revenues increasing from €15m in 2011 to €25m in 2014.

Company
Founded in 2006, Groupe Sylpa is an electrical power provider. The company carries out installation works for clients in the public sector, as well as businesses inthe industrial, services and power distribution markets.

Headquartered in Rungis, France, the business has a workforce of 150 and posted €25m in sales in 2014.

People
Siparex was represented by associate director Antoine Krug, director Emilie de Villeneuve Esclapon and deputy director Mathieu Marc. Pascal Fournet-Fayard is CEO at Groupe Sylpa.

Advisers
Vendor – Capital Mind, Michel Degryck, Thibault Laroche-Joubert (Corporate finance).