3i buys Etanco off IK

The secondary buyout is understood to be valued at around €370m. IK is believed to have reaped a 2x multiple on its original investment in Etanco.

Chief executive Ronan Lebraut will reinvest to hold 25% of the company's shares.

3i had been following Etanco for more than three years, and placed an unsuccessful bid at the time of IK's original buyout in 2008. The new owner will look to back the group's international expansion.

Etanco aims to take advantage of consolidation opportunities in the sector through potential acquisitions, and also plans to broaden its product offering.

Debt
Société Générale, Crédit Agricole and CIC provided a debt package to finance the acquisition.

Previous funding
IK acquired Groupe Etanco from the Lebraut family in 2008, in partnership with CEO Ronan Lebraut, members of the founding family and management. Debt was provided in equal part by both Société Générale and CIC. The deal valued Etanco at around €250m.

Company
Le Pecq-based Etanco was founded in 1952 by the Lebraut family. The company designs, manufactures and distributes building fasteners and fixing systems. It currently employs around 600 staff.

People
Remi Carnimolla, Xavier de Prévoisin, Alexandre Chaton and Markus Ehrler worked on the deal for 3i. IK was represented by Christopher Masek, Rémi Buttiaux and Arnaud Bosc. Ronan Lebraut is CEO of Etanco.

Advisers
Equity - Lazard, Isabelle Xoual, Yann Dever (M&A); Weil Gotshal, Emmanuelle Henry, Gautier Elies, Claire Pauze-Ruhard, Emmanuel Ringeval, Romain Ferla (Legal); Advention, Alban Neveux, Ciril Faia (Commercial due diligence); PricewaterhouseCoopers, David Willems, Stephane Salustro (Financial due diligence); Anne-Valerie Attias, Marc-Olivier Roux, Anna-Christina Chaves (Tax).
Vendor - Rothschild, Richard Thil, Romain Nourtier (M&A); Crédit Suisse, Olivier Barret, Philippe Cerf, Laurence Haddad (M&A); White & Case, Vincent Morin, Franck de Vita (Legal); LEK, Serge Hovsepian, Arnaud Sergent, Gianluigi Indino (Commercial due diligence); 8 Advisory, Pascal Raidron, Christophe Puissegur (Financial due diligence); URS, Julie de Valence, Bertille Crichton (Environmental due diligence); Marsh, Jean-Marie Dargaignaratz (Insurance due diligence).
Management - Sarrau Thomas Couderc, David de Pariente, Anne-Sophie Hebras (Legal).

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• IK Investment Partners
• 3i
• Secondary buyout
• Société Générale Securities Services
• CIC