Qualium exits Marais to Tesmec in €14m trade sale

Having secured a 100% stake in the company (including all convertible bonds and warrants), Qualium intends to sell 20% to Daniel Rivard, who was CEO of Marais until 2011 and is soon to become its non-executive director.

According to the Italian buyer, the business was valued at €14m as part of the sale, down from the estimated €25-50m at the time of the acquisition by Qualium more than six years ago. The GP has yet to comment on the transaction.

The trencher manufacturer currently has €14m of debt on its books, of which €5m will be recapitalised by Tesmec via its own resources and a debt package arranged by Gruppo Cariparma Crédit Agricole.

Tesmec stands to benefit from Marais's machinery and complementary services, as well as its presence in France, Africa, Australia and New Zealand.

Previous funding
Qualium acquired Marais in 2009, when it invested alongside Ouest Croissance and company manager Daniel Rivard.

The buyout featured a senior-only debt package supplied by Banque Populaire, Banque CIO-BRO and Crédit Mutuel Anjou Maine, according to unquote" data.

Company
Founded in 1962 by Jacques Marais, Marais Technologies manufactures trenching machines that are leased to companies in the telecommunications, energy, water and civil works sectors. Headquartered in Durtal, France, it was acquired by Rivard in 1993 and later underwent international expansion.

The company's turnover has fallen from the €52m reported when acquired by Qualium in 2009 down to €27m in 2014. EBITDA amounted to more than €3m in 2014.

People
Daniel Rivard is non-executive director of Marais, while Ambrogio Caccia Dominioni is CEO at Tesmec Group.

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