M&A Deal Summary

Equistone and Ardian Acquire Fives

On July 1, 2004, private equity firms Equistone and Ardian acquired engineering company Fives from IK Partners for 330M EUR

Acquisition Highlights
  • This is Equistone’s 2nd and Ardian’s 1st transaction in the Engineering sector.
  • This is Equistone’s 5th and Ardian’s 52nd largest (disclosed) transaction.
  • This is Equistone’s 29th and Ardian’s 10th transaction in France.
Investment Fate
  • Fives was sold to a consortium of financial buyers in 2006 for 450M EUR.
  • Fives was sold to a consortium of financial buyers in 2012 for 850M EUR.
  • Fives was sold to a consortium of financial buyers in 2017.

M&A Deal Summary

Date 2004-07-01
Target Fives
Sector Engineering
Buyer(s) Equistone
Ardian
Sellers(s) IK Partners
Deal Type Secondary Buyout
Deal Value 330M EUR
Advisor(s) Canaccord Genuity (Financial)

Target

Fives

Paris, France
Fives is an international industrial engineering group that designs and produces equipment, primarily for the automotive, steel and aluminium industries. Fives has participated in the modernization of various global industries, including steel, aluminium, cement, energy, and more recently, the automotive and aerospace industries, as well as logistics. Fives was founded in 1812 and is based in Paris, France.

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Buyer(S) 2

Buyer

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, United Kingdom.


DEAL STATS #
Overall 90 of 252
Sector: Engineering M&A 2 of 5
Type: Secondary Buyout M&A Deals 7 of 83
Country: France M&A 29 of 72
Year: 2004 M&A 8 of 11
Size (of disclosed) 5 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-01 LSL Property Services

Newcastle upon Tyne, United Kingdom

Lending Solutions (LSL) of e.surv is the leading business to business distributor of residential property valuations, and the largest panel manager in the UK.

Buy €90M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-07-09 NCC Group

Manchester, United Kingdom

NCC Group is an information assurance specialist, passionate about changing the shape of the Internet and making it a safer place. Through an unrivalled range of services, it provides organisations with freedom from doubt that their most important assets are protected and operating as they should be at all times. NCC Group was founded in 1999 and is based in Manchester, England.

Sell -
Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 14 of 465
Sector: Engineering M&A 1 of 5
Type: Secondary Buyout M&A Deals 2 of 155
Country: France M&A 10 of 207
Year: 2004 M&A 4 of 8
Size (of disclosed) 52 of 68
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-04-05 Alukon & Co. KG

Konradsreut, Germany

Alukon GmbH & Co. KG is a European manufacturer of premium alluminium roller shutters and doors. Located in Konradsreuth, Bavaria, the company manufactures components and complete systems which are distributed to shutter assemblers and craftsmen in Austria, France, Germany and Eastern Europe.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-09-01 Maxeda B.V.

Amsterdam, Netherlands

Maxeda is a non-food retailer in the Benelux area with leading positions in the department store, DIY, apparel and consumer electronics sectors.

Buy €2.4B

Seller(S) 1

SELLER

IK Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 14.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

IK Partners is a private equity firm that targets control investments in lower middle-market to large-sized companies throughout Europe. IK focuses on growth businesses located in the Benelux region, as well as Denmark, Finland, France, Germany, Norway and Sweden. The Firm looks to commit €10 to €300 million of equity capital per transaction and targets companies with strong cash-flows. IK Investment Partners was formerly known as Industry Kapital. IK Partners was formed in 1989 and is based in London, England.


DEAL STATS #
Overall 26 of 122
Sector: Engineering M&A 2 of 2
Type: Secondary Buyout M&A Deals 3 of 51
Country: France M&A 1 of 27
Year: 2004 M&A 4 of 5
Size (of disclosed) 10 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2004-03-25 Oriflame Cosmetics SA

Schaffhausen, Switzerland

Oriflame Cosmetics SA offer a wide range of high-quality beauty products as well as a unique opportunity to join our sales force and start own business. Company are present in more than 60 countries, of which we are the market leader in more than half.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-10-01 Europris AS

Fredrikstad, Norway

Europris AS is the hard discount retail and wholesale company in Norway, with emphasis on both food and non-food products.

Buy -