CM-CIC and IDI exit Alti in €75m trade sale

The vendors sold Alti to Tata Consultancy Services, which is 80% owned by Tata. The transaction is expected to close in the coming weeks.

CM-CIC LBO Partners and IDI delisted Alti in 2008 after taking a 97% stake of Euronext C-listed holding company Financière Alti. The two investors together acquired 54.7% of Financière Alti via sub-holding company Alti Partenariat, of which they held around 75% and 25% respectively. The remaining 45.3% of Financière Alti remained in the hands of founders Michel Hamou, André Bensimon and the company's managers. The business was then valued in the €50m-€100m range.

Financière Alti initially acquired 51.17% of Alti in July 2007 and subsequently launched a takeover bid for the remaining shares. Senior debt was provided by Banque Palatine in an A and B tranche while the mezzanine tranche was provided by IDI Mezzanine and IDI SCA.

Alti has since then seen its turnover nearly double from €64m to €126m, while headcount remains stable at 1,200 employees.

Company
Founded in 1995, Alti provides a range of IT engineering services. Its customers include players active in the banking, financial services, luxury, manufacturing and utilities sectors. Alti is headquartered in Levallois-Perret and has operations in Belgium, Algeria and Switzerland.

People
Bertrand Fesneau, Rémi Matuchansky and Gontran Duchesne worked on the deal for CM-CIC LBO Partners. IDI was represented by Julien Bentz and Tatiana Nourissat.

Advisers
Vendors - Bryan Garnier, Virginie Lazès, Thibaut de Smedt, Alexandre Boukhari, Jonathan Foiret Hurbin (M&A); Orsay, Samira Friggeri, Patrick Douin, Claire Guionnet-Moalic (Legal).

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• Topics
• France
• Exits
• Technology
• France
• Trade sale
• CM-CIC Capital Finance