Trescal (France) - Dec 2007

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01 December 2007

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Astorg Partners has backed the management buyout of calibration and measurement services specialist Trescal from parent company Air Liquide. The vendor mandated Arjil, which previously managed the sales of Séchilienne to Apax Partners SA and Usifroid to its management, to conduct the sale process. Compagnie Financière du Crédit Mutuel and AXA Mezzanine provided senior and mezzanine debt, respectively.

Company

Headquartered in Rungis, Trescal provides calibration, equipment management and IT solutions to 15,000 clients in the telecommunications, automotive, defence, electronics, aerospace, energy, medical and chemical sectors. The firm has 30 laboratories in France, Germany, Denmark, Spain, Italy, the Netherlands and Sweden, and anticipates sales of €72m in 2007. Following the carveout, the first priority will be to homogenise the business, especially by focusing on overhauling IT systems. The ensuing growth strategy notably involves acquisitions of small local competitors with one or two laboratories, in complementary fields. The group employs 700 staff.

People

Xavier Moreno, Pascal Noguera and Jean-Hubert Vial worked on the deal for Astorg Partners. Eric Gaulier and Cécile Levi arranged the debt for Compagnie Financière du Crédit Mutuel and Axa Mezzanine. Olivier Delrieu is Trescal’s CEO.

Advisers

Debt - Dechert LLP, Stephan Alamowitch (Legal)Equity - Aon Mergers and Acquisitions Group, Patrick Rouit, Stéphanie Dufour (Insurance Due Diligence)Equity - Arsène, David Chaumontet, Denis Andres (Other Due Diligence)Equity - Ayache Salama & Associés, Alain Lévy, Alexandre Tron, Gwenaëlle de Kerviler, Olivier Tordjman (Legal)Equity - Capstan, Fabienne Arrighi, Jean-Michel Mir (Legal)Equity - Créative Value, Bruno Gonnet, Gilles Chasson (Other Due Diligence)Equity - Deloitte, Alberto Sillero, Sébastien Friedrich, Vincent Battle (Financial Due Diligence)Equity - Estin & Co, Armand Wiedemann-Goiran, Christophe Moret (Other Due Diligence)Equity - TAJ, Arnaud Saint-Raymond, Jean-Victor Prévost, Raphaël Buisson, Véronique Beal (Other Due Diligence)Equity - Wagram Corporate Finance, Paul Le Clerc, Stéphane Préfol (Corporate Finance)Management - White & Case, François Leloup, Pauline Crouzillat (Legal)Vendor - Arjil Associés, Christophe Morvan , Guillaume Piette, Henri Bouvatier, Paolo Tartaglia (Corporate Finance)Vendor - Dechert LLP, Alain Decombe, Ermine Bolot-Massé, Jean-Philippe Garrigue (Legal)Vendor - Grant Thornton, Cyril Sultan, Thierry Dartus (Other Due Diligence)