• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

Ixo and BPI France in Neotec OBO

  • José Rojo
  • José Rojo
  • 12 February 2016
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

Ixo Private Equity and state backer BPI France have become minority shareholders in French railway component manufacturer Neotec Développement as part of an OBO for the business.

Neotec's enterprise value was not disclosed but a source familiar with the situation confirmed it fell within the €10-50m range. Ixo did not reveal its equity investment in Neotec, but the GP typically deploys €1-15m per deal.

According to the same source, Neotec was fully controlled by the founder and CEO Pascal Roux and his family prior to the OBO. In late 2014, Ixo was approached by the executive, who at the time was keen on a growth capital injection with a view to fund a build-up strategy for Neotec.

Neotec Développement

  • DEAL:

    OBO

  • VALUE:

    n/d (€10-50m)

  • LOCATION:

    Bressols

  • SECTOR:

    Industrial suppliers

  • FOUNDED:

    1991

  • TURNOVER:

    €11m

  • STAFF:

    60

The expansion deal never went ahead and talks between the GP and the business resumed during Q3 2015. This time around, Ixo put forward a proposal for an OBO deal and the agreement was negotiated one-on-one, without any intermediaries or an auction process.

It was decided that Roux would remain as majority shareholder alongside his sister and managing director Emmanuelle Gadaux-Roux. Meanwhile, Ixo and BPI France each came to hold a minority stake – Ixo secured the larger holding, unquote" understands.

The fresh equity, supplied via three of Ixo's retail FIP funds, will be allocated to Neotec's international expansion plan. The company expects to hit the €20m revenue mark over the next three to five years.

Already present in France, the UK, Benelux, Spain and Portugal, Neotec now intends to set up operations in Germany, Austria and Switzerland. Over the next few years, the US will be a key market; active in Canada via its Neotec Innovation subsidiary since 2011, the company is understood to have landed its first orders in the US in 2015.

According to unquote" data, the buyout is the second to be inked by Ixo so far in 2016. In early January, the GP bought a majority stake in fire protection system designer Evas via its third fund. Having closed on its €150m hard-cap in January 2015, the vehicle has deployed 40-50% of its capital through four investments.

Debt
The OBO was supported with a senior package arranged by Societe Generale, with debt coming from Banque Courtois and HSBC. According to the unquote" source, the deal was leveraged around the 1-2x EBITDA mark.

Company
Founded in 1991, Neotec Développement manufactures components used in the construction and the maintenance of trains, railways and aeronautic projects; railway operators represent 90% of its business.

Headquartered in Bressols, southern France, the business currently employs around 60 staff and works with 500 trains worldwide. In 2015, the company posted €11m in revenues and claims to have grown at an annual 20% since 2012.

People
Ixo Private Equity – Jean-Luc Rivière (associate director); Rémi Cheriaux (investment director); André Debet (project manager).
BPI France – Christine Busque (investment manager).

Advisers
Equity – Altij, Sylvain Favier, Daniel Cappeler (legal); KPMG, Béatrice Charlas, Rémi Dufetel (financial due diligence); ERM, Julien Famy, Aurélien Beckman (environmental due diligence); Morelle & Bardou, Jacques Bardou (IP due diligence); Assurinco, Stéphane Juan (insurance due diligence).
Company – SPBS Avocats, Thierry Sucau (legal); Bright Avocats, Sarah Bright-Thomas (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Industrials
  • France
  • France
  • iXO Private Equity
  • BPI France
  • Owner buyout

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013