
Ardian’s Trescal buys GenCal in 10th bolt-on
French calibration services provider Trescal has acquired US business General Calibration (GenCal) with support from its majority shareholder Ardian.
The acquisition is part of Trescal's ongoing plans to bolster its presence in the US market, with this particular New Jersey-based company expected to strengthen its presence in the country's north east.
The deal marks Trescal's 10th bolt-on since Ardian acquired the business in 2013, as well as its fourth in the US. Most recently, the company acquired US-based Calibration Solutions and Madrid-based GES Siemsa in October last year.
Ardian bought an 82% stake in Trescal in a secondary buyout from 3i and TCR Capital in July 2013. The deal gave Trescal an enterprise value of €250m, according to unquote" data. Management retained the remaining 18% stake.
3i had acquired a majority stake in Trescal in 2010, investing €36m in the €110m secondary buyout from Astorg Partners. Astorg had acquired Trescal in December 2007, with Ardian supplying mezzanine finance. Ardian had also supplied mezzanine financing in the 3i and TCR buyout.
Company
Founded in 1988 and headquartered in Boonton, New Jersey, GenCal is a provider of calibration, maintenance and repair services for electronic equipment. The company also provides calibration services for mechanical gauging equipment.
GenCal employs 22 staff and generates annual turnover of around $3m.
People
Guillaume Caroit, Olivier Delrieu and Léonard de la Hosseraye worked on the deal for Trescal. Managing director Thibault Basquin, director Yann Bak, senior investment manager Arnaud Tardan and investment manager Edouard Level worked on the deal for Ardian.
Advisers
Company – Alvarez & Marsal, Veronica Flores, Joseph Plati (Tax); Hooper Hathaway, James Beuche, William Beuche (Legal); EY, Laurent Majubert, Jérôme Cazauvieilh (Financial due diligence).
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