Fitec (France) - Dec 2007

In an owner buyout which values the company between €5-8m, CM-CIC Capital Privé has invested €2.2m in equity and convertible bonds, in return for a minority stake in computer training company Fitec. The deal provides an exit opportunity for small-cap sponsor Ciclad, which had invested around €1m in 1998 and held a 34% stake. The vendor described its returns as satisfactory, pointing to the doubling of the company’s size, two acquisitions and significant organic growth. The current buyout was introduced by corporate financier Auctéor Finance. CIC and BNP Paribas underwrote a €1.8m strip of amortising debt.

Company

Founded in 1989, Paris-based Fitec provides a range of computer training services for corporate clients. The business anticipates sales in excess of €6m for 2007, a figure which should see an annual double-digit growth over the next few years. Over the next two years, the company will look to acquire IT training companies with turnover of €3-10m.

People

Sigmar Massoubre and Franck Thouroude worked on the deal for MC-CIC Capital Privé, while Didier Genoud negotiated the exit for Ciclad. Frédéric Garcia arranged the debt for CIC.

Advisers

Equity - Audit & Diagnostic, Philippe Millan (Financial Due Diligence)Equity - UGGC & Associés, Pascal Squercioni (Legal)Vendor - Auctéor Finance, Dominique Tréchot (Corporate Finance)Vendor - HPML, Marie-Laure Pichard (Legal)

Sourced from: France unquote" 87 (Jan 2008)

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• Secondary buyout
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