Ardian’s Trescal bolts on Primo

The takeover will see Trescal incorporate Primo's 35 employees and €7m in annual sales.

Primo's three co-founders, Pierre Tétrault, Michele Sardella and Tony Antonitti, will stay at the helm of the business.

The add-on, supported financially by Ardian, is Trescal's first in Canada and its 14th worldwide since the GP became a majority shareholder in June 2013. The acquisition will help strengthen the company's foothold in North America, where it is present following purchases including Silicon Valley-based SE Laboratories, acquired in October 2013.

Over the last few years, North America has become a key market in Trescal's expansion. In 2014, the calibration specialist was very active in buying out US competitors such as Instrument Calibration Services and Test Equipment Repair Corporation, Master Metrology and Calibration Solutions, acquired in April, July and October, respectively.

In addition, 2014 saw the company target European markets too, with the bolt-ons of Gefran's calibration and certification services in Italy and Siemsa and Tecnalia in Spain.

Previous funding
According to unquote" data, Trescal first came under private equity ownership in December 2007, when Astorg Partners drew equity from its €300m third fund to carve it out from corporate Air Liquide. The spin-off involved Ardian, which supported it with a mezzanine package.

In October 2010, listed player 3i and buyout house TCR Capital came together to acquire the asset from Astorg. The SBO, valuing Trescal at €110m, saw 3i secure a majority stake, while TCR invested from its €161m third fund in return for a minority interest; the management retained a 20% holding.

After backing Trescal's entry into the US market by adding on Dynamic Technology in 2011, 3i and TCR offloaded the asset to Ardian in June 2013. The second SBO valued the company at €250m and led to Ardian controlling a 82% stake, with the management holding the balance. Meanwhile, 3i reported €71m in proceeds from its sale, a 2x multiple on its original €36m investment.

Company
Founded in 1987, Primo supplies test and measurement tools. With headquarters in Montréal, Canada, the company employs 35 staff and targets aerospace and automotive clients. It most recently posted €7m in turnover.

Trescal provides calibration, verification and maintenance services to 29,000 clients within the aerospace, automotive, defence and power industries. With headquarters in Rungis, outside Paris, the company employs 2,150 people across 20 countries and most recently generated €212m in pro-forma sales.

People
Ardian – Thibault Basquin (managing director); Yann Bak (managing director); Arnaud Tardan (senior investment manager); Edouard Level (investment manager).
Trescal – Olivier Delrieu; Guillaume Caroit; Léonard de La Hosseraye.

Advisers
Equity – Beara Merger, Jean-Daniel Leclair (M&A); Deloitte, Alexandre Baril (Financial due diligence); Gowlings, Daniel Lacelle (Tax, legal).

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• Topics
• Expansion
• Support services
• France
• France
• Acquisition finance
• Ardian (formerly Axa PE)
• Build-up