I&FP buys Nova Technology

Having co-founded Nova in 2006, Jérôme Amar, Alexandre André and Sébastien Hugues sold their stakes to I&FP.

Following the takeover, Amar, André and Hugues will stay at the helm of the business as associate directors. The three executives reinvested to remain as significant shareholders, while I&FP will control a majority stake, unquote" heard from a source close to the situation.

I&FP will support Nova's plans to expand via acquisitions. Over the next few years, the business intends to acquire competitors in France's fragmented IT consulting segment, expected to grow at an annual 3-5% between 2016-2020. Opportunities abroad might be considered in the future, unquote" understands.

Along with organic growth, the bolt-ons should bring the company's revenues up from the current €10m figure to €30-40m within the next four to five years.

I&FP was approached by Philippe Dumas, who had been involved as an intermediary in some of the GP's previous deals. Aware of I&FP's buy-and-build focus, Dumas contacted the I&FP team in July 2015; the firm was chosen as the acquirer when a deal was brokered on 18 December 2015.

The MBO is the fifth deal to be financed via I&FP's third fund, which targets assets valued at less than €50m; in Nova's case, the actual figure lies below the €25m threshold, unquote" understands.

Launched with a €125m target in June 2012, Industries & Finances Investissements 3 held a €60m first close in January 2013 and closed on €135m in April 2014. The fund inked its fourth deal two weeks ago, when I&FP acquired Groupe Serta as the starting point for an aeronautics build-up project. According to the investor, work is currently underway to add a sixth deal at some point next month.

Debt
The MBO was financed with a senior debt facility provided by LCL, BNP Paribas and Banque Populaire.

Company
Founded in 2006, Nova is a consultancy that advises clients on IT matters.

Headquartered in Boulogne-Billancourt, near Paris, the business targets medium-sized and large corporates from the industrial, energy, banking, insurance, transport and distribution sectors.

Employing 100 staff, the company ended 2015 with €10m in sales, reportedly a 12% uptick on the 2014 figure.

People
Industries & Finances Partenaires – Pierre Mestchersky (founding partner); Pierre Corbet (associate director); Thibaut Penhoat (analyst).
Nova Technology – Jérôme Amar, Alexandre André, Sébastien Hugues (co-founders).

Advisers
Equity – Pierre Audoin Consultants, Jean-François Perret, Vincent Gélineau, Katharina Dalka (Commercial due diligence); Oio Ventures, Alexandre Steiner (Commercial due diligence); BM&A, Éric Sevos, Alexis Thura (Financial due diligence); Theimer-Alson Société d'Avocats, Gaëlle Alson, Camille Marti (Legal); ADMA, Dominique de Verneuil (HR due diligence).
Vendor – Alérion, Vincent Poirier, Pauline Clémentin (Legal).

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• Topics
• Buyouts
• Support services
• France
• France
• Bee Up Capital (formerly Industries & Finances Partenaires)
• Buy-and-build