M&A Deal Summary

Chequers Capital Acquires SERMA Group

On June 9, 2011, private equity firm Chequers Capital acquired electronics company SERMA Group

Acquisition Highlights
  • This is Chequers Capital’s 1st transaction in the Electronics sector.
  • This is Chequers Capital’s 8th transaction in France.
Investment Fate
  • SERMA Group was sold to a consortium of financial buyers in 2015.
  • SERMA Group was sold to a consortium of financial buyers in 2018.

M&A Deal Summary
Date 2011-06-09
Target SERMA Group
Sector Electronics
Buyer(s) Chequers Capital
Deal Type Buyout (LBO, MBO, MBI)

Target

SERMA Group

Cedex, France
SERMA Group offers an independent, international one-stop-shop for services in electronics. Specialized in electronic technologies for high stress environment, the group has developed around its culture of technical excellence and its in-house network of experts. Throughout the electronics life cycle, SERMA GROUP provides global offers around 4 major themes. Technologies and process (analysis, test and expertise) - System security (consulting and rating “CESTI”, certified ANSSI) - Embedded system engineering (design, development, qualification, production and maintenance) - Microelectronics (design and industrialization of embedded systems, thick layer ceramic, ceramic assembly) 900 engineers and technicians are the strength of the Group operating with 10 industrial sites in France and Germany to serve its clients: aeronautics, automotive and transport, industry, space, energy and medical. SERMA Group was founded in 1991 and is based in Cedex, France.

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Buyer(S) 1

Buyer

Chequers Capital

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1972
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

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.

DEAL STATS #
Overall 10 of 38
Sector (Electronics) 1 of 2
Type (Buyout (LBO, MBO, MBI)) 3 of 11
Country (France) 8 of 17
Year (2011) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-11 ECF Group

Grigny, France

ECF Group is a supplier of small equipment, hygiene products, furniture, and heavy equipment for food service professionals. The Group operates in France (with its brands Chomette, Ecotel, Noveo, Cobal and Coldis), Australia (Reward Hospitality), Italy (CHS), and the United Arab Emirates (Restofair). ECF Group founded in 1880 and is based in Grigny, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-13 Cordenka

Obernburg, Germany

Cordenka is a manufacturer of industrial rayon yarn for the tyre industry. The high-strength yarn is used as a strengthening material in high-performance tyres, hosepipes, and composite materials. The range of products on offer include yarn, cord, and fabric. Cordenka was founded in 1937 and is based in Obernburg, Germany.

Buy -
Mergr

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