I&F-backed Claire-Sainte-Lizaigne acquires Fast

Claire-Sainte-Lizaigne became the sole shareholder of Fast, whose management team invested in the new parent's holding company, Claire – as has been the case for all management teams of Claire's previous bolt-ons, the GP stated. The acquisition was financed by way of a capital increase provided by I&F, and included no debt.

This marks the first acquisition of a foreign company for the group. With the acquisition of Fast, which produces sensors and equipment aimed at detecting leaks in water networks, Claire-Sainte-Lizaigne will expand its array of products and open up to the international market (Fast services around 30 countries worldwide).

While the bolt-on is not the most significant one in terms of deal value, it is the most strategic, the GP claimed. It expects the "Made in Germany" quality of Fast to add significant value to the group's reputation.

In 2015, the bolt-on of Hydromeca – the most significant acquisition in terms of value, and leveraged at 50% – enabled the company to grow significantly, raising its turnover to €15m.

Since entering the group in 2012, I&F has been implementing an active buy-and-build strategy, acquiring VV Electronic in 2014; Hydromeca, DLC, Mennesson, and HB Equipements in 2015; and UDS in March this year, self-financed by the group.

Fast is the second bolt-on acquisition made by the group this year. The combined acquisitions of Fast and UDS have together added a total of €6m to the company's turnover.

Previous funding
Since 2012, I&F has been a majority shareholder in Claire-Sainte-Lizaigne, previously a spinout of Veolia. It entered the company with the intention of implementing a buy-and-build strategy. The group's director and executive team invested as minority shareholders in holding group Claire. The transaction included senior debt provided by CIC, BNP Paribas and Banque Populaire.

Company
Based in Germany, Fast is specialised in sensors and equipment that can detect leaks in water networks. It mostly operates in the B2B sector, in Germany and internationally in around 30 countries. 

Claire is the holding company of Sainte-Lizaigne, which was the first acquisition made by the group. Created in 1900 and acquired by I&F in 2012, Claire-Sainte-Lizaigne builds and connects water networks and water meters. Clients include large companies including Veolia, Saur and Lyonnaises des Eaux-Energie. It currently has a €50m turnover and 180 employees.

People
Industries & Finances Partenaires – Sophie Pourquéry (associate director); Thibaut Penhoat (analyst).

Advisers
Equity – Victanis, Yves Rommel (commercial due diligence); King & Wood Mallesons, David Diamant, Félicien Bardsley (legal); EY, Oliver Hein (legal).
Vendor – RBB Partners, Tobias Vells (legal); EY, Eric Brucker, Aurelie Denonnin (legal, tax, environmental due diligence); Jean-François Nadaud, Andreas Frisch (financial due diligence).

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• Topics
• Expansion
• France
• DACH
• Industrials
• France
• Germany
• Build-up