Silverfleet buys Coventya from Equistone

The fresh capital will allow the company to expand in the US and in emerging markets, as well as to invest in environment-friendly technologies. According to a statement, Silverfleet intends to support Coventya in making further bolt-on acquisitions.

As part of the deal, Silverfleet's Alexandre Lefebvre, Maïré Deslandes, Jean Châtillon and Vincent Clément will join the management board.

Coventya is the second investment for Silverfleet's second fund, Silverfleet Capital Partners II. The vehicle reached a final close on €870m in June 2015, exceeding its €700m target.

Debt
Financing for the transaction has been provided by KBC, CIC and Euromezzanine.

Previous investment
Equistone acquired a majority stake in an SBO in July 2011 and boosted the company's expansion in India, Korea and Singapore.

In October 2006, Natexis Industrie acquired the company in an SBO from Quadriga Capital. The latter had bought a minority stake in November 2000.

Company
Headquartered in Paris and founded in 1927, Conventya develops and supplies speciality chemicals for metal and plastic surface finishing for several sectors, including the automotive, luxury and consumer goods, construction, aviation and oil and gas industries.

The company employs 570 people and has 11 production sites in Europe, the US and Asia. It generated a turnover of €124m in 2015.

People
Silverfleet Capital - Alexandre Lefebvre (partner).
Equistone Partners Europe - Guillaume Jacqueau (managing partner).
Coventya - Thomas Costa (CEO).

Adviser
Equity - Natexis Partners (corporate finance); Latham & Watkins (legal); Advancy (commercial due diligence); PwC (financial due diligence, tax).
Vendor - HSBC (corporate finance); Lazard (debt); Linklaters (legal); Estin & Co. (commercial due diligence); 8 Advisory (financial due diligence); PwC (tax); URS / AECOM (environmental due diligence).
Management - Banque Privée 1818 (corporate finance); Scotto & Associés (legal).
Debt - Allen & Overy (legal).

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