Ardian sells 49% stake in Micropross to National Instruments

José Rojo
28 October 2015

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Ardian has exited its 49% stake in French smartcard testing specialist Micropross to listed corporate National Instruments, 20 months after first investing in the business.

National Instruments is a Texas-headquartered, Nasdaq-listed automated test software developer.

The corporate will fully acquire Ardian's 49% stake and the remaining 51% previously held by the company's CEO Philippe Bacle and managing director Max-André Lepoutre. The executives secured their controlling holding in Micropross in February 2014, when they invested alongside Ardian.

At the time, the GP stated it would support Micropross as the business grew within the contactless smart card payment technology segment. The 20-month holding has seen the company boost its international profile with a new office in San Francisco, a city where Ardian opened an office earlier this month, and a partnership sealed in the Asian market.

Speaking to unquote", sources close to the situation explained Micropross is the first asset to leave Ardian's third expansion fund, which closed on €450m in April 2014. After the exit, the vehicle holds 10 portfolio companies.

Company
Founded in 1979, Micropross started out as an electronic instrumentation designer and evolved to develop test and personalisation technologies for clients within the smartcard, radio frequency identification and near-field communication segments. With headquarters in Villeneuve-d'Ascq, near Lille, the company employed 40 professionals and posted a €20m turnover in 2014.

People
Ardian's work on the deal was coordinated by chief investment officer François Jerphagnon, director Marie Arnaud-Battandier and investment manager Arthur de Salins.

Advisers
Vendor – Stifel Investment Banking, David Chanley, Arno Goboyan (Corporate finance); Latham & Watkins, Olivier du Mottay, Marie-Emeline Cherion (Legal).