REFLEX CES has announced its secondary LBO backed by CM Equity and Definvest (BPI France)

July 2022 — Crédit Mutuel Equity and Definvest have jointly acquired a partial stake in REFLEX CES, a French designer and manufacturer of high-speed boards and rugged system solutions based on high-density FPGAs and embedded processors for the defense, cybersecurity and other industries.

REFLEX CES started its activities of designing and manufacturing high-speed boards and rugged system solutions based on high-density FPGAs and embedded processors in 2000. The company is recognized today as an expert in the design and manufacture of complex electronic systems based on embedded electronics boards and systems for the aerospace and defense markets. REFLEX CES provides standardized on-the-shelf as well as partially and fully custom-made products.

This transaction pursues two main goals: offer an exit to MBO&Co, and the need to find a new PE partner alongside the company’s management to ensure the ongoing development, notably through acquisition projects.

Our role in the transaction

Oaklins’ aerospace & defense team in France assisted the company’s management and MBO&Co throughout the sale process. The team successfully secured the equity funding with these two funds. In the meantime, Oaklins also secured the bank loan funding, brought by a consortium of four banks and completed by a private-debt investor, thus confirming its expertise in both equity raising and debt financing.