Idinvest, Siparex exit Julhiet-Sterwen

The deal was struck as part of a merger between management and HR adviser Juhliet – in which Idinvest and Siparex were invested – and strategy consultancy Sterwen.

Senior management of the combined group will take a majority stake in the business, with around 20 middle managers also investing in the deal.

Siparex (then UFG Private Equity) and Idinvest (then AGF Private Equity) invested €5.5m in Julhiet back in 2008. New investor Siparex led the investment by providing €3m, while previous backer Idinvest provided the remaining €2.5m – the firm had originally invested alongside Partech International in 2006 to finance the company's acquisition of IProgress.

Company
Julhiet Group was founded in 1949 and specialises in HR and management consultancy services. At the time of the 2008 deal, the company was generating a turnover of €20m and was hoping to increase this figure to €50m by 2011, according to unquote" coverage at the time. However, the group reported revenues of €27m for 2014.

Sterwen, which focuses on strategy consulting, was established in 1996 and generated a €16m turnover last year.

Advisers
Company – Edmond de Rothschild Corporate Finance, François Paillier, Sébastien Auger, Matthieu Martin (M&A).

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• Topics
• France
• Buyouts
• Exits
• France
• IDInvest Partners (AGF Private Equity)
• Siparex
• Secondary buyout