EdRip backs Eurogiciel BIMBO

The GP secured a majority stake in order to facilitate the BIMBO - although this is expected to evolve as EdRip usually operates on a minority basis. The deal marks the fourth investment from EdRip's Winch Capital 3 fund. The vehicle closed on €300m in September last year and focuses on minority investments in French SMEs with revenues in the €30–300m range, investing tickets of €7–25m.

CIC Sud-Ouest led a banking pool to provide senior debt for the transaction, while mezzanine financing was arranged by Trocadero Capital.

The deal was structured to allow the group's founder and chief executive to initiate a managerial transition. Four managers took a stake in the business, with one of them taking over as chief executive of the group. The founder, Daniel Benchimol, remains chairman of the supervisory board and retains a stake in Eurogiciel.

EdRip intends to back the group in increasing its turnover from €75m to €130m by 2020, with the aim to generate 30% of revenues abroad. Strategic acquisitions will also be explored.

Company
Established in 1989, Eurogiciel provides a range of business support services across three activities: project management consultancy Etop International; quality management consultancy Equert International; as well as system engineering and information management business Eurogiciel Ingénierie.

Based in Toulouse, Eurogiciel employs 1,000 people.

People
Antoine Le Bourgeois, Laurent Tourtois and Tanguy Tauzinat worked on the deal for EdRip.

Advisers
Equity - Squire Patton Boggs, Charles Fabry, Géraldine Massé (Legal); Grant Thornton, Nathalie Margraitte (Financial due diligence); Pierre Audoin Conseil, Jean-François Perret (Commercial due diligence).
Debt - Ulysse, Marie Schocher (Legal); Archers, Marc Baffreau, Hélène Testeil, Guillaume Bain (Legal).

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