EdRip exits Groupe ADF after 7-year holding

EdRip supported the management buyout of ADF from state-backed Gaz de France in 2007, investing via its Winch Capital fund. EdRip was at the time believed to have won the auction in part thanks to its plan to create a FCPE vehicle allowing all of the company's 1,600 employees to invest in the buyout.

Crédit du Nord agreed to arrange a debt package worth less than half of the deal's value at the end of July 2007, comprising a B-tranche (around 24% of the debt) and a bridge loan, according to unquote" data.

The company's capital structure was reshuffled at the end of 2010, with management securing a minority stake. The restructuring allowed EdRip to realise a "significant" part of its investment, according to the GP, while still retaining a minority stake.

In 2014, a new process was put in place to allow EdRip to fully exit the business. The GP stated the returns generated on the ADF investment are among the best seen by the Winch Capital fund.

Company
Based in Vitrolles, ADF offers engineering services and maintenance services for industrial installations. The group is active in France and the Benelux region.

ADF generates a €260m turnover and employs 2,300 staff, up from €189m in revenues and a headcount of 1,600 at the time of EdRip's investment in 2007.

People
Antoine Le Bourgeois and Sylvain Charignon worked on the deal for EdRip.

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