Matebat (France) - Dec 2007

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01 December 2007

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In a deal valuing the company between €75-100m, LFPI Croissance and Ciclad have completed the buyout of crane rental company Matebat. The deal grants LFPI Croissance 55% of the equity, while management increases its stake. Ciclad, which had originally taken 45% of the business in November 2003, re-invests on this occasion. LFPI Croissance reportedly outbid AtriA Capital Partenaires in the final stages of an auction run by Close Brothers, which also attracted Pragma Capital and Edmond de Rothschild Investment Partners. CIC underwrote a debt package comprising an A- and B-tranche and a bridge loan. LFPI Mezzanine provided more than half of the mezzanine, with AXA Mezzanine and CIC also taking part.

Company

Based in Haute-Garonne and founded in 1982, Matebat employs 155 staff. The firm specialises in hiring out automated cranes. The company’s revenues, which it is hoped will double in the next four years, exceeded €50m in 2007. Acquisitions will be undertaken to complete the company’s geographical coverage in this reportedly fragmented market.

People

Antoine Fine and Fabien Bismuth were in charge for LFPI Croissance, while Jean-François Vaury and Didier Genoud worked for Ciclad. Jérôme Salmon and Laetitia Pfirsch arranged the debt package for CIC; Aimeric Ouaknine and Philippe Mordo prepared the mezzanine for LFPI Mezzanine, while Cécile Lévi and Guillaume Chinardet did so for AXA Mezzanine. Bernard Boullet is Matebat’s CEO.

Advisers

Debt - Bird & Bird, Hervé Pillard (Legal)Equity - Aon Accuracy, Xavier Gallais (Financial Due Diligence)Equity - Granrut, Frédéric Cohen, Geoffroy de Vries (Legal)Vendor - Altij, Dorothée Bayard, Patrick Nadrault (Legal)Vendor - Close Brothers, Alexis Matheron, Antoine Tanguy (Corporate Finance)Vendor - HPML, Vincent Libaud (Legal)Vendor - Orsay, Frédérique Milotic (Legal)