TCR Capital acquires the Alkan group from Argos Wityu

TCR Capital acquires the Alkan group from Argos Wityu

TCR Capital acquires the Alkan group from Argos Wityu green_squares


Paris, 21st February 2014 – Alkan welcomes its new shareholder, TCR Capital in order to continue its development.  Founded in 1923, Alkan, formerly owned by MBDA, is a leader in systems aimed at carrying and/or ejecting removable aircraft accessories in the defence aircraft industry.

Situated at Valenton (near Paris), Alkan designs, produces and maintains components and systems which are installed on more than 60 aircraft platforms around the world.

The group has 143 experienced employees and generates nearly €30 million in annual revenues. Alkan exports two thirds of its production to more than 65 countries.

The group benefits from several competitive advantages: a unique position in a niche market with high barriers to entry; a respected expertise and capacity in the innovation of complex equipment and historically strong relationships with the major military aircraft and helicopter manufacturers along with many of the key armed forces. Maintenance services and the long life of aircraft platforms mean that Alkan has a backlog of two years.

Armand Carlier, President of Alkan, and his management team alongside TCR and co-investor IDI, hope to continue an ambitious development strategy across several major objectives: accelerating organic growth through R&D efforts and increasing its portfolio of products along with continued work on expanding the US and Asian client base. The group also seeks to consolidate its position though targeted external growth in France and Europe.

Alkan management, headed by its President Armand Carlier, has heavily re-invested in the transaction which means that along with TCR capital they own 83% of the capital and the co-investor IDI owns 17%.

Tikehau Investment Management arranged and subscribed the entire mezzanine, while the banks LCL, BNP Paribas, BECM and Société Générale were retained for the senior debt.

 

David Robin, Partner with TCR Capital, comments: « We are delighted to accompany Alkan and hope to bring the group the financial and human resources to consolidate its leadership. Alkan has a high quality management team and benefits from a savoir-faire and a very strong brand image which allows the group to be established on the most technical aircraft platforms. Even if the company has been historically linked to large French customers, Alkan has become highly international and is well placed on some of the largest worldwide invitations to tender. Hence Alkan is one of the rare companies outside of America which is referenced in the US defence programmes and will work with Gripen in its recent tender win for the Brazilian army. “

Armand Carlier, President of Alkan, is grateful for the exemplary partnership which Argos Wityu brought during the group’s development. He is thrilled at the arrival of TCR as shareholder and of the shared vision of management and the new majority owner. The continued development of Alkan is assured through the selection of its systems on an increasing number of American and Asian aircraft and helicopters.

Gilles Mougenot, President of Argos Wityu Partners states: « We are particularly proud that for nearly 7 years we have worked with Alkan and its management team headed by Armand Carlier in the group’s international and industrial development. Notably, since its exit from the MBDA group, Alkan has developed its product offer and services for the armed forces, both in France and overseas, centred on a proactive commercial department and a reinforced industrial capacity along with R&D in France. Under the direction of Armand Carlier, Alkan has become one of the best known worldwide niche companies in pylons and ejection systems for defense aircraft. Hence Argos Wityu demonstrates its experience in structuring value generating spin-off transactions.”

Julien Bentz, Managing Director of IDI, adds: « Following several successful transactions in the past, IDI is once again delighted to work with TCR Capital in order to continue the development of Alkan which we consider to be an example of a successful SME both in France and overseas.”

 

TCR Capital : David Robin, Romain Bled, Marianne Harlé

IDI : Julien Bentz, Alexis Garand-Clavel

Conseils acquéreurs : Audit financier : KPMG (Florent Steck, Arnaud Grandin), Audit stratégique : Arthur D. Little (Mathieu Blondel, Julien Vialade) ; Juridique TCR Capital : Paul Hastings (Olivier Deren, Edith Boucaya, Arnaud Levasseur, Laurent Ragot, Mounir Letayf, Camille Bakouch) ; Juridique IDI : Hogan Lovells (Stéphane Huten, Sophie Thomazi)

 

Argos Wityu : Gilles Mougenot, Jérémie Falzone, Nicolas Trani ; Paris Orléans (Olivier Baron)

Conseils cédants : conseil M&A : Société Générale Mid Cap (Marc Dunoyer, Guillaume Martin, Stéphanie Sierzputowski, Anthony Guillen), VDD financière : Eight Advisory (Lionnel Gérard, Benoit Bestion), VDD juridique et conseil juridique : Mayer Brown (Thomas Philippe, Martin Jaunait), VDD fiscale : Mayer Brown (Christopher Lalloz)

Financement : Senior : Coordinateur, Co-arrangeur et Agent : LCL (Bernard Bullet, Anne-Lise Allard) ; Co-arrangeur : SG (Arnaud Brac de la Perrière), CIC (Cédric Alin), BNPP (Sandrine Prevost) ; Conseil senior : De Pardieu (Christophe Gaillard) ; Mezzanine : Tikehau (Cécile Mayer-Lévi, Margaux Fabre, Stéphane Héliot) ; Conseil mezzanine : Ayache Salama (Alain Lévy)

 

A PROPOS DE TCR CAPITAL

TCR Capital est une société de gestion indépendante ayant 350M€ sous gestion spécialisée dans les opérations de transmissions majoritaires de PME leaders sur leurs marchés. TCR Capital s’associe à des équipes de direction conjuguant succès opérationnels et goût d’entreprendre, dans un vrai partenariat pour réaliser leurs projets de développement. TCR Capital se distingue par une culture d’entrepreneurs, une grande réactivité liée à son circuit de décision court et local, et une forte implication en tant qu’actionnaire, au sein d’un portefeuille concentré d’entreprises. www.tcrcapital.com

 

A PROPOS D’ARGOS WITYU

Argos Wityu est un groupe de capital investissement indépendant établi à Paris, Milan, Bruxelles et Genève. Depuis sa création en 1989, le groupe a réalisé plus de 60 opérations de MBO et MBI portant sur des entreprises de taille moyenne (chiffre d’affaires de 20 à 400 M€). Ses prises de participations majoritaires sont comprises entre 5 et 60 M€. Le groupe développe une stratégie d’investissement originale axée sur des opérations complexes privilégiant la transformation et la croissance des entreprises. Son approche entrepreneuriale se caractérise par une forte proximité avec les équipes dirigeantes et par un soutien important pour les accompagner dans la mise en œuvre de leurs projets stratégiques. Avec son fonds VI, le groupe gère désormais 675 M€ de fonds dédiés à la transmission d’entreprises.

www.argos-soditic.com

 

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