Chequers Capital Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Chequers Capital has acquired 6 companies.

Chequers Capital’s most common sectors for investment are business services (12%) and test/measurement equipment (8%). The Firm’s most common investment types include secondary buyout (54%) and buyout (lbo, mbo, mbi) (31%). 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 5 companies. The Firm’s most common exit type is secondary buyout (86%). 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 Activity40
    • M&A Buy Activity26
    • M&A Sell Activity14
  • Total Sectors Invested 19
  • Total Countries Invested 6
  • M&A Buy/Sell Connections 10
  • M&A Advisors 13

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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (1.8/yr) # 17 3 3 2 1 - 26
vol $74M $74M
Sell (1.2/yr) # 8 1 1 3 1 - 14
vol $270M $270M
  40

Most Recent M&A

Company Date Value Type
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 Buyout
Verdello, Italy · www.phoenix-spa.com
CORDENKA GmbH & Co. KG 2018-11-16 270M EUR Secondary Buyout
Obernburg, Germany · www.cordenka.com
Riri SA 2018-10-29 - Secondary Buyout
Mendrisio, Switzerland · www.riri.com
Rollon S.p.A. 2018-07-27 - Add-on Acquisition
Milan, Italy · www.rollon.com
Deutsche Fachpflege Holding GmbH (Deutsche Fachpflege Gruppe) 2018-06-13 - Secondary Buyout
Munich, Germany · www.deutschefachpflege.de
SERMA Group 2018-05-02 - Secondary Buyout
Cedex, France · www.groupe-serma-technologies.com
EMVIA Living 2017-10-26 - Buyout (LBO, MBO, MBI)
Hamburg, Germany · www.emvia.de
Biolchim S.p.A. 2017-08-03 - Secondary Buyout
Medicina (Bologna), Italy · www.biolchim.it
Sport & Leisure Group NV 2017-05-10 - Buyout (LBO, MBO, MBI)
Sint-Niklaas, Belgium · www.domosportsgrass.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 2 (14%) - 3 (12%) -
Distribution 1 (7%) - 2 (8%) -
Electronics 1 (7%) - 2 (8%) -
Information Technology 1 (7%) - 2 (8%) -
Manufacturing 2 (14%) - 2 (8%) -
Test/Measurement Equipment 1 (7%) - 2 (8%) -
Communications 1 (7%) 74M (100%) 1 (4%) 74M (100%)
Apparel/Textiles - - 1 (4%) -
Building Materials 1 (7%) - 1 (4%) -
Chemicals 1 (7%) - 1 (4%) -
Consumer Services 1 (7%) - 1 (4%) -
Environmental 1 (7%) - 1 (4%) -
Healthcare Services - - 1 (4%) -
Leisure 1 (7%) - 1 (4%) -
Life Science - - 1 (4%) -
Machinery - - 1 (4%) -
Metals/Mining - - 1 (4%) -
Packaging - - 1 (4%) -
Transportation - - 1 (4%) -
Total 14 $74M 26 $74M

Acquisitions By Geo

State/Country Current # Value All-time # Value
France 6 (43%) - 12 (46%) -
Germany 2 (14%) 74M (100%) 4 (15%) 74M (100%)
Italy 2 (14%) - 4 (15%) -
Switzerland 3 (21%) - 3 (12%) -
Belgium 1 (7%) - 2 (8%) -
Spain - - 1 (4%) -
Domestic 6 (43%) - 12 (46%) -
Cross-border 8 (57%) 74M (100%) 14 (54%) 74M (100%)
Total 14 $74M 26 $74M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Secondary Buyout 9 (64%) - 14 (54%) -
Buyout (LBO, MBO, MBI) 3 (21%) - 8 (31%) -
Divestiture 2 (14%) 74M (100%) 2 (8%) 74M (100%)
Going Private - - 1 (4%) -
Stake Purchase - - 1 (4%) -
Total 14 $74M 26 $74M

Exits by Deal Type

Type Total # Value
Secondary Sale 12 (86%) 270M (100%)
Stake Sale 1 (7%) -
Trade Sale - Public Company 1 (7%) -
Total 14 $270M

Top M&A Advisors

Financial Deals
PwC Corporate Finance LLC
 1
Lincoln International
 1
Ethica Corporate Finance
 1
Legal Deals
Clifford Chance LLP
 2
Weil Gotshal & Manges LLP
 1
King & Wood Mallesons
 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
PE Firm(s)
80%
16 80%
Strategic(s)
20%
4 20%
Exited to
PE Firm(s)
89%
16 89%
Strategic(s)
11%
2 11%

Investor Summary

Size

Large

PE Assets

2.0B EUR

Established

1972

Specialist/Generalist

Generalist

Leadership

Jerome Kinas

CEO

Dennis Metzger

Chairman

Guillaume Planchon

General Manager

Aurelien klein

Managing Director

Axelle Dumousset

Managing Director

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