Argos Soditic sells Alkan to TCR, IDI

TCR and the company's management, led by president Armand Carlier, now jointly hold a stake of 83% in Alkan, while IDI secured the balance.

Under TCR and IDI's joint ownership, Alkan will pursue organic growth in its research and development activities, as well as bolster its position in the US and Asian markets by attempting to increase its customer base in these geographies.

Argos Soditic acquired Alkan in a buy-in management buyout in May 2007. The firm picked up an 80% stake in the business, according to unquote" data, with management procuring the balance. LCL provided a senior debt package for the deal, with mezzanine financing supplied by Paris-Orléans.

Debt
A senior debt package has been arranged for the SBO by LCL, BNP Paribas, BECM and Societe Generale. Tikehau Investment Management has supplied a mezzanine facility.

Company
Founded in 1923 and headquartered in Valenton, Alkan develops and manufactures carriage, release and ejection systems for the military aeronautics industry.

Alkan claims its equipment is used in more than 60 types of aircraft, including training and transport aircraft, helicopters and combat aircraft.

The company also provides a maintenance service for its products and exports its equipment to more than 65 countries. It employs 143 staff and generates turnover of €30m. At the time of Argos Soditic's acquisition of the company, Alkan generated turnover of €25m and exported its products to 50 countries.

People
Armand Carlier is the chairman and CEO of Alkan. TCR partner David Robin, associate Marianne Harlé and associate director Romaine Bled worked on the deal for the firm, as did IDI associate director Julien Bentz and director Alexis Garand-Clavel.

Argos Soditic senior partner Gilles Mougenot, investment manager Jérémie Falzone and associate Nicolas Trani led the exit for the firm.

Advisers
Equity – Paul Hastings, Olivier Deren, Edith Boucaya, Arnaud Levasseur, Laurent Ragot, Mounir Letayf, Camille Bakouch (Legal); Hogan Lovells, Stéphane Huten, Sophie Thomazi (Legal); KPMG, Florent Steck, Arnaud Grandin (Financial due diligence); Arthur D Little, Mathieu Blondel, Julien Vialade (Strategic due diligence).
Vendor – Societe Generale Mid Cap, Marc Dunoyer, Guillaume Martin, Stéphanie Sierzputowski, Anthony Guillen (M&A); Eight Advisory, Lionnel Gérard, Benoit Bestion (Financial due diligence); Mayer Brown, Thomas Philippe, Martin Jaunait, Christopher Lalloz (Legal, tax).
Senior debt – De Pardieu, Christophe Gaillard (Legal).
Mezzanine – Ayache Salama, Alain Lévy (Legal).

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• Topics
• France
• Buyouts
• Industrials
• Exits
• France
• Argos Wityu
• TCR Capital
• IDI
• Secondary buyout