Ciclad takes majority stake in Inovelec SBO

Greg Gille
12 September 2012

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Small- and mid-cap focused GP Ciclad has acquired French electronic equipment manufacturer Groupe Inovelec alongside the group's founders and managers.

Etoile ID and CM-CIC Capital Finance, which had taken a minority stake in Inovelec in 2008, fully exited the business. Banque Populaire Atlantique and Banque Tarnaud arranged financing for the acquisition.

Inovelec will look to develop its existing client base and will also keep reviewing strategic acquisition opportunities.

Ciclad closed its fifth vehicle, Ciclad 5, on its €150m hard-cap in April last year. The fund invests around €5m on average per transaction.

Company
Founded in 2000, Groupe Inovelec regroups the Inovelec Ingénierie, Inovelec Industrie, Inovelec PLS, Binom and TSI Maroc companies. It specialises in the design and manufacture of electonic components, and targets several industries including the aerospace, oil, construction and healthcare sectors.

Boulazac-based Inovelec employs 186 staff and posted an €18m turnover in 2011.

People
Didier Genoud, Julien Godard and Muriel Fabre worked on the deal for Ciclad. Jean-Philippe Guglielmi and Hervé Vanzo are co-founders and managers of Inovelec. Etoile ID and CM-CIC Capital Finance were represented by Maud Le Herissier and David Dickel respectively.

Advisers
Equity – HPML, Vincent Libaud, Marie-Laure Pichard (Legal); ACA, Eric Chapus (Financial due diligence).
Vendors – Leonardo Midcap CF, Louis Huetz, Joseph El Khoury, Benjamin Osdoit (M&A); LB Avocats, Youna Le Bour-Feillard (Legal).