Julhiet Sterwen is boosting its growth with Argos Wityu while remaining faithful to its Consulting for Good commitment.

Julhiet Sterwen is boosting its growth with Argos Wityu while remaining faithful to its Consulting for Good commitment.

29/09/2021 – Press release

Paris (France), 29 September 2021 – Julhiet Sterwen is entering a new phase in its development and welcomes European investment fund Argos Wityu into its capital, with plans to pursue sustainable growth and embody the principles of “Consulting for Good”. This is the second investment carried out by the Argos VIII fund.

Formed from the merger between Bernard Julhiet and SterWen Consulting six years ago, Julhiet Sterwen has increased its turnover by more than 60%, significantly outperforming market growth. The company puts as much emphasis on the human aspect as it does on the organisation and business development, and its consistent performance, resilient amid the Covid-19 crisis, has validated its integrated approach. For 2021, Julhiet Sterwen projects full-year revenue of nearly €70m, representing year-on-year growth of more than 15%.

This performance also reflects the underlying values and principles of Julhiet Sterwen’s commitment to Consulting for Good. Through managerial and organisational innovation, the focus on people and investment in research, Julhiet Sterwen aims to have a positive, systematic impact.

Julhiet Sterwen has had an entrepreneurial dimension since its founding and attaches great importance to sharing value. Over the last few years, many employees have become shareholders through a variety of initiatives, including the innovative Share Shares programme, under which the founders donate shares to employees. Argos Wityu’s belief in employee share ownership is equally strong, and its investment in Julhiet Sterwen is an opportunity to take this initiative even further.

With the help of Argos Wityu, Julhiet Sterwen aims to step up its development in France and the rest of Europe through a programme of organic growth and acquisition.

Marc Sabatier, CEO of Julhiet Sterwen, said, “Our growth momentum and market recognition have prompted us to accelerate our organic growth as well as our growth through acquisition to regularly add additional expertise and value for our clients. In addition to the financial flexibility this partnership offers, the choice of Argos was a natural one, given the numerous success stories the fund has created for consulting firms in France and abroad. Argos has also been exemplary in terms of ESG, and this is right in line with the demands we have placed on ourselves through our Consulting for Good commitment.”

Thierry Auzias, Managing Director of Julhiet Sterwen, said, “Argos Wityu is a partner that shares our entrepreneurial values and favours sharing value with employees and managers. Argos’s entry into Julhiet Sterwen’s capital also aims to increase the proportion of employee shareholders in our share capital.”

Gilles Lorang, Partner at Argos Wityu, said, “In Marc Sabatier, Thierry Auzias and the rest of the Julhiet Sterwen team, we have found a consulting company with a unique market positioning that dovetails with the transformational needs now confronting organisations. Together we will seek to develop the strong growth potential, building on our sound base of common values. Our objective is to strengthen Julhiet Sterwen’s leadership position on these markets.”

Argos Wityu team: Gilles Lorang, Mario Giannattasio, Yasmine Karger, Marc Faucon

Advisers
Strategy: Neovian Partners (Patrick Richer, Annick Kervella, Arnaud François)
M&A: Invest Corporate Finance (Marc O’Neill, Stéphane du Périer, Faustine Jaudeau)
Tax: Arsene Taxand (Franck Chaminade, Valentine Roulin, Anthony Saubestre)
Auditing: KPMG (Olivier Boumendil, Sophie Bougerolle, Benoit Prigent)
ESG due diligence : PwC (Sylvain Lambert, François Thueux, Chloé Szpirglas, Laurène Georghiou)
Legal: McDermott Will & Emery (Bertrand Delafaye, Charline Boulenger, Louis Feuillée, Akiko Simar)
Legal (Julhiet Sterwen): VOLT Associés (Emmanuel Vergnaud, Stéphane Letranchant, Guilhem de Courson, Gontran Souweine)

Argos Wityu

Coralie Cornet
Director of Communications
ccc@argos.fund
+33 6 14 38 33 37

Julhiet Sterwen

Sébastien Rouichi-Gallot
sebastien@businesswsociety.com
+33 6 64 51 25 26

About Argos Wityu https://argos.wityu.fund Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Julhiet Sterwen https://www.julhiet-sterwen.com In the space of just a few years, Julhiet Sterwen has become a leader in transformation and innovation consulting. Julhiet Sterwen advises and supports organisations and helps them to adapt to the economic, digital and societal changes underway. The firm focuses on all four aspects of transformation: business model development, people support, digitalisation and agility. It draws on powerful R&D and a one-of-a-kind, seamless and integrated business model. Julhiet Sterwen’s areas of expertise cover strategy, the customer relationship and experience, operational performance, process digitalisation, data and cyber security, the transformation and digitalisation of functions such as HR, finance, risk, compliance and IT, support for executives and management committees, managerial and cultural transformation, training and digital learning, change management, the employee experience and psychometric testing, a market in which PerformanSe, a wholly-owned subsidiary of Julhiet Sterwen, is the leader in France. Julhiet Sterwen embraces “Consulting for Good” and assumes responsibility for generating a positive, sustainable impact in everything the firm undertakes.

Olinn, a European IT equipment management company, supported by Argos Wityu, is to acquire BPM (Bon Plan Micro), a company specialised in the reconditioning of IT system infrastructure.

Olinn, a European IT equipment management company, supported by Argos Wityu, is to acquire BPM (Bon Plan Micro), a company specialised in the reconditioning of IT system infrastructure.​

28/09/2021 – Press release

Puteaux (France), 28 September 2021 – Olinn, a company specialised in financing and equipment management solutions (sourcing, operating leases, equipment management, fleet management, reconditioning, recycling) in the IT, mobile telephone, vehicle and medical / industrial equipment sectors, is to acquire BPM, a specialist in the collection and recycling of IT servers. Olinn is an investment of the Argos VII fund.

BPM (Bon Plan Micro), managed by Franck Chuin and based in Villethierry since 2006, is known for its expertise in repurchasing IT servers and reselling spare parts, an activity that plays a key role in the circular economy. Owing to its technical expertise in maintaining IT system infrastructure, the company has more than 150,000 spare parts in stock and 27,000 SKUs, ensuring excellent response times and high-quality customer service.

Olinn currently has 200 employees, realises sales of €175m and manages more than €500m in assets across Europe. To strengthen local partnerships with its customers, Olinn has extended its geographical footprint to all of France and opened six European subsidiaries in Belgium, Luxembourg, Switzerland, Germany, Italy and Spain.

The acquisition dovetails with Olinn’s business development strategy and will enable the group to become a leader in complete IT equipment life-cycle management.

Franck Chuin, CEO of BPM, said, “As we are an historical partner of Olinn, the idea of joining forces was a natural one. The BPM team is pleased to join a group whose values are similar to ours, be it with respect to interpersonal relations or the quality of service to customers and suppliers. By combining our respective skills, we will quickly be able to offer new services to all of our customers.”

Stanislas Husson, partner at Olinn IT, said, “We are very pleased to welcome the BPM team to Olinn and are proud that our relationship as historical partners has evolved into a strong, strategic merger. This development will intensify synergies and enable our customers, suppliers and partners to benefit from our comprehensive skillset for the sustainable handling and recycling of servers and IT system infrastructure.

Karel Kroupa, Partner at Argos Wityu, concluded, “The merger between BPM and Olinn is right in line with the group’s business development strategy, as employed by Arnaud Deymier and his team. The group will now be able to use the expertise of the two companies to offer complementary services.

Argos Wityu team: Karel Kroupa, Thomas Ribéreau, Vincent Yacoub

List of advisers
Legal: August Debouzy (Julien Aucomte, Laure Bonin, Maxime Legourd, Sophie Faulcon)
Financial: Hoche & Associés (Catalyne Bouty)
Tax: Arsene (Charles Dalarun)

Argos Wityu

Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

About Argos Wityu https://argos.wityu.fund Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Olinn https://www.olinn.eu Headed by Arnaud Deymier, Olinn is a team of 200 employees, including 60 with disabilities. In 2020, the company generated sales of €175m. Olinn is present in seven European countries, with a network of 18 sites covering France, Switzerland, Belgium, Luxembourg, Germany, Italy and Spain. Nearly 4,500 customers now use Olinn’s comprehensive services. Every year, Olinn manages:

  • €500m in assets (IT, mobile, medical, industrial and vehicles) and more than €2bn in financed equipment,
  • 180,000 smartphones and 4,500 vehicles,
  • 250,000 IT devices reconditioned every year, avoiding 31m kg of greenhouse gas emissions.

Sword France, a company supported by Argos Wityu, becomes Coexya.

This change in identity dovetails with the company’s plans for ambitious growth aimed at strengthening the specialisation it has developed Europe-wide in information technologies.

14/09/2021 – Press release

Lyon (France), 14 September 2021 – Sword France, which became independent a year ago after 20 years as a member of the Sword Group, is now Coexya. This change in identity dovetails with the company’s plans for ambitious growth aimed at strengthening the specialisation it has developed Europe-wide in information technologies. Supported by Argos Wityu since 2020, Coexya is an investment held by the Argos VII fund.

Coexya supports its clients in their digital transformation by designing appropriate solutions at technology’s cutting edge. Its mission is to boost the potential of organisations by increasing the value of both their internal and external data so that it can be used in new ways. Between now and 2025, Coexya will develop along the following lines:

  • Strengthening its leadership position in its areas of expertise. Coexya is already a major player in France in six areas: customer experience, content & modern workplace, health, legal, location intelligence and smart data;
  • Pursuing organic growth. For each area of expertise, Coexya is developing its solutions with targeted software and is bringing the needed expertise to bear via an extended network of partners, start-ups and freelancers, depending on customer needs;
  • Acquisitions so as to strengthen its positioning in Europe.

To support this strategy, Coexya has a highly-focused organisation:

  • Small-scale centres of competence, with 30-70 individuals. The centres, focused on their area of expertise, strengthen knowledge sharing and cohesion within the team;
  • Local management ensures that employees receive personalised support in planning their career;
  • Leveraging collective intelligence through the extended Coexya network, thereby reaching beyond the knowledge of a single group;
  • CSR approach initiated in 2009.

Coexya is currently meeting the needs of more than 370 clients, 87% of which are French. These clients are private companies (with a strong presence in banking, insurance, legal and luxury goods) and public sector entities (government agencies, local authorities, healthcare, intellectual property and transport). Coexya benefits from a long-term commitment on the part of its clients: 65% of them have been with Coexya for more than 10 years.

Philippe Le Calvé, President of Coexya, said, “A year after becoming independent, we wish to step up our development to strengthen our leadership in our areas of specialisation and provide our clients with ever-more useful and wide-ranging solutions. Our identity change symbolises our ambition, which is to become a European group, while strengthening our domestic roots. Coexya’s management and employees are working hard on this project on a daily basis with our partners. Their skills, expertise and motivation make me confident that we will be successful in achieving our objective.”

“From the outset, we have been supporting the Coexya team in preparing for their independence and their ambitious growth plan. The objective is to provide their clients with complete solutions that meet their needs,” concluded Karel Kroupa, Managing Partner at Argos Wityu.

Argos Wityu team: Karel Kroupa, Simon Guichard and Antoine Forgeard

Argos Wityu

Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

Coexya
Antoinette Darpy
Agence toBnext
adarpy@tobnext.com                                     +33 6 72 95 07 92

 

About Argos Wityu

https://argos.wityu.fund

 

Argos Wityu is an independent private-equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has invested in more than 75 mid-sized companies (Enterprise Value ranging from €25M to €200M). Its majority ownership investments range between €10M and €100M. With €1Bn under management, the group develops a unique investment strategy focusing on business transformation and growth, instead of financial leverage, and on bringing solutions to complex business and shareholding situations. Its entrepreneurial approach is characterised by a close relationship with management teams and strong support to help them implement their strategic plans.

About Coexya

www.coexya.eu

Coexya has been an independent group since 1 October 2020, when its executives and operational managers acquired the French IT activities of the Sword Group with the support of European investment fund Argos Wityu. Sword Group was created in November 2000.

Coexya’s mission is to support organisations by developing new ways their employees and clients can use data. Coexya is active in six areas of expertise: customer experience, content & modern workplace, health, legal, location intelligence and smart data. Coexya serves more than 370 clients. In 2020, the company generated annual turnover of more than €60m. Coexya has approximately 680 employees based in Lyon, Paris and Rennes.

Argos Wityu has reached an agreement with the shareholders of Schenk Tanktransport to come on board as majority shareholder of the Dutch based logistic services provider for the transport of gases and liquids.

Their common objective is for Schenk to play an important role in the creation of a sustainable and future-proof logistics network by building on its leading ESG position in the Western European transportation market.

16/08/2021 – Press release

Papendrecht (The Netherlands), Brussels (Belgium) – 16th of August 2021 – Argos Wityu, a pan-European private equity fund has reached an agreement with Harry and Arjan Schenk to acquire a majority stake in the company that carries their name as its current shareholders. Via this investment, Argos will help the Schenk brothers to realize a stable shareholder and management transition for the company. The acquisition marks Argos’ first investment by Fund VIII and highlights the strong commitment Argos has towards ESG[1] in this Fund.

Since its inception in 1925 by the Schenk family, the company transformed from a sand and gravel transport company into a logistical partner specialized in complex gas and liquid logistical services. With Harry and Arjan Schenk, 3rd generation, taking over the leadership by the end of the 1980s, the company diversified away from a pure road transporter of fuels into a logistical service provider for industrial gases, LNG, chemicals, fuels, lubricants, LPG, bitumen, and liquid food products which require complex handling requirements. In doing so, the group has already anticipated and included in its strategy for a number of years an increasing importance of sustainability and can now claim a market leading position in this respect. Both Argos and the Schenk brothers have taken up a strong commitment to continue to build upon and further enforce Schenk’s position as an enabler of a sustainable logistical world.

Schenk, strategically located in the heart of the ARRRA[2] region, has grown to an organization employing more than 1.600 employees and generating over €200m in revenues. Out of its offices in The Netherlands, Belgium, Luxembourg and Germany, the company manages a dense network of last-mile connections serviced by a large fleet of 900 modern trucks and tank trailers, on top of providing intermodal services out of its Netherlands offices with its fleet of tank containers. Efficiency and outstanding quality has always been at the heart of Schenk’s services which has resulted in long-term customer relationships in all of its product segments.

Having successfully led the company for over 30 years, Harry and Arjan Schenk look forward to paving the way for a transition in a stable environment while continuing to grow the activity in current and new product segments and adding adjacent logistical services. Harry and Arjan have selected Argos Wityu for their experience in shareholder and management transitions in long-standing family businesses, their strong focus on ESG and to support the company in densifying its network organically and via an international buy-and-build program. They will retain a significant stake in the company and will continue in their roles as co-CEO to ensure continuity until a suitable successor has been identified. The transaction is still subject to the approval of the Dutch market authorities and the works council.

Harry Schenk, co-CEO and shareholder said:We are convinced that we found a strong partner in Argos Wityu to maintain our market leading position while continuing to shape the ongoing consolidation in the market. Both put us in a strong position for the current energy transition and associated investments. With the help of Argos, we also want to continue to invest in the sustainability of our fleet in the coming years and to continue to provide our customers with the service they are accustomed to. We are delighted to be able to take this new step in the history of our family business together with Argos Wityu, the management team and our employees.”

Maarten Meijssen, Partner at Argos Wityu added “We have the utmost respect for the company and organization that Harry and Arjan have developed together with the management team and all employees of Schenk. They have always kept their eyes on long term trends while putting in place an organization that serves their clients with the highest level of quality every day. We feel privileged and consider it a big responsibility to join Harry and Arjan in making a successful transition and will do everything to continue to confirm the strong reputation that Schenk has today. For Argos, this is a unique opportunity to invest in a sustainable future of logistics.”

Argos Wityu team: Gilles Mougenot, Maarten Meijssen, Arne Louwagie, Julie Wouters

Buyer advisors

Legal – Houthoff (Bram Caudri, Ivar Brouwer, Britt Oerlemans)

Financial – Deloitte Transaction Advisory (Corjan Kuip, Bart Beemster, Jens Noppe)

Pension – Deloitte (Frans Heijs, Stella Evers)

Commercial – Arthur D. Little (Martijn Eikelenboom, Marc de Pater)

Tax – JSA Tax (NL) (Ronald Braxhoofden, Ronald van de Merwe, Anne Joritsma) / Finvision (BE) (Philip Haagdorens, Alix Stockman, Aurélie Godschalx) / GKK Partners (DE) (Dr. Michael Hoheisel, Maren Röhr)

Insurance – Aon (Richard Stemerdink, Ingrid van Bussel)

Environmental – Tauw (Hans Nieuwenhuis, Monica Martens)

Seller advisors

Sellside M&A advisor – Nielen Schuman (Ernst Berger, Joost Moelker, Joyce van Luit, Oscar Crolla, Steve Nugteren, Joep Houf)

Financial – PwC (Robert du Burck, Michiel Semeijn, Mathieu Cantarella)

Legal – Loyens & Loeff (Harmen Holtrop, Rob Schrooten, Roos van den Berg)

Debt advisory – Nielen Schuman (Ger van der Linden)

[1] Environmental, Social and Governance

[2] Antwerp Rotterdam Rhein Ruhr Area

Contacts

Media : Cécile Hisette
+ 32 473 36 14 11
info@cecili-z.be

Argos Wityu
Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

Harry en Arjan Schenk
CEO Schenk Tanktransport
info_nl@schenk-tanktransport.eu
+31 78 6442 150 

 About Argos Wityu

https://argos.wityu.fund

 

Argos Wityu is an independent private-equity group with offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. Since its creation in 1989, the group has invested in more than 75 mid-sized companies (Enterprise Value ranging from €25M to €200M). Its majority ownership investments range between €10M and €100M. With €1Bn under management, the group develops a unique investment strategy focusing on business transformation and growth, instead of financial leverage, and on bringing solutions to complex business and shareholding situations. Its entrepreneurial approach is characterised by a close relationship with management teams and strong support to help them implement their strategic plans.

About Schenk Tanktransport

Schenk Tanktransport is a family-owned business with over 95 years of experience, active in logistics services of industrial gasses, LNG, chemicals, fuels, lubricants, LPG, bitumen and liquid food products. Its strong focus on quality, safety and efficiency has allowed Schenk to build strong relationships with key players in these segments and has grown to become the market leader in the Benelux. Schenk is a financially stable company that has experienced strong growth over the past 30 years under the leadership of Harry and Arjan Schenk, also driven by the successful expansion into new product segments such as industrial gasses and LNG. With activities in the Benelux and Germany, Schenk is active in the main European industrial regions for tank transport and intermodal transport with a leading position in the main ports of Europe.

Olinn, a European professional equipment management group backed by Argos Wityu, announces the acquisition of Rentys, a specialist in operational leasing based in Belgium.

Olinn, a European professional equipment management group backed by Argos Wityu, announces the acquisition of Rentys, a specialist in operational leasing based in Belgium.

18/01/2021 – Press release

This acquisition enables Olinn to become a leading provider of operational leasing in Belgium, with nearly 800 customers and 40 million euros of technological assets under management.

Neuilly-Sur-Seine, France, 18 January 2021 – Olinn, a specialist in equipment management and financing solutions (sourcing, operational leasing, stock management, fleet management, refurbishment, recycling) in the IT, mobile telephony, vehicle, medical equipment, and manufacturing sectors, announces the acquisition of Rentys, an independent leader in operational leasing based in Belgium.

Founded in 2001 by Christophe Maréchal, Rentys has enjoyed regular growth while expanding into IT operational leasing for the Private Business and Public Institution market and has already funded more than 150 million euros’ worth of technological equipment.

This acquisition is part of the Group’s development strategy and will turn Olinn into a leading provider of operational leasing in Belgium, with nearly 800 customers and 40 million euros of technological assets under management.

Olinn currently has 200 employees generating nearly €175m in turnover and managing more than €500m of assets in Europe. To build a closer partnership with its customers, Olinn has expanded its geographic coverage throughout France, and has added six European subsidiaries in Belgium, Luxembourg, Switzerland, Germany, Italy and Spain.

Arnaud Deymier, President of the Olinn Group: “With Rentys, the Olinn Group is gaining expertise that is unmatched in Belgium, as well as strong relationships with partners, customers and financial institutions. Combining our offerings and skills will allow us to sustain both companies’ activities, increase our visibility, and create the conditions for strong growth, thanks to our dynamic and dedicated team.”

Christophe Maréchal, CEO of Rentys: “We are very happy to be joining the Olinn Group. Combining our respective skills will allow us to quickly provide new solutions and new services to all our customers. Like many of our colleagues in Europe, we realised that we needed to enter a new phase to consolidate our position and continue our development. The idea of joining forces with Olinn arose naturally.”

Karel Kroupa, Managing Partner at Argos Wityu, concludes: « The combination of Rentys and Olinn is fully in line with the Group’s European development strategy as led by Arnaud Deymier and his teams. This will enable clients to benefit from the complementary offers and skills of the two companies. »

– – –

Argos Wityu team: Karel Kroupa, Thomas Ribéreau, Vincent Yacoub

List of advisors

Olinn advisors
Legal: August Debouzy (Julien Aucomte, Olivier Moriceau, Laure Khemiri, Leslie Ginape, Maxime Legourd), Deloitte (Werner Van Lembergen, Jean-Philippe de Vinck)
Financial: Deloitte (Hrisa Nacea, Thibault Guglieri, Charline Borsus, Davy Simonneau, Armelle Bosset)
Tax: Deloitte (Wim Eynatten, Mathieu Henderikx), Arsene (Franck Chaminade, Charles Dalarun)
M&A : Degroof Petercam (Frédéric Hébrard, Florent De Liedekerke)

Seller advisors
Legal: Koan Law (Pierre Willemart – Elisabeth Bousmar)
M&A et Financier : PWC (Xavier Suin – Rodrigue Platteau – Guillaume Desrues – Célestin François – Quentin Janssens)

Contact Argos Wityu
Coralie Cornet
Communications Director
ccc@argos.fund
+33 1 53 67 20 63

About Argos Wityu
argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Olinn
www.olinn.eu
Olinn, a European professional equipment management group, supports the development of companies and public bodies by thinking globally and sustainably.
Olinn remains involved during the entire life cycle of the equipment and offers solutions that incorporate sourcing, financing and associated services, including restoration and reconditioning.
With Olinn, companies combine performance with responsibility by choosing appropriate technology beachyspharmacy.com investment strategies rooted in a CSR approach.
With 200 employees, 60 of whom are disabled, the company generated revenues of €165m in 2019.
The group operates in 7 European countries with a network of 18 areas covering France, Switzerland, Belgium, Luxembourg, Germany, Italy and Spain.
Almost 4,500 customers currently use the group’s comprehensive services.
Each year, Olinn has:

  • €450m of assets (IT, Mobile, Medical, Industrial, and Vehicles) under management,
  • more than €2bn of equipment financed,
  • 180,000 smartphones under management
  • fleet of 4,500 vehicles
  • 250,000 items of IT equipment reconditioned annually, saving 31Mkg of greenhouse gases.

Mid-market Argos Index® 2nd quarter 2021

Mid-market Argos Index® 2nd quarter 2021

22/07/2021 – Press release

Acquisition prices of unlisted European SMEs continued to rise, reaching a new record high of 11.6x EBITDA, still supported by the prices paid by investment funds.

Paris (France) – 22 July 2021 – Argos Wityu, an independent European investment fund, and Epsilon Research, the online platform for the management of unlisted M&A transactions, today published the Mid-market Argos Index® for the second quarter of 2021. This index, launched in 2006, tracks the valuations of eurozone private, mid-market companies in which a majority stake has been acquired during the last six months.

Go to the Mid-market Argos Index® 2nd quarter 2021

Acquisition prices of unlisted European SMEs reached a new record high.

Median EV/EBITDA multiple, 6-mo. rolling basis – Source: Mid-market Argos Index® / Epsilon Research

At 11.6x EBITDA, the Argos Index® stood at a new record high for the third consecutive quarter. This steady rise came about because:

  • The multiples paid by investment funds continued to rise;
  • Transactions in the healthcare and technology sectors continued to account for 50% of those realised in the second quarter and were concluded at higher multiples than those of other sectors;
  • Macroeconomic conditions are favourable: the economic recovery, tied to increased vaccination in Europe, has been robust and rapid; governments, the European Union and the ECB have provided massive support to the economy.

 Multiples paid by investment funds reached a new high.

  • Multiples reached a new record high of 12.9x EBITDA, exceeding the highs of the two previous quarters and further widening the spread with multiples paid by strategic buyers, which stood at 10.7x EBITDA.
  • Four factors are driving this increase: i) rapid economic recovery, (ii) a record-high level of private-equity investment, iii) the low cost of acquisition debt, and (iv) stiff competition from strategic buyers on companies unaffected by the crisis.
  • As in the first quarter, funds showed more homogeneity than strategic buyers, in terms of both prices paid (standard deviation of 33% vs 48%) and the profiles of the companies acquired (high-quality companies relatively unaffected by the crisis).

Sharp first-half rise in number of transactions with multiples in excess of 15x EBITDA.

  • The share of transactions with multiples higher than 15x EBITDA rose again in H1 2021, to nearly one-fourth of analysed transactions.

Listed companies were particularly active during the first half.

  • They represented 80% of strategic buyers in the first half, the highest since the Argos index was created in 2004.
  • They benefited from the continued rise in equity markets.
 
  The eurozone’s mid-market M&A segment bounced back.
  • Compared with the previous quarter, the value of transactions increased by 18% and the number of transactions by 7%.
  • In value terms, while the market returned to its 2019 level in the first half, transaction volume remained one-third lower.

The Benelux was the eurozone region in which M&A activity increased the most.

  • In the first half, the M&A market recovered more in northern European countries, in particular Benelux, where the Covid-19 crisis was less disruptive than in southern Europe.
  • As such, Germany and Benelux represented 25% and 22% of European mid-cap M&A market volume, respectively.
 
  Contact – Antoinette Darpy – Agence toBnext – adarpy@tobnext.com          +33 (0)6 72 95 07 92
 

Argos Wityu (www.argos.wityu.fund) is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. 

  Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at M&A professionals. The Epsilon platform includes data, analysis reports, software and services essential for private company valuation / deal management: EMAT, the largest database of European private company transaction multiples, with detailed analysis of 8,000 M&A deals, ranging from €1m to €500m in value, covering all industry sectors; indices and studies published regularly by Epsilon, including the Argos Index; cloud-based software for managing M&A contacts and projects; valuation of comparables, private equity fund investments.
   The Argos Mid-market Index® tracks the valuation of unlisted mid-market companies in the eurozone. Carried out by Argos Wityu and Epsilon Research and published every three months, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of transactions meeting the following criteria: mid-market (equity value between €15m and €500m for 100%), target based in a eurozone country, acquisition of a majority stake, certain activities excluded (financial services, real estate, high-tech).

Thierry Oriez named President of Henri Selmer Paris.

The world’s leading saxophone maker recruits a specialist in premium brands to pursue its development.

20/07/2021 – Press release

Paris (France), 20 July 2021 – Thierry Oriez succeeds Jérôme Selmer as President of the Henri Selmer Paris group, the world’s leading manufacturer of premium-quality saxophones and a key player in the production of clarinets and mouthpieces.

Jérôme Selmer will remain a member of the Supervisory Board and thus stay in close contact with the company founded by his great-grandfather.

For more than 25 years, Thierry Oriez has been managing French, family-owned companies with prestigious brands. For the past seven years (2014-21), he has been President & CEO of J.M. Weston, a luxury shoe manufacturer founded in 1891 and based in Limoges, France. Before that, he was President & CEO of Christofle (2007-14).

Mr Oriez will leverage his experience and his fine-tuned knowledge of the sale of high-quality products worldwide to pursue the growth and development of Henri Selmer Paris. He will deploy his expertise in imparting value and transmitting artisanal know-how, crucial to preserving an artistic profession. As the company’s new president, he will strive to promote creativity and continue to be of service to musicians, while preserving the Selmer’s values and family-owned character. To do so, he will rely on a team of devoted, skilled artisans, heirs to a unique manufacturing tradition.

Jérôme Selmer said, “In the tradition of my ancestors, I have worked to ensure that the image of Henri Selmer Paris continues to shine throughout the world. I am confident that the new management will bring more success to our storied company. Let’s combine our talents to design the future and continue to nurture the company my great-grandfather founded in 1885.”

Thierry Oriez added, “I have spent my entire career serving highly-skilled manufacturing and family-owned companies. At Selmer, I see similar values of long-term commitment and determination to grow by blending tradition with modernity. I will seek to promote and accompany the development of Selmer’s exceptional, French savoir-faire.”

Louis Godron, founding partner of Argos Wityu, private equity fund and majority shareholder of Henri Selmer Paris since March 2018 alongside members of the family and management team, concluded, “I am very thankful to Jérôme Selmer for the 40 years he has devoted to promoting Selmer and its expertise. Innovation has always had a special place in Jérôme’s heart, and this has led to highly successful products, such as the recently launched Supreme saxophone. I am fully confident that Thierry Oriez will know how to carry on the tradition of Henri Selmer Paris. He will bring his visionary outlook, while preserving the company’s identity.”

***

Argos Wityu team: Louis Godron, François Becque and Antoine Forgeard.

Argos Wityu
Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

 

Henri Selmer Paris
Mathieu Dubois
Head of Communication and Marketing
mdubois@selmer.fr
+33 7 83 24 37 96

Press contact
Antoinette Darpy
Agence toBnext
adarpy@tobnext.com
+33 6 72 95 07 92

 

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Henri Selmer Paris

https://www.selmer.fr/fr/

A clarinet manufacturer from its founding in 1885, Henri Selmer Paris started producing saxophones in 1921. Then, by acquiring Adolphe Sax’s workshop in 1929, Henri Selmer Paris became heir to the inventor of the saxophone. Today Henri Selmer Paris is the world’s leading manufacturer of premium-quality saxophones and a key player in the production of clarinets and mouthpieces. The company has nearly 500 employees, and 90% of its sales derive from outside France. Supported by Argos Wityu since 2018, Henri Selmer Paris recently opened its own distribution subsidiary in China, has developed a pre-owned instrument business and has launched several particularly innovative products, such as the Supreme saxophone.

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

23/06/2021 – Press release

Maison Berger Paris, a company supported by Argos Wityu, acquires the Carmin Créations start-up.

This acquisition will enable the company to step up its development in the worldwide home fragrances market.

Bourgtheroulde (France), 21 June 2021 – After acquiring Sensorwake (Bescent) and the Devineau group in 2019, creating Emosia in 2020, Maison Berger Paris has now acquired a new start-up, Carmin Créations, specialised in premium candles. Supported by Argos Wityu since 2017, Emosia is an investment held by the Argos VII fund.

Carmin Créations is a recent start-up in the premium decorative candles market, serving a selective network of design boutiques and hotels. The brand works with artisans to offer unique, handmade products, manufactured in Normandy. Carmin Créations turns candles into high-end, decorative objects. In joining the Emosia group, Carmin Créations will contribute new expertise in the ultra-selective market segment.

“The home fragrances brands Maison Berger Paris and Carmin Créations have two things in common: we have unique expertise and our products are made in France. The objective of this acquisition is to enrich our product range by combining our respective skills. Carmin Créations, a start-up founded by Denis Bouleau, makes unique, handmade products and has the range of qualities expected of a Living Heritage brand,” said Olivier Sillion, CEO of Emosia.

“I’m very pleased that Carmin is joining a group recognised the world over for its values of quality and excellence. The new group will give Carmin’s products international visibility,” said Denis Bouleau, President and co-founder of Carmin Créations.

Emosia is aiming high, and its resources have been strengthened since the Argos Wityu fund invested in the company in July 2017. Among the group’s strategic development priorities is diversifying its product range through its various brands.

“From the outset, we have supported Olivier Sillion and his team in implementing Emosia’s build-up strategy, so that the group can offer a rich and varied product range as well as premium-quality services throughout the world,” concluded Karel Kroupa, Managing Partner at Argos Wityu.

Argos Wityu team: Karel Kroupa, François Becque and Shiv Ipour 

Argos Wityu
Coralie Cornet Director of Communications ccc@argos.fund
+33 6 14 38 33 37

Emosia
Véronik Foucault
foucault@vianova-rp.com
+33 1 53 32 28 70

Chloé Lecorvec
lecorvec@vianova-rp.com
+33 1 53 32 28 58

About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Maison Berger

www.maison-berger.fr

Leveraging its network of more than 7,000 points of sale in nearly 50 countries, Maison Berger generates annual sales of €100m, half of which derive from outside France. It is also a domestic success story, with 500 employees, five production facilities, two “Living Heritage” brands, an Ecocert certification and an Equovadis gold medal.

About Carmin

carmin-creations.com

Comprised of plant matter and developed in collaboration with partners who share similar notions of responsibility and sustainability, Carmin candles combine traditional and manual production techniques that make each piece unique.

Argos Wityu to divest Cohedron after a successful collaboration.

Argos Wityu to divest Cohedron after a successful collaboration.

21/06/2021 – Press release


Download the press release

Over the last three and a half years, Argos Wityu together with management changed the face of the company through a reinforcement of the organization, an active buy-and build strategy, a heavy investment in software, and a complete rebranding.

Utrecht (The Netherlands), June 21, 2021 – Argos Wityu, a European independent private equity group, today announced the signing of the divestment of Cohedron, service provider for municipalities in the Netherlands, to House of HR, a leading European HR service provider. Supported by Argos Wityu since 2017, Cohedron is an investment of the Argos VII fund.

In the framework of an MBI transaction in 2017, Argos Wityu invested in Cohedron alongside Jeroen Ekkel and the rest of the management team. Since then, revenues grew by 125% to €132 million, and employees almost doubled to reach 1,800. The company’s growth strategy has been focused on:

·         Organic growth thanks to a reinforcement of the organization – the internal organization has kept its entrepreneurial approach towards each of the business units while reinforcing the support functions that helped them to accelerate their organic growth.

·         Active buy & build strategy – 16 build-ups enabled the company to expand its service offering and transform into the leading service provider for municipalities in the Netherlands.

·         Software investments – A significant investment has been made in customized software to create a unique positioning for the company’s outsourcing services.

·         Rebranding – A complete rebranding was undertaken in 2020 for Cohedron to be identified as one coherent service provider for the public sector.

Jeroen Ekkel, Cohedron CEO “We are looking forward to our partnership with House of HR. The vision, expertise and enterprising business culture are a perfect fit with our own culture and ambitions. The integration as part of the House of HR group will enable us to take the next step on the national and international growth path of our company and deliver on our growth ambitions. Our focus will remain on technical innovation, autonomous growth and the quality of our service delivery. Pooling strengths only bolsters our position and enables us to be of even greater service to people and society. That is what drives us, every single day.”

Maarten Meijssen, Argos Wityu Partner “Jeroen Ekkel and the Cohedron teams have done a remarkable job managing the group’s significant growth and the integration of external teams and businesses, while continuing to develop new services. We are confident that the future under the umbrella of House of HR will allow Cohedron to continue its successful expansion in The Netherlands and abroad. We want to explicitly thank the management team for a pleasant and fertile collaboration and wish them all the best for the years to come.”

Argos Wityu team: Gilles Mougenot, Maarten Meijssen, and Roel van Ark

List of (sellside) advisors:

M&A: Quore Capital

Due Diligence: Deloitte, KPMG, EY, EY HVG, Boncode

Legal: Houthoff

Argos Wityu
Coralie Cornet
Director of Communications
ccc@argos.fund
+33 6 14 38 33 37

Cohedron
Dorine Kuitenbrouwer
Marketing Manager
dorine@cohedron.nl
030-2193900

 About Argos Wityu

https://argos.wityu.fund

Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With over €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Cohedron

www.cohedron.com

A single group of strong companies, each with their own expertise. Together, we are Langhenkel-Talenter, Future Communication, Human Capital Group, Argonaut, Zorg-Lokaal, PLANgroep and PLANgroep Financial Services. Working under the ambitious auspices of Cohedron, a holding company that connects, renews and supports. Full of business initiative and the power to influence. Together, we are Cohedron.

What binds us together? The drive to make a meaningful impact – on the lives and success of people, organisations, companies and society. That’s what we stand for and aim for.

With over 1,800 professionals and more than 30 years’ experience, we support and advise government authorities, non-profits and the business world. We are a full-service provider for municipalities, in areas including debt relief and spatial and social fields. And for organisations, as a partner in HR, communication, administration and finance.

Mid-market Argos Index® First quarter 2021

Mid-market Argos Index® First quarter 2021

19/05/2021 – Press release

Acquisition prices of unlisted European SMEs reached a new high of 11.3x EBITDA, buoyed by the prices paid by investment funds

Paris (France) – 19 May 2021 – Argos Wityu, an independent European investment fund, and Epsilon Research, the online platform for the management of unlisted M&A transactions, today published the Argos Mid-market Index® for the first quarter of 2021. This index, launched in 2006, tracks the valuations of eurozone private, mid-market companies in which a majority stake has been acquired during the last six months.

Mid-market Argos Index® Q1 2021

Acquisition prices of unlisted European SMEs reached a new record high.

  • For the second consecutive quarter, the Argos Index® reached a record high, at 11.3x EBITDA. This came about because:

    · Investment funds paid significantly higher multiples, which reached a new high;

    · The eurozone looked set to return to growth, thanks to vaccination campaigns; 

    · Long-term interest rates remained low, while equity markets continued to rise;

    · The composition of the index is such that nearly 50% of the transactions referenced in the first quarter were in the non-cyclical healthcare and technology sectors, which have high multiples and have been spared or even favored by the crisis.

     Multiples paid by investment funds have risen very sharply.

    · They reached a new record high of 12.7x EBITDA, following the record set in the previous quarter and widening the spread with multiples paid by strategic buyers, which stood at 10.8x EBITDA.

    ·  Three factors are driving this increase: i) stiff competition from strategic buyers, ii) a continued rise in private equity investment, and iii) the low cost of acquisition debt (tied to central bank policy).

    · Compared with strategic buyers, the multiples paid by investment funds were more homogeneous (standard deviation of 25% vs 40%) as were the profiles of the companies acquired (high-quality companies relatively unaffected by the crisis vs opportunistic acquisitions at lower valuations).

    Nearly 16% of transactions were closed at multiples in excess of 15x EBITDA.

    Large listed companies remained very active

    ·They represented nearly 75% of strategic buyers in the mid-market.

    ·They benefited from the continued rise in equity markets.

    ·Their acquisition multiples reached a new record of 10.1x EBITDA.

     
     

    The eurozone’s mid-market M&A segment advanced in value but declined in volume.

    · Compared with the previous quarter, the value of transactions increased by 18% but the number of transactions declined by 20%.

    ·This contrast has been evident since mid-2020, when the average transaction size embarked on a continuous rise, reaching €138m in Q1 2021.

    The Benelux was the most active eurozone region for M&A activity

    ·The Benelux has become the most active eurozone region, with 26% of the number of SME acquisitions, surpassing Germany.

     
     

    Contact – Coralie Cornet – Head of Communications – ccc@argos.fund – + 33 6 14 38 33 37

     

    Argos Wityu (www.argos.wityu.fund) is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. 

     

    Epsilon Research developed the first online platform for the management of non-quoted M&A transactions, aimed at M&A professionals. The Epsilon platform includes data, analysis reports, software and services essential for private company valuation / deal management: EMAT, the largest database of European private company transaction multiples, with detailed analysis of 8,000 M&A deals, ranging from €1m to €500m in value, covering all industry sectors; indices and studies published regularly by Epsilon, including the Argos Index; cloud-based software for managing M&A contacts and projects; valuation of comparables, private equity fund investments.

     

    The Mid-market Argos Index® tracks the valuation of unlisted mid-market companies in the eurozone. Carried out by Argos Wityu and Epsilon Research and published every three months, it reflects median EV/EBITDA multiples, on a six-month rolling basis, of transactions meeting the following criteria: mid-market (equity value between €15m and €500m for 100%), target based in a eurozone country, acquisition of a majority stake, certain activities excluded (financial services, real estate, high-tech).