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  5. ICG, Andera Partners and PAI Partners Acquire Infra Group

M&A Deal Summary

ICG, Andera Partners and PAI Partners Acquire Infra Group

On July 7, 2021, mezzanine finance firm ICG, private equity firm Andera Partners and private equity firm PAI Partners acquired construction company Infra Group from Andera Partners

Acquisition Highlights
  • This is ICG’s 1st, Andera Partners’ 5th and PAI Partners’ 3rd transaction in the Construction sector.
  • This is ICG’s 4th, Andera Partners’ 8th and PAI Partners’ 3rd transaction in Belgium.

M&A Deal Summary
Date 2021-07-07
Target Infra Group
Sector Construction
Buyer(s) ICG
Andera Partners
PAI Partners
Sellers(s) Andera Partners
Deal Type Secondary Buyout

Target

Infra Group

Temse, Belgium
Infra Group provides design, installation, improvement, and maintenance of distribution networks; and offers full turnkey solutions and services to telecommunications, electricity, gas, heating and water operators and local authorities in Belgium. Infra Group was founded in 1966 and is based in Temse, Belgium.

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Buyer(S) 3

Buyer

ICG

London, United Kingdom

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 33.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 280 of 294
Sector: Construction M&A 1 of 1
Type: Secondary Buyout M&A Deals 108 of 115
Country: Belgium M&A 4 of 4
Year: 2021 M&A 12 of 13
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-02 Iver

Stockholm, Sweden

Iver is a managed IT services provider with capabilities for full IT outsourcing, providing their clients with contracted services, including hosting, cloud, and application management. Iver has managed to build strong customer relationships in Sweden and Norway by combining dedicated customer focus with high-quality IT solutions. Iver was formed in 2018 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-04 Symington s

Leeds, United Kingdom

Symington's is a UK manufacturer of branded ambient food, with a strategic focus on convenience and value. Symington's was founded in 1827 and is based in Leeds, United Kingdom.

Sell -
Buyer

Andera Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 3.7B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Andera Partners is a private investment firm focused on several strategies. The Firm invests in life science opportunities through its BioDiscovery group. The Firm invests in Western European small to mid-sized companies (€30 to €300 million of revenue) through its Winch Capital group. Andera invests in small to mid-sized French companies (€10 to €100 million of revenue) through its Cabestan Capital team. Andera invests in €5 to €45 million of mezzanine capital to support small to mid-sized French companies. Andera Partners was established in 2001 and is headquartered in Paris.

DEAL STATS #
Overall 90 of 123
Sector: Construction M&A 5 of 6
Type: Secondary Buyout M&A Deals 11 of 13
Country: Belgium M&A 8 of 9
Year: 2021 M&A 3 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 NetCo

Bordeaux, France

NetCo is a provider of general maintenance and servicing of conveyor systems across a wide range of production sectors - particularly food processing, logistics, minerals and agro-food. NetCo was founded in 1902 and is based in Bordeaux, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-22 MC2-Technologies

Villeneuve-d'Ascq, France

MC2 Technologies designs, assembles, and commercializes radars and drone jammers, passive cameras for object detection as well as other technologies such as high-power amplifiers or transmitter/receiver (TR) modules. MC2-Technologies was founded in 2004 and is based in Villeneuve-d'Ascq, France.

Buy -
Buyer

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 28.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 77 of 95
Sector: Construction M&A 3 of 3
Type: Secondary Buyout M&A Deals 34 of 47
Country: Belgium M&A 3 of 3
Year: 2021 M&A 4 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-23 Pasubio

Arzignano, Italy

Pasubio is a provider of premium leather for the automotive industry. The company's activities include raw hides selection, tanning, finishing and crafting. Its clients include Jaguar Land Rover Group, Volkswagen Group (Porsche, Lamborghini, Bentley and Skoda), FCA Group (Maserati and Alfa Romeo), BMW and PSA. Pasubio was founded in 1955 and is based in Arzignano, Italy.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-02 Scrigno

Rimini, Italy

Scrigno is a manufacturer and distributor of counter-frames for pocket doors and windows worldwide. Scrigno also manufactures and distributes armored doors. Scrigno was founded in 1989 and is based in Rimini, Italy.

Buy -

Seller(S) 1

SELLER

Andera Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 3.7B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Andera Partners is a private investment firm focused on several strategies. The Firm invests in life science opportunities through its BioDiscovery group. The Firm invests in Western European small to mid-sized companies (€30 to €300 million of revenue) through its Winch Capital group. Andera invests in small to mid-sized French companies (€10 to €100 million of revenue) through its Cabestan Capital team. Andera invests in €5 to €45 million of mezzanine capital to support small to mid-sized French companies. Andera Partners was established in 2001 and is headquartered in Paris.

DEAL STATS #
Overall 28 of 52
Sector: Construction M&A 2 of 2
Type: Secondary Buyout M&A Deals 11 of 16
Country: Belgium M&A 3 of 3
Year: 2021 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 NetCo

Bordeaux, France

NetCo is a provider of general maintenance and servicing of conveyor systems across a wide range of production sectors - particularly food processing, logistics, minerals and agro-food. NetCo was founded in 1902 and is based in Bordeaux, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-22 MC2-Technologies

Villeneuve-d'Ascq, France

MC2 Technologies designs, assembles, and commercializes radars and drone jammers, passive cameras for object detection as well as other technologies such as high-power amplifiers or transmitter/receiver (TR) modules. MC2-Technologies was founded in 2004 and is based in Villeneuve-d'Ascq, France.

Buy -
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