Activa Capital, Bpifrance exit Nexeya

Activa Capital and Bpifrance have sold their stakes in Nexeya back to the company’s management, which will have a 75 percent stake. Financial terms of the transaction, which were backed by Capzanine and BNP Developpement, were not announced. Nexeya, of Paris, design, makes and supports embedded, stand-alone and ground equipment products, integrated systems and system support services for air, land, naval and joint task forces.



Paris, 18 July 2017 – In the context of a reorganisation of Nexeya’s capital structure, Activa Capital and Bpifrance have sold their stakes in Nexeya, a French group specialised in the design and manufacture of mission-critical electronic systems for major industrial companies primarily in the defence, aeronautics, space, energy, railway and automotive sectors. After having substantially reinvested, Nexeya’s management now holds a majority stake in the group.

The operation, led par Nexeya managers Jean-Yves Rivière, Philippe Gautier, and Jérôme Giraud, gives the group’s management a 75% majority stake in the company. The management team plans to accelerate the company’s development by product innovation and international expansion.

Established in 1997, Nexeya works with large French and other industrial groups such as Airbus, CEA, Comac/Avic, CNES, Naval Group, DGA, Safran, and Thales, providing them with high criticality products and high value-added products in the areas of test, power conversion, mission management systems, and equipment for space systems. Nexeya was recently chosen by France’s national space agency, the Centre National d’Etudes Spatiales (CNES), as a partner in creating a national nanosatellite ecosystem for satellites weighing less than 50 kilos.

With a presence in Germany, Canada, China, Morocco, and Singapore and a staff of 900, Nexeya posted a turnover of €132 million in 2015/2016, with an operating profit of €8.7 million for the same period.

In 2013 Activa Capital and Bpifrance joined Nexeya’s management in a takeover bid for the company, which was followed the next year by a delisting from the Euronext stock exchange. The management then refocused the company on its core business, reorganised by business lines, and expanded the company’s international presence through targeted acquisitions. Within four years, the company’s scope had changed considerably, thanks to two external growth operations carried out in Canada (Cabletest, acquired in January 2015), and in Germany (Techsat, acquired in November 2015) as well as the sale of two non-strategic subsidiaries.

“This reconfiguration of Nexeya’s capital gives a larger stake in the company to the managers who have been key in successfully accelerating our development in foreign markets and strengthening our own product offering,” said Jean-Yves Rivière, President of the Supervisory Board of Nexeya.

“We are pleased to support Nexeya’s management in this takeover and to contribute to a new phase of the company’s development,” added Delphine Larrandaburu, Director of Equity Interests for BNP Développement

“Having been with Nexeya since the IPO in 2013, we were delighted to provide the uni-tranche of debt that allowed the management to become majority stakeholders,” said Bruno Bonnin, Director at Capzanine. “In addition, we have created a financing line for future external growth operations that will allow the company to accelerate its development on targeted markets.”

“We are very pleased with the progress made since we invested in Nexeya in 2013,” Christophe Parier, Partner at Activa Capital, and Luc Heinrich, Managing Director, Mid Caps, at Bpifrance, said. “Today Nexeya enjoys a recognised expertise in a number of highly promising technological niche areas. The company will be able to capitalise on its experience and its product portfolio to further expand to new geographical markets.”

Participants Sellers Activa Capital: Christophe Parier, Benjamin Moreau, David Quatrepoint Bpifrance: Luc Heinrich, Alexis Guinard Legal advisors: Mayer Brown (Olivier Aubouin, Marine Ollive), Ayache Salama (David Ayache, Grégoire Zeitoun) Management Nexeya: Jean-Yves Rivière, Philippe Gautier, Jérôme Giraud Conseil Management: Edmond de Rothschild Corporate Finance, Adviso Partners (Marc Lebrun) Legal advisors: Orrick Rambaud Martel (Jean-Michel Leprêtre) Financial investors BNP Paribas Développement: Delphine Larrandaburu, Jean-Charles Moulin, Sophie Hemond Legal advisors: Cristian Rawlins, Duteil Avocats Unitranche Capzanine: Laurent Bénard, Bruno Bonnin, Emmanuel Fournial Legal advisors: Goodwin (Adrien Paturaud, Laurent Bonnet)