Equistone Partners in negotiations to buy Sateco from Naxicap Partners

Equistone Partners Europe said June 28 that it entered into exclusive negotiations to buy Sateco from Naxicap Partners. Financial terms weren’t announced. Sateco makes and distributes metal formwork equipment for concrete forming and safety platforms on construction sites.


Equistone Partners Europe enters into exclusive negotiations with Naxicap Partners for the acquisition of Sateco

Paris, 28 June 2019 – Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity investors, today announces it has entered into exclusive negotiations with Naxicap Partners for the acquisition of Sateco, a specialist in the manufacturing and distribution of metal formwork equipment for concrete forming and safety platforms on construction sites.

Founded in 1953 and specialising in the sale of formworks, Sateco is today a key player in the construction industry and has successfully diversified a clientele historically composed of local SMEs to include mid-sized businesses nationally and large construction companies. With 235 employees and a turnover of 68 million euros in 2018, Sateco’s offering also includes the sale of second-hand equipment, equipment rental and maintenance and user training.

Arnaud Thomas and Thierry Lardinois, Partners at Equistone, commented: “We were impressed by the commitment and work ethic of Sateco’s management team, which have helped the company to maintain its leading position in the safety platforms market and to establish its competitive position in the metal formworks market. Thanks to a policy of constant innovation and high-quality service, in recent years Sateco has risen from second to first place in the sector in France.”

François Guilloteau, Sateco’s CEO, and Benoît Sabourin and Patrick Micheneau, his two deputy CEOs, added: “After a fruitful collaboration with the team at Naxicap Partners, we are pleased to be partnering with Equistone. With their support and experience, we intend to continue pursuing theexternal growth strategy we initiated in 2018 with the acquisition of HK Services in Switzerland, in order to diversify our activity and accelerate our international development.”

The completion of the deal remains subject to clearance from the relevant authorities.

This announcement follows Equistone reaching an agreement to acquire Vulcain Ingénierie group, announced on 24 June 2019.

 Sellers:
o Naxicap Partners (Luc Bertholat, Cyriaque Viaud)

 Sell-side advisors:
o M&A / Financing: Natixis Partners (Bruno Stern, Jérôme Vivien, Simon Le Guillou, Guillaume Decombe / Philippe Charbonnier, Virginie Gasnier)
o Finance: PwC (Arnaud Thibésart, Didier Sidois, Julien Sauvard)
o Legal M&A: Hogan Lovells (Stéphane Huten, Arnaud Deparday)
o Legal / tax / social: PwC Société d’Avocats (Jacques Darbois, Olga Rudeanu / Maxence Colcombet / Franck Maréchal)
o Strategic / ESG: Indefi (Julien Berger, Matthias Burn / Emmanuel Parmentier, Maxence Lavolle)

 Investors:
o Equistone Partners Europe (Arnaud Thomas, Thierry Lardinois, Caroline Pinton)

 Investor advisors:
o M&A: DC Advisory (Alexis Matheron)
o Finance: E&Y (Laurent Majubert, Marion Lassus-Pigat, Maxime Prat Antoine Leservoisier)
o Legal & Social: Goodwin (Thomas Maitrejean, Chloé Vu Thien, Crina Gealatu)
o Tax: Goodwin (Charles-Henri de Gouvion Saint Cyr) and Arsene taxand (Denis Andres, Vincent Briand)
o Strategic: LEK (Serge Hovsepian, David Danon-Boileau, Ronan Bourgain)
o Environment: Ramboll (Bertrand Latrobe)
o Financing: Marlborough Partners (Philippe de Courrèges, Romain Cattet)
o Antitrust: Joffe & Associés (Olivier Cavézian)

 Management advisors:
o Lawyer: Scotto & Associés (Franck Vacher)