EdRip's Cetal in OBO

The transaction will allow Nicolas Pfirsch, the son of one of the two previous managers and co-owners, to become the company's main shareholder and chief executive. He will share a majority stake with his father Pierre while EdRip rolled over its existing shares to retain a minority position.

The transaction was partly financed by a senior debt package arranged by Societe Generale and syndicated to LCL.

EdRip took a minority stake in a management buyout of Cetal in 2011, which valued the company in the €5-10m range. EdRIP's small-cap funds – the Partenariat & Innovation 2 and 3 FCPI vehicles – secured a 27% stake in the new holding. Banque Populaire d'Alsace arranged a senior debt package to leverage the investment.

Company
Established in 1967, Cetal is a designer and manufacturer of tubular heating and assemblies for heating equipment and processes. It offers a range of custom-made heaters for both onshore and offshore applications, as well as hazardous or non-hazardous areas.

The Haguenau-based group employs 75 people and posted an €11m turnover in 2013 – up from €9m at the time of EdRip's original investment. The business is aiming to reach revenues in excess of €15m within the next four years.

People
Alexandre Foulon and Sabrina Bazire worked on the deal for EdRip.

Advisers
Equity – Cabinet HPML, Vincent Libaud (Legal).
Company – MLA Conseil, Caroline Cohade (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Industrials
• France
• France
• Andera Partners