Paris, March 17 2022 – Apax announces it has signed an agreement to acquire a majority stake in CEME Group, alongside Société Générale Capital Partenaires and BNP Paribas Développement, both long-standing investors who are renewing their commitment with this acquisition.
Founded in 1949 in Moulins (Central France), CEME Group is a proven leader in electrical and HVAC engineering and maintenance, with operations focused on energy optimisation processes for industrial, tertiary and residential buildings, mainly for private clients.
CEME Group is recognised for its strong technical capabilities, particularly for logistics warehouses and its solutions that meet all the electrical and HVAC needs of datacentres, managing complex projects that require best-in-class expertise.
CEME Group has 700 employees across a network of 22 agencies and branches in France. With revenue of €125m, 1,600 projects completed in 2021 and more than 800 clients, the Group is a leading national and independent energy player.
With the backing of Apax, Société Générale Capital Partenaires and BNP Paribas Développement, the company aims to continue its organic growth and step up its acquisitions strategy to support its regional development and complementary expertise (maintenance, automation, data wiring, energy efficiency and renewable energies).
The transaction will reorganise the shareholding structure, ratifying the exit of majority shareholder Azulis Capital and the Desbruères family, the Group’s founder, while ensuring the continuity of the established management team, headed by Jean de Vauxclairs. Some 60 partner-managers are investing heavily in this acquisition.
Completion of the transaction remains subject to approval by the competition authorities.
“As the Group’s former Chairman and shareholder for almost 40 years, I am passing the helm to the new shareholders and management team with pride in the work accomplished. I have every confidence in them to continue the Group’s dynamic growth and development.”
Group’s former Chairman and CEME Group reference shareholder, Daniel Desbruères.
“We are pleased to begin a new chapter in the history of the Group, with support from Apax and the renewed trust of Société Générale Capital Partenaires and BNP Paribas Développement. We are confident in our ability to take this next step in our development in a market full of opportunities linked to the energy and digital transition and to strengthen our position as a leading player in energy efficiency and thermal comfort.”
Jean de Vauxclairs, CEME Group CEO.
“We look forward to working with Jean de Vauxclairs and his teams and supporting their ambitious growth and consolidation strategy. We are convinced that the teams’ excellent expertise and the strategic decisions taken in recent years position the Group favourably to accelerate its deployment and confirm its status as a recognised high value-added leader.”
Isabelle Hermetet, Partner, and Martin Bouilleux, Director, at Apax.
“We are delighted to have supported CEME Group since 2014, helping to structure the Group and improve its operating performance as well as overseeing the managerial transition with the recruitment of Jean de Vauxclairs, who leads a talented management team. We are more than confident in the Group’s ability to accelerate its growth alongside Apax.”
Bruno Lavollé, Director and Partner at Azulis Capital.
List of advisors:
- Apax : Isabelle Hermetet, Martin Bouilleux, Paul Carrincazeaux
- Société Générale Capital Partenaires: Fabien Gilbert, Nicolas Morizot
- BNP Paribas Développement: Ludovic Robert, Guillaume Wolf
- Azulis Capital: Pierre Jourdain, Bruno Lavollé, Gabrielle Delle Vigne
Buyer advisors
- Corporate legal team: Moncey Avocats (Guillaume Giuliani, Marie-Victoire James, Éléonore Coquerel, Alix Auclair, Bonnie Brenier), Duteil Avocats (Benoît Lespinasse)
- Financing legal team: Moncey Avocats (David Malamed, Jonathan Devillard, David Maréchal)
- Tax legal team: Moncey Avocats (Frédéric Bosc, Mathilde Cotillon)
- M&A: Edmond de Rothschild Corporate Finance (Nicolas Durieux, Romain Ehret, Florian Roche)
- Financing: Edmond de Rothschild Corporate Finance (Paul Assael)
- Social due diligence: Moncey Avocats (Anastasia Fleury)
- Financial due diligence: Eight Advisory (Xavier Mesguich, Maxime Goerens, Antoine Chaucesse, François Garnier)
- Commercial due diligence: Advention Business Partners (Alban Neveux, Iska Privois)
- Insurance due diligence: Marsh (Margaux Rocher)
Vendor advisors
- M&A: Capitalmind (Thibaut Laroche-Joubert, Michel Degryck, Augustin Alle, Nicolas Mogarra)
- Legal advisors: Goodwin (Thomas Maîtrejean, Rodolphe Amaudric du Chaffaut, Pauline Louis)
- Managerial legal advisors: Balthazard Associés (Véronique Lacarelle), Keels Avocats (Laurent Partouche)
- Managerial financial advisors: Sycomore Corporate Finance (Tristan Dupont, Pierre-Arnaud de Lacharrière, Sébastien Richer)
- Financial VDD: Grant Thornton (Frédéric Zeitoun, Emilie Descroix, Axel Martin-Carlotti, Pierre-Elie Gasnier)
- Social VDD: Grant Thornton (Caroline Luche Rocchia, Islem Berkani)
- Tax VDD: Grant Thornton (Stephany Brevost, Elvire Tardivon-Lorizon, Emilie Fillette Casella)
- Commercial VDD: LEK Consulting (Clare Chatfield, Frédéric Dessertine)
Debt
- Société Générale (Benoit Douard, Julie-Marianne Bonnand, Céline Le Cadre, Hugo Banaste)
About CEME Group
Founded in 1949 in Moulins (Central France), CEME Group is a national leading company for electrical and HVAC engineering and maintenance. For more than 70 years, the Group has developed projects and services dedicated to energy efficiency and thermal comfort, with a focus on the tertiary sector, industry, local authorities and private individuals. CEME Group employs around 700 people across its network of 22 locations in France. With revenue of close to €125m, 1,600 completed projects in 2021 and more than 800 clients, CEME Group is a leading national and independent energy player.
www.groupe-ceme.com
Linkedin : @Groupe CEME
Our Group presentation video:
About Apax
Apax is a leading European private equity firm based in Paris. With over 45 years of experience, Apax provides long-term equity financing to build and strengthen world-class companies. Funds managed and advised by Apax exceed €4.8 billion. These funds invest in fast-growing middle-market companies across four sectors of specialization: Tech & Telecom, Consumer, Healthcare and Services.
Paris-headquartered Apax SAS (www.apax.fr) and London-headquartered Apax LLP (www.apax.com) have a shared history but are separate, independent private equity firms.
www.apax.fr
@ApaxPartners_Fr
Contacts
CEME Group – Salomé Duquesnoy
Head of communication
+33 7 86 26 39 03
sduquesnoy@ceme-sa.com
Apax – Lauren Bardet
Head of communication
+33 6 16 32 72 82
lauren.bardet@seven2.eu
