Ouest Croissance backs MBO for Azenn

Ouest Croissance's investment remains undisclosed, but the firm typically provides up to €10m per transaction.

The deal involved a capital reshuffle for Azenn, leading to the exit of former CEO Jean-Pierre Jeanne. Meanwhile, information system director Pascal Rudelle and operations director Philippe Duet invested to become shareholders in the business; they will be joining CEO Philippe Berthelot and other management team members.

Following the reshuffle, Azenn, which helps telecoms and other clients set up communications networks, will look to enter the smart building segment and enlarge its service offering.

To that end, the business is in the process of expanding its 200-strong workforce and will boost its sales teams by setting up new agencies across several regions in France. The company intends to grow organically but is also contemplating external acquisitions.

The MBO is the first to involve Ouest Croissance in 2016 after a wave of deals last year. In November 2015 alone, the SME investor took part in the MBOs of professional kitchen business Creat Services, catering equipment provider Roller Grill and winemaker Bouvet Ladubay.

Previous funding
Ouest Croissance first invested in Azenn in 1999, when it provided growth capital to the business. The SME investor followed up with additional injections in 2000 and 2008.

In 2009, Ouest provided €3.6m to support an LBO and capital reshuffle for Azenn, leading to 20 of the company's employees becoming shareholders.

Company
Azenn was founded via the merger of regional agencies around 1980 and works with telecoms and other clients looking to set up communications infrastructure in buildings. The business manufactures bespoke systems and optic trunks used in the wiring of buildings including data centres.

With headquarters in Montauban-de-Bretagne, Azenn operates an agency near Paris, a logistics centre in the Isère department and runs sales operations via offices in Marseille, Rennes and near Lyon. Employing 200 staff, the company ended 2015 with a €58.2m turnover. 

People
Ouest Croissance – Anne Jacquinet-Sulger (managing director); Damien Jouanneau (investment director).
Groupe Azenn – Philippe Berthelot (CEO).

Advisers
Equity – EY, Arnaud Prévéraud, Stanislas de Gastines (Financial due diligence); Cabinet Gueguen, Sonia Nicolae (Legal).
Company – Fidal, Monika Cresson (Legal).

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