26.04.2019Fanny Chen, Olivier Borenstejn

Franklin advises Caisse d’Epargne Ile-de-France on Sparring Capital’s takeover of Cesacap.

The Cesacap group, which already owns four electrical systems installers in the wider Paris area (Cesa, Société Perrin B., Entreprise Meusnier and Deletre), is now conducting a fourth LBO. Capzanine and SG Capital Partenaires, its majority shareholders since late 2014, are handing over to Sparring Capital (alone a majority shareholder) and Socadif. This new LBO also provides the opportunity to buy out Cesacap’s founders entirely and allows the management to invest significant equity back into the company. Cesacap currently employs 250 people and posted 50 million euros in revenues in 2018.

The deal is financed through a mezzanine facility from Omnes Capital, and a senior loan arranged by Caisse d’Epargne Ile-de-France, advised by Franklin’s Banking – Finance team led by partner Olivier Borenstejn, assisted by Fanny Chen.