A group of investors led by Siparex has offered to buy Groupe CEBTP alongside management with CEO Philippe Margarit. The approval of the sale by the French competition authorities is expected in 3Q 2013. Siparex put together an investor pool with Cathay Capital, Bpifrance Investissement and BNP Paribas Développement for purchasing all the capital of Groupe CEBTP from the Dutch group, Grontmij. The transaction is also partly financed by mezzanine debt, arranged by Idinvest Partners.
A group of investors led by Siparex has offered to buy Groupe CEBTP (French Monitoring and Testing business in building and public works) alongside management with CEO Philippe Margarit. The approval of the sale by the French competition authorities is expected in 3Q 2013. Siparex put together an investor pool with Cathay Capital, Bpifrance Investissement et BNP Paribas Développement for purchasing all the capital of Groupe CEBTP from the Dutch group, Grontmij (listed on Euronext Amsterdam). The transaction is also partly financed by a mezzanine debt, arranged by Idinvest Partners.
CEBTP, specific expertise
Set up in 1933, CEBTP, based in Elancourt (78), is the French leader in technical and scientific expertise for the construction sector. They examine all phases of the life cycle of buildings and infrastructures with cutting-edge know-how in soil and building materials analysis. The group comprises 40 sites (France, Guyana, the Caribbean, Pacific and North Africa) and some 1,000 employees including 450 engineers. It posted annual sales of €109.5 million in 2012.
CEBTP is a recognized major player in twenty fields covering three large service areas: Geotechnical soil analysis (55% of sales), Monitoring, Testing and Certification (22% of sales), Diagnostics and structure and materials analysis (17% of sales), as well as ancillary services such as demolition engineering, publishing and training for expert analysts.
The group has worked on several emblematic projects (Futuroscope, Grand Paris, the Arc de Triomphe, the Pont de Normandie, British Parliament, Peugeot factories, the Tricastin power plant, etc.) and for top-ranking private and public clients (APRR, Bouygues, Vinci, RFF, City of Paris, EDF etc).
An ambitious corporate project
Part of the Grontmij group since 2010, CEBTP has developed via acquisitions (7 since 1997) and organic growth (larger geographic spread and diversification of services).
This transaction will speed up group’s international expansion and spur development via acquisitions to build up its services offering, mainly in building materials diagnostics.
Investment strategy focused on intermediate-sized companies
Siparex partners mid-market leaders with recognized know-how. The new fund Siparex MidMarket 3, which finances growth capital and LBO operations for independent, growing intermediate-sized companies, will make its second investment after taking an equity stake in the Malherbe group in early 2013. This fund continues the momentum begun by the €150 million Siparex MidMarket 2 fund, which invested in 15 companies including the Ausy, Lacroix Emballages and Sicame groups.
Philippe Margarit, General Manager of CEBTP: “The investor pool led by Siparex is motivated by our firm command of the techniques and methods used in our business, our solid organization and our strong commitment to develop all the areas of expertise that participate today in the quality of existing and future buildings. The investors, along with company management, demonstrate a reliable, ambitious and airtight project that will ensure the group’s strength and development. This investment will help CEBTP to become totally independent, a determining factor for continuing to serve all its clients and initiate the right moves to boost its development.”
Bertrand Rambaud, CEO of Siparex Group: “Our investment strategy on the midcap market focuses on recognized leaders with sound financial performance, unique expertise, and strong growth perspective. CEBTP, as the undisputed leader in the expertise and studies market for the building material and geotechnical studies, fully meets these criteria. We are truly convinced that the independence of the company is a great opportunity for its experienced and motivated management team to implement an ambitious business plan. Siparex, alongside Bpifrance Investissement, Cathay Capital and BNP Paribas Développement, will play a key role to support the management team in its strategy to further develop the business, in France and internationally.”
Siparex: Bertrand Rambaud, Florent Lauzet, Guillaume Rebaudet, Henri Dumas-Marze Cathay Capital: Fabien Wesse, Yujuan Liu
Bpifrance Investissement: Arnaud Legardeur, Ronan Lefort BNP Paribas Développement: Patrice Vandenbossche, Julien Marronnier
BNP Paribas: Virginie Gasnier, Bruno Bondoux Banque Palatine: Eric Lozé, Alexis Nef Crédit Mutuel Nord Europe: Philippe Amouriaux
Mezzanine debt Idinvest: François Lacoste, Maxime de Roquette Buisson
Cabinet Depardieu Brocas Mattei (legal advising): Jean-François Pourdieu, Matthieu Candia Ernst&Young (financial DD): Emmanuel Picard, Christophe Lehujeur, Christophe Ringuier, Violaine Thery Ernst&Young (market due diligence): Gilles Chasson, Ambroise de Sainte-Foy
Marsh (insurance due diligence): Humbert d’Autichamp Seller’s advisors
Rothschild et Compagnie (Transaction R): Laurent Buiatti, Fabien Lenoir, Philippe Dubois de Montreynaud, Amaury Blanloeil Cabinet Jeantet & Associés (legal advising): Yvon Dreano, Anne Toupenay KPMG (VDD): Olivier Boumendil, Emmanuel Ducrocq
Siparex: Priscille Clément – +33-1 5393 0427 – +33-6 1480 7522 – email@example.com
The Siparex Group, founded 35 years ago, is the leading French independent private equity specialist operating in SMEs, with assets under management of more than €1 billion, spread over mid-market Growth Capital/LBO financing and Regional and Innovation capital to fund regional, technological and innovative companies. In addition it offers advisor services in emerging countries.
Siparex is active throughout France from bases in Paris, Lyon, Besançon, Lille, Nantes and Strasbourg. The Group also operates in Madrid and Milano. For further information: www.siparex.com
About Cathay Capital
Cathay Capital Private Equity is an entrepreneurial fund for entrepreneurs founded by Mingpo Cai and Edouard Moinet in 2006, the first independent Franco-Chinese investment company approved by the AMF. Cathay Capital is the leading Franco-Chinese investment company funding SMEs. The company offers its service capacities to companies that it partners in their international development, particularly between France and China. Mingpo Cai and Edouard Moinet run a bicultural team of 30 people in France and China, operating as a bridge of trust between entrepreneurs in both countries. After a first €70 million venture capital fund invested in 18 companies, Cathay Capital now invests through its second fund and the Franco-Chinese SME Fund, with over €450 million in assets under management: www.cathay.fr
Set up under the law dated 31 December 2012, bpifrance is the public-sector investment bank generated from the alliance of OSEO, FSI, CDC Entreprises and FSI Régions. The two shareholders are the French Government and the Caisse des Dépôts. Its mission is to guarantee funding, cash and equity for SMEs and intermediate-sized companies, as well as larger companies of strategic importance for the French economy. It is a unique financing and investment partner for entrepreneurs in every region, accompanying companies and boosting innovation, exports and external growth.
About BNP Paribas Développement
BNP Paribas Développement is one of the main French players on the private equity market, accompanying companies in the long term via equity funding as a minority shareholder (strategic and financial partnering). For over 25 years, BNP Paribas Développement has funded more than 1,000 companies and today partners more than 330 SMEs in France with an investment portfolio of some €500 million.