Cathay buys minority stake in SeaOwl

The transaction, which consists of fresh capital and a partial cash-out of existing shareholders, will see Cathay become SeaOwl's largest individual shareholder.

The business' management retained a minority stake, as did a number of entrepreneurs and individual investors, as well as VC Entrepreneur Ventures, which first backed the company in 2009.

Information regarding Cathay's investment remains confidential, but market sources place it around the €15m mark.

The capital injection comes via the firm's Cathay Capital II and Sino French SME funds. Having reached its €500m hard-cap after six months of fundraising in December 2014, the latter vehicle invests 40% of its capital in France, 40% in China and the remaining in the rest of Europe.

With Cathay as shareholder, SeaOwl is aiming to grow internationally via an M&A strategy. The business has already developed its presence in Africa and Southeastern Asia - under the GP's ownership, the strategy is to expand to the rest of Asia, the Middle East and South America.

According to the company's growth estimates, by 2019 annual sales should grow from €40m to €90m.

Debt
The transaction supported by a €10m debt package underwritten by a syndicate of banks, according to market sources.

Company
SeaOwl was founded in 2008 as part of parent group V Ships and became independent in 2012. Via its Fortiori division, the business specialises in technical assistance and facility management for clients including Total, Addax Petroleum, Perenco, GDF Suez and Vermillon.

Headquartered in Antony, France, the company operates across France, Africa and Southeast Asia and has additionally targeted clients within the gas and marine professional training sector since 2014. In that year, the business posted revenues in excess of €40m, up from the €27m found in 2012.

People
Cathay Capital Private Equity was represented by CEO Mingpo Cai, managing partner Edouard Moinet and associates Charles Bonnassieux and David An. Arnoult Gauthier is CEO of SeaOwl Group.

Advisers
Equity – Axeans Strategy Consulting, Franck Herbaux, Maneli Mirkhan (Commercial due diligence); Hogan Lovells , Stephane Huten, Arnaud Levasseur (Legal); Grant Thornton, Nathalie Margraitte, Guillaume Schaeffer (Financial due diligence).
Company – Taylor Wessing, Nicolas de Witt, Bénédicte Braquehaye (Legal); Clipperton Finance, Thibaut Revel, Martin Vielle (M&A).

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• Topics
• France
• Support services
• Expansion
• France
• Cathay Capital