Capital Export backs Celec BIMBO

The transaction will see Capital Export acquire a minority stake in Celec from the Martin family and become the largest shareholder in the company.

Also investing will be new Celec CEO Michel Fardo, until now managing director at electrical manufacturer Mors Smitt France. Also investing in the buyout were Vincent and Matthieu Martin, the sons of company founder Christian Martin; and the company's marketing director and industrial director, respectively. Meanwhile, Pierre-Michel Deléglise will continue overseeing financial and strategic development.

Capital Export has not yet disclosed the amount it will be investing, but its Capital Export FCPR fund typically targets €3-10m deals in French SMEs looking to expand internationally.

With commitments from LPs including BPI France, Banque Palatine, savings banks, family offices and entrepreneurs, the vehicle has made seven investments to date. Other portfolio companies include thermic technology developer Ilo Technology and medical diagnostics equipment provider Spengler.

Celec intends to invest the fresh funds in the launch of new products and the development its international presence, currently representing 70% of its revenues. There are also plans to enter areas including the energy, environmental, railway and security sectors, in order to increase sales from €10m to €17m within five years.

Debt
Crédit Agricole Brie Picardie, Crédit Agricole Normandie Seine and Caisse d'Epargne Picardie supported the transaction with a senior debt facility.

Company
Founded in 1990 by Christian Martin and passed on to his sons Vincent and Matthieu Martin in 2002, Celec manufactures and sells opto-eletronic sensors to clients within the healthcare, automatic doors and checkout sectors.

Headquartered in Neufchâtel-en-Bray, France, the business employs a workforce of 80 professionals and most recently reported sales nearing €10m.

People
Capital Export was represented by founding partner Jean de Puybaudet. Michel Fardo is CEO at Celec, while Vincent Martin is marketing director.

Advisers
Equity – Sekri Valentin Zerrouk, Jean-Marie Valentin, Marie-Caroline Lafond, Angélique Marous (Legal); Deloitte, Philippe Serzec, Vincent Richard (Financial due diligence); TAJ, Jérôme Gertler, Eric Hickel, Dephine Gilles, Fanny Marchiset (Social & IP due diligence, Tax); Néovian Partners, Patrick Richer, Matthieu Boyer (Commercial due diligence); VVR International, Camille Verchery (Commercial due diligence); Selescope, Damien Leblond, Stéphane Beder (HR due diligence); Verspieren, Sophie Levron-Legentil (Insurance due diligence); Brisset Partenaires, Didier Ficheroulle (Insurance due diligence).
Vendor – Interface Entreprise, Patrick Bindner (M&A due diligence); CMS BFL, Laurent Cesbron (Legal).
Debt – Cornet Vincent Segurel, André Watbot, Charles-Henri Prioul (Legal).

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