Chequers Capital Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Chequers Capital has acquired 2 companies.

Chequers Capital’s most common sectors for investment arebusiness services (14%) and distribution (7%) . The Firm’s most common investment types include secondary buyout (59%) and buyout (lbo, mbo, mbi) (28%). In total, Chequers Capital has invested in 6 different countries. Its largest (disclosed) acquisition occurred in 2010 when it acquired Versatel Kabel for $74M.

In the last 3 years, Chequers Capital has exited 3 companies. The Firm’s most common exit type is secondary buyout (73%). Chequers Capital’s largest (disclosed) exit occurred in 2018 when it sold Cordenka KG for $270M.

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M&A Summary

  • M&A Total Activity47
    • M&A Buy Activity29
    • M&A Sell Activity18
  • Total Sectors Invested 19
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 12
  • M&A Advisors 15

Chequers Capital

5 Rue François 1er,
Paris, 75008
France
+33 (0)1 53 57 61 00
www.chequerscapital.com
mail@chequerscapital.com

Chequers Capital is a private equity group focused on acquiring and developing small, medium and large-sized companies in partnership with management. Chequers primarily seeks opportunities in France, Germany, Italy, Benelux, Switzerland and Spain. The Firm looks to commit €40 to €150 million per investment in transactions valued between €80 and €500 million. Sectors of interest broadly include all areas of industrial, distribution, and services. Target transaction situations include turnarounds, recapitalizations, buyouts, and divestitures. Chequers Capital was formed in 1972 and is based in Paris.


Investment Criteria

Sectors of Interest: Business Services, Consumer Products, Consumer Services, Defense, Distribution, Electronics, Engineering, Environmental, Healthcare Services, Information Technology, Leisure, Life Science, Machinery, Manufacturing, Metals/Mining, Packaging, Test/Measurement Equipment, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Recapitalization, Special Situations/Distressed, Secondary Buyout

Geographic Preferences: Western Europe

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 40 150
Enterprise Value 80 500
values in millions of EUR

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.6/yr) # 26 1 1 1 - - 29
vol $74M $74M
Sell (0.6/yr) # 15 - - 3 - - 18
vol $270M $270M
  47

Most Recent M&A

Company Date Value Type
Riri SA 2022-12-16 - Trade Sale
Mendrisio, Switzerland · www.riri.com
Environnement Conseil Travaux 2022-10-11 - Secondary Sale
Villeneuve-sous-Dammartin, France · www.groupe-ect.com
Fine PCB S.p.A 2022-09-28 - Secondary Buyout
Castelfidardo, Italy · www.somacis.com
Biolchim S.p.A. 2022-08-08 - Trade Sale
Bologna, Italy · www.biolchim.it
Alliance Etiquettes SAS 2021-04-09 - Secondary Buyout
Pineuilh, France · www.allianceetiquettes.com
7days jobwear GmbH 2020-11-26 - Secondary Buyout
Lotte, Germany · www.7days.de
MTA S.p.A. 2019-12-06 - Buyout (LBO, MBO, MBI)
Tribano, Italy · www.mta-it.com
Phoenix International S.p.A. 2019-05-21 - Secondary Sale
Verdello, Italy · www.phoenix-spa.com
Thermocoax SAS 2019-05-13 - Trade Sale
Suresnes, France · www.thermocoax.com
Cordenka GmbH & Co. KG 2018-11-16 270M EUR Secondary Sale
Obernburg, Germany · www.cordenka.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
FIME SAS 2016-06-02 CETECOM GmbH - US Payment Activities 2020-06-16 1
Antony, France · www.fime.com , United States

M&A by Sector

Sector Current # Value All-time # Value
Business Services 3 (23%) - 4 (14%) -
Apparel/Textiles 1 (8%) - 2 (7%) -
Distribution 1 (8%) - 2 (7%) -
Electronics 1 (8%) - 2 (7%) -
Information Technology 1 (8%) - 2 (7%) -
Life Science - - 2 (7%) -
Manufacturing 1 (8%) - 2 (7%) -
Test/Measurement Equipment - - 2 (7%) -
Communications 1 (8%) 74M (100%) 1 (3%) 74M (100%)
Building Materials 1 (8%) - 1 (3%) -
Chemicals - - 1 (3%) -
Consumer Services 1 (8%) - 1 (3%) -
Environmental - - 1 (3%) -
Healthcare Services - - 1 (3%) -
Leisure 1 (8%) - 1 (3%) -
Machinery - - 1 (3%) -
Metals/Mining - - 1 (3%) -
Semiconductors 1 (8%) - 1 (3%) -
Transportation - - 1 (3%) -
Total 13 $74M 29 $74M

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 5 (38%) - 13 (45%) -
Germany 3 (23%) 74M (100%) 5 (17%) 74M (100%)
Italy 2 (15%) - 5 (17%) -
Switzerland 2 (15%) - 3 (10%) -
Belgium 1 (8%) - 2 (7%) -
Spain - - 1 (3%) -
Domestic 5 (38%) - 13 (45%) -
Cross-border 8 (62%) 74M (100%) 16 (55%) 74M (100%)
Total 13 $74M 29 $74M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 8 (62%) - 17 (59%) -
Buyout (LBO, MBO, MBI) 3 (23%) - 8 (28%) -
Divestiture 2 (15%) 74M (100%) 2 (7%) 74M (100%)
Going Private - - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 13 $74M 29 $74M

Exits by Deal Type

Type Total # Value
Secondary Sale 13 (72%) 270M (100%)
Trade Sale - Public Company 3 (17%) -
Stake Sale 1 (6%) -
Trade Sale 1 (6%) -
Total 18 $270M

Top M&A Advisors

Financial Deals
Lazard Ltd.
1
Alantra Partners, S.A. - Investment Bank
1
Mediobanca S.p.A.
1
Legal Deals
Clifford Chance
2
King & Wood Mallesons
1
Simmons & Simmons LLP
1

Deal Values

buy # Total
< $100M 1 $74M
TOTAL $74M
Largest Versatel Kabel GmbH
$74M (2010-06-29)
sell # Total
$100M to $1B 1 $270M
TOTAL $270M
Largest Cordenka GmbH & Co. KG
$270M (2018-11-16)

M&A Connections

Deals
Acquired from
Investor(s)
52%
15 (52%)
Strategic(s)
10%
3 (10%)
Exited to
Investor(s)
72%
13 (72%)
Strategic(s)
28%
5 (28%)

FAQ

When was Chequers Capital founded?

Chequers Capital was founded in 1972.

What type of investor is Chequers Capital?

Chequers Capital is a private equity firm.

Where is Chequers Capital headquartered?

Chequers Capital is headquartered in Paris, France.

How much capital does Chequers Capital have under management?

Chequers Capital has 2.0B EUR under management.

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