EdRip backs DufyElec in SBO

Ellie Pullen
12 July 2013

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Edmond de Rothschild Investment Partners (EdRip) has acquired a minority stake in DufyElec from the company’s private equity owner Naxicap Partners.

In what was described as a "shareholding reorganisation", the founders of DufyElec, CEO Yves Merlhe and director Thierry Vacquer, regained a majority stake in DufyElec. Naxicap divested its entire shareholding in the company.

EdRip backed the company via its Cabestan Capital fund, which launched in April 2011 and held its final close the following November on €112m, exceeding its €100m target. The investment in DufyElec marks the sixth for the fund.

Debt
A senior debt facility was arranged by Crédit Agricole Ile-de-France, Caisse d'Epargne and BNP Paribas.

Previous funding
Naxicap acquired its stake in DufyElec in 2004 as part of a leveraged buyout.

Company
Founded in 1988, DufyElec is headquartered in Ile-de-France. The company's turnover for the year ending March 2013 reached €31.4m. DufyElec provides electrical maintenance and rehabilitation for social housing in the Ile-de-France region.

People
CEO Yves Merlhe and director Thierry Vacquer are the founders of DufyElec. André Renaison, a director at EdRip, worked on the deal for the firm alongside investment director Mayeul Caron.

Advisers
Equity – Lamartine, Vincent Libaud, Marie-Laure Pichard (Legal); BMS, Bruno Bizalion (Commercial due diligence); Oderis, Julien Passerat, Jean-Albert Bruneau (Financial due diligence).
Company – Lincoln International, Ludovic Rodié, Charles de Fels (Corporate finance); Fiacre La Batie Hoffman, Bruno Fiacre, Isabelle Cadiou (Legal).
Debt – Fuchs Cohana Reboul, Guillaume Reboul, Marine Zammith (Legal).