ICG refinances Exclusive Networks

ICG provided a €60m senior debt package through its latest debt fund. Of this, €25m is believed to have been used to refinance existing facilities. Exclusive Networks will use another €5m to buy out minority shareholders in some of its subsidiaries and hold onto the remaining €30m for future acquisitions in Asia, according to French publication Capital Finance.

Exclusive Networks's existing equity backers reinvested in the business to the tune of €12m in order to support its growth plans. Omnes contributed €6.7m to the round.

Previous funding
Omnes (then Crédit Agricole Private Equity) acquired a 69% stake in French software distributor Exclusive Networks in 2010 in a deal that valued the company at €30-50m. Omnes invested through its CACI 3 and CACI Private Investors funds. French private equity firm Socadif and Exclusive Networks' management also contributed to the buyout. Existing shareholder Edmond de Rothschild Investment Partners (EdRip) also chose to reinvest.

CIC and BNP Paribas arranged senior debt to support the acquisition, with the support of Société Générale and Bred. Leverage was confirmed to make up less than 50% of the deal value.

EdRip led a €3m financing round for Exclusive Networks in 2007, securing a 33% stake in the business.

In July 2011, Exclusive Networks acquired UK IT security software business VADition, in a deal valued at less than €25m. Earlier this year, Omnes committed a further €50-60m to the business to fund further acquisitions.

Company
Exclusive Networks is a Lyon-based IT security software company. It operates in 15 countries and owns the UK firm VADition, as well as German security software business TLK. Its 2012 turnover amounted to €279m.

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• Topics
• France
• Restructuring
• Technology
• France
• Intermediate Capital Group
• Omnes Capital
• Andera Partners
• Refinancing