Industries & Finances acquires Equinoa

José Rojo
01 July 2015

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Buy-and-build specialist Industries & Finances Partenaires (I&F) has bought Paris-headquartered digital agency Equinoa.

The acquisition saw Equinoa managers Timothée Raymond and Amaury Mascré retain a minority stake in the business.

The company intends to pursue a buy-and-build strategy, with potential bolt-ons being eyed in the digital agency sector. I&F stated it was attracted to Equinoa by the business's position within a market that expected to become more concentrated in the coming years.

Equinoa's enterprise value has not yet been disclosed. I&F's €135m third fund, however, which was used to finance the transaction, seeks majority stakes in companies with an enterprise value of less than €50m, according to unquote" data.

The transaction marks the vehicle's third investment. Prior deals include the acquisition of French firebreak system developer Gesop alongside the business's management from BNP Paribas Développement in July 2013 and the purchase of a majority stake in French boilermaker Chaudronnerie de l'Est (CDE) from the company's founding family.

I&F's first fund recently exited French food-packaging business L'Univers de l'Emballage – the last remaining asset held by the vehicle. At the time, the firm revealed it had scored an average return of 3x on investments made by the fund.

Company
Established in 2005, Equinoa provides digital marketing and web development services to SMEs within the cosmetics, insurance and healthcare sectors. Its clients include Chaumet, Nuxe and Porsche.

Tbusiness employs 25 staff in its Paris headquarters and additional agencies in Brussels and San Francisco. It most recently posted €3m in turnover.

People
Industries & Finances Partenaires was represented by associate director Sophie Pourquéry and account officer Christophe Jadot. Timothée Raymond and Amaury Mascré founded Equinoa, Raymond currently CEO of the company.

Advisers
Equity – Cabinet Theimer Avocats, Gaëlle Alson, Camille Marti (Legal); Digital Value, Arnaud de Baynast, Paul‐Henri Magnien (Commercial due diligence); Baker Tilly, Jean‐François Dermagne (Financial due diligence).
Vendor – Eurvad Finance, Charles Guigan, Ferdinand Pons (Corporate finance); Cabinet Delsol, Henri‐Louis Delsol (Legal).