Argos Wityu is to acquire an industrial group specialised in critical electronic solutions.

Argos's objective is to implement a strategy of active growth, both internal and through acquisition, in France and abroad, and to pursue and strengthen the group's innovation strategy, by investing in R&D.

14/12/2021 – Press release

Paris (France) – 13 December 2021 – Argos Wityu, an independent European investment fund, is to acquire a majority stake in the capital of the French family-owned group that holds the following five companies: FEDD, Leroy Automation, Phenix Electronique, Team 31 and DMAI. This high-technology group, located in south-western France, offers its clients 360° electronic solutions dedicated to critical systems.

When the transaction is complete, Argos Wityu will be the majority shareholder of the companies in the group and will support the new chief executive, Bruno Picquart, alongside the historical shareholder-managers of the group’s companies. The transaction is subject to prior consultation of the employee representative bodies.

This managerial and ownership change reflects the shareholder-managers’ desire to transfer ownership of the business in a well-organised manner so as to ensure that the group and its 300 regional employees continue to flourish and pursue the company’s development on new markets.

A new chief executive

The group will be headed by Bruno Picquart, former Senior Vice President of Safran Aircraft Engines (ex-Snecma). Mr Picquart is an expert in high-value-added technology products and services in markets requiring second-to-none excellence and in high-growth situations involving major international groups. Bruno Picquart also been the head of an SME and will use his experience to accompany the development of the group.

Objectives

Argos Wityu and Bruno Picquart aim to pursue and strengthen the group’s innovation strategy, by investing in R&D, equipment and employee training in all of the group’s entities. They also wish to implement a strategy of active growth, both internal and through acquisition, in France and abroad, in the sectors where the group is already present and in new verticals requiring extremely high quality and reliability. The group will thus be able to consolidate its strengths, cross a new threshold and carry out new ambitious projects, owing to the additional capital and expertise.

The group

Founded in 1980, the group has four sites in three French départements where the aerospace industry has a strong presence: Dordogne, Haute-Garonne and Corrèze.

The group is active along the entire value chain of complex electronic products (R&D, co-design, prototyping, manufacturing, maintenance and repair), produced in small and mid-sized series.

It works in partnership with its clients, who are multinationals and large SMEs in the strategic sectors of aerospace, rail, energy, manufacturing, research and defence.

The group’s entities work in synergy with each other. FEDD is specialised in co-design and manufacturing; Phenix Electronique makes prototypes and manufactures essentially for the aerospace industry; Team 31 creates rapid prototypes; and Leroy Automation designs and manufactures control and command systems, principally for the rail sector. DMAI manages the IT resources of the four entities.

The group realised consolidated revenue of around €50m in 2020. It has grown organically by nearly 10% p.a. on average over the last 10 years (excl. Covid).

Karel Kroupa, Managing Partner at Argos Wityu, said, “Argos Wityu is very proud to have been chosen by the family executives of this very successful French high-tech company. We will strive to preserve the group’s DNA and develop its innovation-based identity.”  

Bruno Picquart, future new chief executive, added, “I am pleased to take the reins from the outgoing family shareholders and to pursue the industrial orientation they have developed. It is in the spirit of continuity, with a long-term view of the company and the intention to step up its growth that I am joining the group and investing in it.”

*    *    *

Argos Wityu team

Karel Kroupa, François Becque, Marc Faucon, Bilel Oumheta

Seller participants

Family shareholders M&A advisers : Clairfield International (Bertrand Hermez, Marie Dokchine, Romain Fisch); Legal advisers: Goodwin (Benjamin Garçon, Julien-Pierre Tannoury)

Argos Wityu participants

Legal Counsel: McDermott Will & Emery (Grégoire Andrieux, Pierre-Arnoux Mayoly, Sabine Naugès, Maxime Fradet, Stanislas Chenu, Charlotte Michellet, Sacha Frantz); Tax Counsel: Arsene Taxand (Franck Chaminade, Noémie Bastien); Legal Counsel Managers: Hogan Lovells (Stéphane Huten); M&A Advisory: PwC Corporate Finance (Geoffroy Pacault, Roman Farcy); DD Finance: EY (Emmanuel Picard, Marion Lassus-Pigat, Mathilde Faure); DD Strategy: Arthur D. Little (Matteo Ainardi, Tugdual Hervouet); DD Environment: Ramboll (Bertrand Latrobe, Clothilde Pineaud); DD ESG: PwC (Sylvain Lambert, François Thueux, Aïda Aw); R&W Insurance Broker: Marsh (Charles Amblard, Charline Bretagne); Executive Search: Kint Partners (Gilles Gonzalez); Debt: LCL (Ivan Piqueras)

Argos Wityu

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

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 more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

Olinn, a European IT equipment management company, supported by Argos Wityu, is strengthening its international presence with the acquisition of EMG, a leader in scalable IT equipment leasing in Luxembourg.

Olinn, a European IT equipment management company, supported by Argos Wityu, is strengthening its international presence with the acquisition of EMG, a leader in scalable IT equipment leasing in Luxembourg.

07/12/2021 – Press release

Puteaux (France), 7 December 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 EMG (Luxembourg) SA, an independent leader in scalable IT equipment leasing in Luxembourg.

Founded in 1979, EMG has experienced regular growth, expanding its scalable IT leasing business for private companies (SMEs and large groups) in Belgium and Luxembourg. EMG markets directly or through its partners, equipment manufacturers, distributors and integrators. Over the last 10 years, EMG has leased IT equipment worth more than €210m to its customers. 

The acquisition dovetails with Olinn’s business development strategy, which aims to make the group a major player in operational leasing in Luxembourg, with nearly 200 customers and €70m in IT assets under management.

This acquisition is Olinn’s seventh since Argos Wityu invested in the company in 2018 and is being carried out with the support of Olinn’s future shareholder, Crédit Agricole Leasing & Factoring.

Olinn currently has more than 200 employees, realises sales of nearly €215m and manages more than €600m in assets across Europe. With this acquisition, Olinn is strengthening its geographic footprint and is continuing to expand in the Benelux countries, thereby consolidating the local partnerships it has created with its customers.

Olivier Cardon de Lichtbuer and Guy Denotte, Managing Directors of EMG, said, “We are delighted to join the Olinn group, which will enable us to support our customers and partners in their future development over the long term. Olinn’s human values are right in line with those that have always lighted our path.”

Arnaud Deymier, CEO of Olinn, commented, “EMG is a leader in Luxembourg, headed by very experienced and dynamic partners with strong human values. Olinn, and by extension, Crédit Agricole Leasing & Factoring, will endeavour to provide EMG with the resources it needs to pursue its growth in Belgium and Luxembourg.”

Karel Kroupa, Managing Partner at Argos Wityu, concluded, “The merger of EMG and Olinn is right in line with Olinn’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 to its customers.”

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

Argos Wityu

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

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

olinn.eu

Olinn is a key player in complete financing and equipment management solutions and endeavours to contribute to the circular economy. Headed by Arnaud Deymier, Olinn is a team of 200 employees, including 60 with disabilities, which generated sales of €215m in 2020. Olinn is present in seven European countries, with a network of 22 sites covering France, Switzerland, Belgium, Luxembourg, Germany, Italy and Spain. Nearly 4,500 customers now use Olinn’s comprehensive services. Every year, Olinn manages:

  • €600m in assets and more than €2bn in financed equipment,
  • 200,000 smartphones,
  • 3,000 vehicles,

250,000 IT devices reconditioned every year, avoiding 31m kg of greenhouse gas emissions.

Coexya, a company supported by Argos Wityu, is to acquire Geomod, a provider of terrestrial and marine geomatics and hydro modelling solutions.

Coexya, a company supported by Argos Wityu, is to acquire Geomod, a provider of terrestrial and marine geomatics and hydro modelling solutions.

30/11/2021 – Press release

This initial acquisition will enable Coexya to strengthen its positioning in geographical information systems and to foster the development of its activities in France and abroad.

 Lyon (France), 30 November 2021 – Coexya, an independent leader in IT/digital and software, is to acquire Geomod, a provider of terrestrial and marine geomatics and hydrogeologic modelling. The transaction will be a strategic merger of the two companies, which aim to pursue their development and expansion in geomatics. Supported by Argos Wityu since 2020, Coexya is an investment held by the Argos VII fund.

Coexya supports its customers in digital transition with made-to-measure solutions for operational and decision support processes. Formerly Sword France, the company adopted the name Coexya in September 2021 and is pursuing the growth strategy it initiated a year ago.

Coexya has been recognised for more than 20 years as one of France’s leaders in geographic information systems. The company helps cities and local authorities understand the challenges in their territories and optimise business processes in transport, network asset management, “smart cities” and facilities management.

Geomod has been providing innovative, geomatic solutions for more than 20 years in France and abroad, oriented along three major avenues:

  • Terrestrial geomatics and in particular the mapping of exterior noise and electromagnetic radiation;
  • Marine geomatics, with software and services dedicated to ports and pilots, as well as the production of marine maps and standardised bathymetrics;
  • The distribution and integration of cartographic solutions for water management.

Philippe Le Calvé, CEO of Coexya, said, “We are delighted and proud to make this initial acquisition. Geographic information systems has been Geomod’s area of excellence for many years. There are significant synergies between the two companies, be it in terms of human values, business lines and techniques, or with respect to our presence throughout France.

Claude Yvon, Geomod’s chief executive, said, “This merger will enable us to accelerate the development and deployment of our products in France and abroad and continue to fulfill our commitments to our customers, partners and employees.”

Karel Kroupa, Argos Wityu Managing Partner, added, “The merger between Coexya and Geomod is right in line with the group’s business development strategy, as employed by Philippe Le Calvé and his team. The group will now be able to use the expertise of the two companies to offer complementary services to its customers.”

Argos Wityu team: Karel Kroupa and Simon Guichard

Argos Wityu

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

Coexya

Communications Department
communication@coexya.eu

 

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 more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Coexya

coexya.eu

Coexya is a digital services company with more than 20 years of experience in consulting, integration and software development.   On 1 October 2020, Coexya changed shareholders and with the support of its executives, operational managers and the European investment fund Argos Wityu, became independent of the Sword Group. Coexya’s mission is to support organisations by developing solutions that address the new ways employees and clients 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 €61.5m. Coexya has approximately 680 employees based in Lyon, Paris and Rennes.

Argos Index® Mid-market Q3 2021

Argos Index® Mid-market Q3 2021

18/11/2021 – Press release

Acquisition prices of unlisted European SMEs have declined but remain high, at 11.0x EBITDA.

Paris (France) – 18 November 2021 – Argos Wityu, the independent European investment fund, and Epsilon Research, the online platform for the management of non-quoted M&A transactions, today published the Argos Index® Mid-market for the third 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.

After a series of record highs over the last three quarters, the Argos Index® declined to 11.0x EBITDA in the third quarter of 2021, but remained at an historically high level. This decline came about because:

  • Multiples paid by investment funds contracted.
  • The proportion of transactions in the highly-valued healthcare and technology sectors returned to less than 40% in the third quarter of 2021, where they were before the Covid crisis.
  • Macroeconomic conditions are favourable: more rapid and robust economic recovery, tied to successful vaccination in Europe and massive support for the economy.

The multiples paid by investment funds have contracted.

  • The multiples paid by investment funds declined to 11.3x EBITDA after reaching record highs in the three previous quarters.
  • This decline was linked to the decline in the proportion of healthcare and technology sector transactions.
  • Prices paid remained high, however, and slightly higher than those paid by industry players.
  • They are supported by exceptional financing conditions, an abundance of capital looking for investments and by stiff competition on high-quality assets.

Stable proportion of transactions at multiples in excess of 15x EBITDA.

  • The share of transactions carried out at multiples higher than 15x EBITDA remained high in the third quarter, at one-fourth of analysed transactions.

Listed companies were very active.

  • The multiples paid by strategic buyers remained high in the third quarter, at 10.9x EBITDA, driven by the large listed companies. They represented 78% of strategic buyers this quarter, the highest since the Argos index was created.
  • They benefited from the continued rise in the equity markets and from their own high multiples.
  • In addition to favourable economic and financing conditions, their M&A activity was driven by structural changes, prompting them to make strategic acquisitions.

    M&A activity in the eurozone’s mid-market segment was mixed.

    • Compared with the previous quarter, mid-market M&A activity stabilised in volume but declined in value terms.
    • Recovery in the European mid-market is trailing that of its US counterpart as well as that of European large caps. Transactions have been more complex because the situation created by the Covid crisis is atypical and unstable, and the rapid recovery has made it hard to set prices.
    • The average size of mid-market transactions remained high in the third quarter, at around €120 million.
 
  
  
 

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 €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).

Argos Wityu has agreed to sell 100% of the shares of the Olinn group to Crédit Agricole Leasing & Factoring.

Argos Wityu has agreed to sell 100% of the shares of the Olinn group to Crédit Agricole Leasing & Factoring.

09/11/2021 – Press release

Under the agreement, which remains subject to approval by the competition authorities, Olinn will join Crédit Agricole Leasing & Factoring to step up the development of its operating lease and equipment management solutions.

Paris (France), 9 November 2021 – Argos Wityu, the independent European investment fund, has sold the Olinn group, a specialist in financing and equipment management solutions for companies and local authorities, to Crédit Agricole Leasing & Factoring, a subsidiary of the Crédit Agricole group.

Argos Wityu acquired Olinn in 2018. A key player in this fast-growing market, Olinn has clear avenues for growth. When Argos acquired Olinn, Arnaud Deymier succeeded the founders and became CEO of the company. Olinn now has a team of 200 employees, and the company generated sales of €175 million in 2020. The company’s growth strategy has been articulated around three axes:

  • Accelerating growth: strengthening and repositioning the solutions offered, designing a new brand and strengthening sales and marketing teams.
  • Acquisitions: through a series of six acquisitions, the company has expanded its range of services to cover the entire professional equipment lifecycle, has become a major player in its market and has accelerated its European expansion.
  • Organisation: strengthening the employer brand, improving processes and tools, implementing a new ERP system.

The group has also made ESG central to its business development. Today, Olinn offers sustainable and responsible management, by systematically reclaiming, reconditioning and recycling equipment. The company has also invested in service centres specialised in reconditioning that employ 60 people with disabilities.

Arnaud Deymier, CEO of Olinn group, said, “In a little more than three years, Argos and Olinn have completely repositioned the company. Olinn has developed fully-integrated IT and Mobile solutions, strengthened its service dimension and its international presence, transformed its vehicle solutions, and integrated CSR into its service offering and its identity. The acquisition by the Crédit Agricole group, one of world’s largest bank groups, validates the company’s strategy, recognises the work it has accomplished, consecrates the collaboration Olinn has maintained for more than 20 years with Crédit Agricole, and represents a promising new start with new possibilities.”

Karel Kroupa, Managing Partner at Argos Wityu, added, “Arnaud Deymier and the Olinn team have done a remarkable job accelerating the group’s already rapid growth by expanding its solutions and injecting new life into the brand. We are confident that Olinn will be able to continue growing as part of Crédit Agricole Leasing & Factoring.”

Hervé Varillon, CEO of Crédit Agricole Leasing & Factoring, said, ” Today we are carrying out an important transaction for Crédit Agricole Leasing & Factoring. It allows us to complete our range of services, to meet our customers’ new requirements in terms of equipment usage. The acquisition of Olinn is part of Crédit Agricole group’s development strategy presented in the 2022 medium-term plan and reinforces Crédit Agricole Leasing & Factoring’s ambition to be one of the European leaders in leasing, factoring and renewable energies. We aim to be a leading player in our markets in France and internationally.”

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

Argos Wityu

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

Olinn

Gaëlle Masson
sebastien@businesswsociety.com
+33 6 24 76 42 43

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
olinn.eu

Olinn is a key player in complete financing and equipment management solutions and endeavours to contribute to the circular economy.   Headed by Arnaud Deymier, Olinn is a team of 200 employees, including 60 with disabilities, which generated sales of €175m in 2020.  Olinn is present in seven European countries, with a network of 22 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 and more than €2bn in financed equipment,
  • 200,000 smartphones,
  • 3,000 vehicles,
  • 250,000 IT devices reconditioned every year, avoiding 31m kg of greenhouse gas emissions.

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.