Unquote

Ardian's Trescal makes bolt-ons across three continents

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Trescal, a French calibration services provider backed by Ardian, has acquired businesses in Spain, the US and Brazil.

Trescal has acquired three calibration companies: Laboratorio MCI in Spain, Quality Systems Laboratory in the US and MEC Q in Brazil. The bolt-ons represented a combined €8m in additional turnover for Trescal. According to the company, another acquisition is due to be announced by year-end.

It remains unclear whether Ardian provided Trescal with additional equity to finance the bolt-ons. Including these three businesses, Trescal has executed 13 bolt-ons since becoming owned by Ardian two years ago.

Previous funding
Ardian bought an 82% stake in Trescal in a secondary buyout from 3i and TCR Capital in July 2013. The deal gave Trescal an enterprise value of €250m, according to unquote" data. Management retained the remaining 18% stake.

3i had acquired a majority stake in Trescal in 2010, investing €36m in the €110m secondary buyout from Astorg Partners. Astorg had acquired Trescal in December 2007, with Ardian supplying mezzanine finance. Ardian had also supplied mezzanine financing in the 3i and TCR buyout.

Company
Laboratorio MCI specialises in the aeronautics and defence sectors. It operates two laboratories in Toledo and Seville.

Quality Systems Laboratory, based in Florida, has a particular focus on the aeronautics and life sciences industries.

With five laboratories across Brazil, MEC Q is particularly active in the automotive and oil & gas industries.

People
Ardian was represented by Thibault Basquin, Yann Bak, Arnaud Tardan and Edouard Level.

Advisers
Equity – PwC, Alonso Velazquez (Financial due diligence, tax); Mariscal Abogados, Alberto Álvarez Marín (Legal); EY, Laurent Majubert (Financial due diligence); Alvarez & Marsal, Alex Joya (Tax); Hooper Hathaway, James Beuche, William Beuche (Legal); Deloitte (Financial due diligence, tax); De Luca Derenusson Schuttoff e Azevedo Advogados (Legal); Arsene Taxand, David Chaumontet (Tax).

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