Charterhouse makes 3x on Webhelp exit to KKR

Mikkel Stern-Peltz
27 November 2015

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Charterhouse Capital Partners has made 3x money on the exit of French call centre operator Webhelp to KKR and the company's directors.

While Charterhouse declined to comment, sources close to the deal confirmed to unquote" that the GP made around 3x its initial investment in the exit.

The deal saw Webhelp's management team become controlling shareholders alongside KKR.

KKR invested via its European Fund IV, which reached a first close in August this year and is targeting €3.5bn.

For Charterhouse, the sale marks the sixth exit from it's Charterhouse IX fund, which had returned all committed capital to its LPs before the deal.

Under the GP's ownership, Webhelp's revenues grew from €200m to a forecast €725m this year, with EBITDA growing from €42m to a projected €107m in 2015.

Previous funding
Webhelp first received investment in June 2001, with Europ@Web, Turenne Capital Partenaires, Avenir Finance Gestion and Alven Capital supporting the company's early-stage expansion round.

In December 2005, Equistone Partners Europe (known then as Barclays Private Equity) backed the management buyout of Webhelp alongside existing shareholders Turenne, Avenir and Alven. According to unquote" data, BPE took a majority stake in the company as part of that deal.

In June 2007, Astorg Partenaires acquired a shareholding in Webhelp alongside management, BMCE, Equistone, Bank of Ireland, Alven, Turenne and Promelys Participations (Avenir), in a deal that valued the company at €200m.

Charterhouse acquired the company from Astorg and Equistone in June 2011, in a transaction valuing the business at €340m.

Company
Paris-based Webhelp provides customer management services across digital, social, mobile and traditional voice channels for its clients.

The company operates 80 contact centres and employs 30,000 people – four times as big a staff as it employed when Charterhouse acquired it in 2011.

Webhelp is forecast to generate revenues of €725m for 2015.

People
Frederic Jousset and Olivier Duha are co-founders of Webhelp. Josselin de Roquemaurel and Nicolas Gheysens are directors of KKR. Stephan Morgan is a partner at Charterhouse.

Advisers
Vendor – Deutsche Bank (M&A); Ashurst (Legal).
Company – Sycomore Corporate Finance (Corporate finance); Scotto & Associés (Legal); Mayer Brown (Tax).