Advention acts as strategic advisor on deal involving TCR Capital
Mr Jean-Christophe Blot (Blot), former president of Husqvarna France SAS, acquired Generale d'etancheite et de couverture Ile de France (GEC), the France based company engaged in building waterproofing works specialist, in a management buy-in transaction, backed by TCR Capital, the France based private equity firm, from Philippe Meslage, the France based private investor having, for an undisclosed consideration.
Under the terms of the agreement, TCR will secure 55% in the transaction. TCR raised fund through its France Transmission 1 fund via equity tickets of around EUR 6m. The senior debt funding was raised from banks representing 50% of the acquisition price. GEC generated revenue of EUR 15.5m for the year ended 2012, and has a workforce of 48 employees.
Post acquisition, Philippe Meslage, founder of GEC and will retain its position as president for the next 18 months, until Blot takes over the role. TCR and Blot plans to expand GEC by increasing its offering of services and entering into new segments of the market.
Societex Corporate Finance press release, December 2013 (French)
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