Ardian sells Serma Group back to Chequers

Management has retained a majority stake in Serma.

Chequers has bought back the business, having previously owned a stake in it between 2011-2015.

A source familiar with the situation dislcosed the buyout is lightly leveraged. Debt for the transaction was provided by a syndicate of banks including Crédit Agricole CIB, Crédit Agricole Nord Midi Pyrénées, Crédit Agricole Aquitaine, CIC, CIC Sud-Ouest, CM-CIC Private Debt, BNP Paribas, BNP Paribas European SME Debt Fund, Neuflize OBC.

Since Ardian acquired its stake in April 2015, the business has grown organically via the creation of its new business line in 2016, Safety and Security, and through two acquisitions: Opale Security, a company based in Rennes specialising in cybersecurity (September 2016), and Aw2S, a Bordeaux-based company specialising in radio frequency engineering.

Previous funding
Alter Finance and Seventure initially backed the company in 2000. MBO Partenaires took over in 2007, with CM-CIC Investissement providing debt for the transaction.

Subsequently, Chequers backed business in 2011, replacing MBO Partenaires and investing alongside management, who acquired a majority stake. The market capitalisation of the company stood at €54m at the time.

Finally, in 2015, Ardian acquired a stake in Serma, with management retaining a 57% stake. Ardian had invested in the business in 2015 via its Axa Expansion II vehicle. The fund typically invests in companies with an enterprise value of between €30-100m.

Debt for the transaction was provided by a bank syndicate including CIC, Crédit Agricole Aquitaine and Nord Midi-Pyrénées, CIC Private Debt, BNP Paribas, Neuflize OBC and Banque Populaire Aquitaine Centre Atlantique.

Company
Founded in 1991 and based in Pessac, Serma designs and manufactures electronic technology for companies operating in the aerospace, space, automotive, transport, energy and healthcare sectors.

Serma focuses on four main business lines: technological expertise, systems security, embedded systems engineering, and the design and development of specific components (with an in-house ceramic assembly unit). The company employs 900 staff and generates a turnover of just less than €100m. It operates 10 industrial sites in France and Germany.

People
Serma Group – Philippe Berlié (CEO).
Ardian – Arnaud Dufer (managing director & head of Ardian Expansion France).
Chequers Capital – Aurélien Klein (director).

Advisers
Equity – Hogan Lovells, Stéphane Huten, Arnaud Deparday (legal); CMI, Nicolas Kandel, Romain Girard (commercial due diligence); 8 Advisory, Christian Berling, Dimitri Cromback (corporate finance).
Vendor – McDermott Will & Emery, Grégoire Andrieux, Diana Hund (legal).
Company – Apollo, Florence Savouré, Laura Smyrliadis, Delphine Dillemann (legal); SCP Chepeau Lumeau & Associés, Frédérique Lumeau (legal).

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• Topics
• Buyouts
• Exits
• France
• Technology
• France
• Ardian (formerly Axa PE)
• Chequers Capital
• Secondary buyout