Omnes exits 55% SLG Recycling stake to Derichebourg

José Rojo
15 January 2016

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Omnes Capital has sold its 55% stake in Tours-headquartered waste management business SLG Recycling to corporate Derichebourg.

A source close to the deal told unquote" Derichebourg will fully buy Omnes's 55% stake plus the 45% that had remained in the hands of the founding families since 2008.

The trade buyer, a French recycling and energy services group with a €2.4bn turnover, will benefit from SLG's position in the Centre and Brittany regions.

The possibility of an SLG exit emerged in early 2015, although the auction process did not kick off until the beginning of Q3, unquote" understands.

Omnes stated that selling to a corporate was always the plan since becoming a majority shareholder. The firm believed the French metal waste management segment was ripe for consolidation and, to that end, the GP supported two bolt-ons for SLG to help it become a leader in its two core regions, with an exit to a larger trade buyer required to expand further.

Previous funding
Omnes's divestment comes more than seven years after it financed the creation of SLG Recycling. According to unquote" data, the SME investor first acquired two businesses – Tours-based Sepchat and Ploufragran-based Ludovic Le Gall – and merged them into a group with 250 employees and €77m in sales.

The deal, financed via Omnes's third vehicle, was leveraged at 45%. Senior facilities were provided by Crédit Agricole Val de France and Crédit Agricole Centre-Loire, while Tikehau Invstment Management set up a mezzanine tranche.

Company
Created via the merger of Ludovic Le Gall and Sepchat in 2008, SLG provides waste management services to industrial clients.

The business specialises in ferrous and non-ferrous metals, which are processed via 22 treatment sites in central France and Brittany.

Headquartered in Tours, the company employs 270 people and claims to have processed 300,000 tonnes of waste in 2014, which represents €85m in turnover.

People
Omnes Capital – Eric Rey (partner, head of venture).