Vatel makes 22.5% IRR on Oceta trade sale

José Rojo
23 October 2015

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French SME-focused investor Vatel Capital has sold its 1.5% stake in French aeronautics subcontractor Oceta to corporate AMDP, scoring a 22.5% IRR on its four-year investment.

The sale of Oceta to French aeronautics group AMDP comes four years after Vatel invested €500,000 in return for a 1.5% stake in the business.

The acquisition, sealed in September 2011, took place as Oceta welcomed CEO Marc Artigas as new owner amid a reshuffle of its capital structure. According to press reports at the time, Artigas invested via his Financière Avilla holding to increase his stake from 10% to 95%, while selling founders Micheline Gallinari and Jean-François Joubert kept a 3.5% interest.

The takeover was financed with a debt package from Caisse d'Epargne and Oseo, according to unquote" data.

Since that date, Oceta claims to have seen its revenues climb from €6m in 2011 to €7.4m in 2014, driven by a thriving aeronautics industry.

Company
Founded in 1976, Oceta manufactures and sells connector devices. It mainly serves the aeronautic industry, which represents 80% of its operations, followed by the railway sector. Its client base includes European businesses such as Airbus, Latelec, Air France and Latécoère, but also US names such as Glenaire and DMC.

Headquartered in Garches, outside Paris, Oteca set up additional offices in Toulouse, France's main aeronautics hub, in 2014. Employing 20 professionals, the subcontractor posted a €7.4m turnover in 2014.

People
Vatel was co-founded by partners François Gerber, Marc Meneau and Antoine Herbinet. Marc Artigas is CEO at Oteca.