The management team of ACCES INDUSTRIE has completed an MBO for US$115 million. The team, together with Parquest Capital and two other private equity funds, Irdi Soridec Gestion and CM-CIC Investissement, have acquired Butler Capital Partners (BCP)'s majority stake in the company. ACCES INDUSTRIE has also completed a restructuring of its senior debt.
Parquest Capital invests in French mid-size companies and focuses on long-term growth projects both in France and abroad, together with management teams. Parquest Capital's strategy is to build an effective, strong and trustworthy partnership with its portfolio companies focusing on three sectors: B2B services, consumer goods/retail and healthcare.
Founded in 1991, BCP is an independent French private equity fund specialized in backing change and transformation. The firm invests in turnarounds, underperforming companies, complex situations and companies seeking cash to support their growth strategy.
ACCES INDUSTRIE rents out aerial work platforms, mast lifts with and without caterpillar tracks, scissor lifts, telescopic handlers, telescopic aerial booms, and articulated aerial booms. The company provides additional services such as logistics, technical assistance, maintenance and repair services, on-site delivery and collection. The group is the third player in France with a network of 29 agencies located around the country.
Oaklins' team in France advised the management team on their reinvestment in the company alongside with private equity funds. The team negotiated the deal value with the majority shareholder, raised funds from private equity funds and found the best partners who understood the strategy and future development of the company. The French team also advised on the refinancing of the company's senior debt, negotiating a US$73 million bullet loan with private debt funds Idinvest Partners and Artemid.
Eric Lacombe, Chairman of ACCES INDUSTRIE, said: "Oaklins' French team did a terrific job identifying investors and presenting a complex project. As a consequence, this transaction has been a tremendous success and has initiated a new cycle of growth for the group."
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