HitecVision sells Valco Group France to Argos Soditic

The management buyout sees HitecVision divest the asset from its fourth fund. 

Argos plans to support the management in growing the company within its existing markets, identifying new channels for growth and implementing a strategic acquisition plan within the European market.  

This deal represents the last stage of HitecVision's exit from the Technor platform, which has been completed via a staged process involving several transactions. 

HitecVision acquired 94.6% of the shares in Technor in June 2006, when it was listed on the Oslo Stock Exchange. In addition to equity provided from HitecVision Private Equity IV, acquisition finance was arranged by Sparebank1 SR-Bank.

HitecVision planned to sell Technor to listed sector rival Simtronics for NOK 186.9m in March 2009, but the deal fell through after it failed to secure a sufficient majority vote at the EGM. 

Technor manufactures electronic, electro-mechanic and flow control products to companies operating in the oil & gas industry. The Technor platform has operations in Norway, France, the UK and the United Arab Emirates.

Company
Founded in 1949 and based in Ruffec in south west France, VGF specialises in the design, manufacture and maintenance of industrial valves for applications in the energy sector, the chemicals sector and industry.

VGF, which includes the portfolio brands SNRI, Malbranque and VVS, is an industrial expert in cryogenic valves for the liquefied natural gas industry with long standing relationships with Asian, Middle Eastern and European clients. The group achieved a turnover of €45m in 2013 and has 240 employees.

People
Gilles Mougenot is the president of Argos Soditic. Stéphane Galichet is the managing director of VGF.

Advisers
Equity – Kramer Levin Naftalis et Frankel, Christophe Gaschin, Ramona Tudorancea, Fabienne Arrighi, Stanislas Marmion (Legal); Bignon Lebray, Thomas Buffin, Tanguy Dubly (Legal); EY Italia, Giovanni Calia, Filippo Cerrone, Michele Zanin (Corporate finance); Cowin, Colette Lewiner (Corporate finance); Eighty Advisory, Eric Demuyt, Benoit Bestion, Bruno Gonnet, Thomas Cisterne (Financial due diligence, operational due diligence); Arsène Taxand, Franck Chaminade, Laurent Mamou, Mathilde Le Roy (Tax); HPC Environnement, Stéphane Vircondelet, Xavier Pellier (Environmental due diligence); Siaci Saint Honoré, Eric Rémus, Christine Rivoalan (Insurance due diligence); Vinci IT Partners, Grégory Dubourdieu (IT due diligence).
Vendor – CW Downer & Co, Frank Merkel, Raymond Morin, Stefan Meier (M&A); Freshfields Bruckhaus Deringer, Olivier Rovigue, Florent Mazeron (Legal).
Debt – Nabarro & Hinge, Jonathan Nabarro, Hugues Gascon (Legal).

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• HitecVision
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