Secondary Buyout • Internet Software and Services

Marlin Equity Partners, Bpifrance Investissement and Eurazeo PME Acquire Tennaxia

On March 9, 2023, private equity firm Marlin Equity Partners, Bpifrance Investissement and private equity firm Eurazeo PME acquired internet software and services company Tennaxia from Omnes Capital and Arkea Capital

Acquisition Context
  • This is Marlin Equity Partners’ 35th, Bpifrance Investissement’s 5th and Eurazeo PME’s 5th transaction in the Internet Software and Services sector.
  • This is Marlin Equity Partners’ 3rd, Bpifrance Investissement’s 96th and Eurazeo PME’s 55th transaction in France.

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M&A Deal Summary

Date March 9, 2023
Target Tennaxia
Sector Internet Software and Services
Buyer(s) Marlin Equity Partners
Bpifrance Investissement
Eurazeo PME
Sellers(s) Omnes Capital
Arkea Capital
Deal Type Secondary Buyout

Target Company

Tennaxia

Changé, France
Tennaxia is a publisher of SaaS solutions to help listed companies and SMEs/mid-market companies in France with their CSR strategies. The company's mission is to help clients managing their CSR performance (Corporate Social Responsibility), facilitating their HSE governance EHS governance (Environment, Health, and Safety), reducing EHS risks and costs, complying with their main regulatory obligations, and anticipate stakeholder expectations. Tennaxia was founded in 2001 and is based in Changé, France.
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Buyers Overview 3

Buyer

Marlin Equity Partners

Hermosa Beach, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2005
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
Marlin Equity's headquarters in Hermosa Beach, California.
Marlin Equity's headquarters in Hermosa Beach, California.

Marlin Equity Partners is a private investment firm focused on acquiring distressed businesses with sales of $10 million to $2 billion. Marlin has a special interest in non-core or underperforming divisions of larger corporations, as well as companies facing some sort of financial, operational or market-related transition. Marlin is a generalist investor and will consider opportunities in technology (software, IT, payment systems, hardware, communications, internet), healthcare, consumer (apparel, retail, consumer products, food/beverage), services (business, financial, consumer, education), manufacturing (automotive, industrial, metals, plastics), aerospace, defense, and media. Marlin prefers businesses with scalable business models, strong installed customer bases, defensible market positions, and barriers to entry. Marlin Equity Partners was formed in 2005 and is based in Hermosa Beach, California with an additional office in London.


Deal Context for Buyer #
Overall 109 of 118
Sector: Internet Software and Services 35 of 40
Type: Secondary Buyout 19 of 22
Country: France 3 of 4
Year: 2023 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-25 OpenAsset

New York, New York, United States

OpenAsset is a provider of Digital Asset Management (“DAM”) to the Architecture, Engineering and Construction (“AEC”) industry. Purpose built, AI-enhanced search tools enable OpenAsset users to organize assets by projects and employees. Users can create highly flexible and automated marketing collateral, such as custom image and document templates, project and building spotlights, and more. Industry specific integrations with technology providers in the AEC industry improve marketing efficiency and help customers win new business. OpenAsset was founded in 2002 and is based in New York, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-15 Pentalog

Paris, France

Pentalog is a global provider of software development and digital services, with a focus on customer-facing, business-critical applications. Pentalog’s offering spans the full product lifecycle, including product strategy, UX/UI design, engineering, and ongoing support and maintenance. Pentalog was founded in 1993 and is based in Paris, France.

Sell -
DESCRIPTION


Deal Context for Buyer #
Overall 97 of 115
Sector: Internet Software and Services 5 of 5
Type: Secondary Buyout 24 of 26
Country: France 96 of 114
Year: 2023 4 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-13 Groupe Blondel

Saint Quentin, France

Groupe Blondel is involved in offering air freight and logistics services. Groupe Blondel was founded in 1956 and is based in Saint Quentin, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-03-10 Neotec

Bressols, France

Neotec specializes in design and manufacture of sub-assemblies, equipment, chassis and vehicle transmission components for industrial applications, particularly railway applications. Neotec was founded in 1991 and is based in Bressols, France.

Sell -
Buyer
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €250 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.


Deal Context for Buyer #
Overall 82 of 86
Sector: Internet Software and Services 5 of 5
Type: Secondary Buyout 32 of 35
Country: France 55 of 58
Year: 2023 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-21 NeoXam

Paris, France

NeoXam is a provider of investment accounting, investment management, and data management software solutions. NeoXam's customer base is made of large and medium asset management firms, investment banks, institutional investors, and securities services providers. NeoXam was founded in 2014 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-15 DORC

Zuidland, Netherlands

DORC is a provider of innovative instruments and equipment for ophthalmic surgery. The product range includes high precision disposable and re-usable instruments, surgical liquids and surgical machinery that is used for vitreoretinal and cataract procedures. DORC was founded in 1983 and is based in Zuidland, Netherlands.

Sell -

Seller Profiles 2

SELLER

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.


Deal Context for Seller #
Overall 112 of 118
Sector: Internet Software and Services 5 of 5
Type: Secondary Buyout 34 of 37
Country: France 87 of 89
Year: 2023 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-27 CMR Group

Marseille, France

CMR Group is a global engineering partner for marine, offshore, and industrial applications. Our solutions include design, manufacturing, and service of instrumentation and engine controls. CMR Group was founded in 1959 and is based in Marseille, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-22 EA Pharma

Vallauris, France

EA Pharma is a pharmaceutical company specialized in production and distribution of drugs, food supplements, and cosmetics. EA Pharma was formed in 2006 and is based in Vallauris, France.

Sell -
SELLER

Arkea Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2011
PE ASSETS 1.3B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Arkéa Capital is the private equity investment arm of diversified financial services company Crédit Mutuel Arkéa. Arkéa Capital looks to make long-term investments in established, market leading companies. The Group does not have any sector preferences. Arkéa Capital does not have any sector preferences and is headquartered in Brest.


Deal Context for Seller #
Overall 7 of 16
Sector: Internet Software and Services 1 of 3
Type: Secondary Buyout 6 of 7
Country: France 7 of 16
Year: 2023 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-12-19 RBL Plastics

Chateaubriant, France

RBL Plastics is specialized in thermoforming which has been designing and manufacturing tailor-made plastic parts and sub-assemblies thermoformed in thin and heavy thickness, from small to medium series. The company mainly targets industrial, medical, agricultural, leisure and utility vehicle customers. RBL Plastics was founded in 1979 and is based in Chateaubriant, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-04 Polaris

Quimper, France

Polaris is an expert in innovative nutritional lipids and offers a range of healthy ingredients and high-valued custom manufacturing activities. It is specialized in the production and formulation of Polyunsaturated Fatty Acids especially Omega-3 from marine and algal origin under the brand Omegavie. Polaris was founded in 1994 and is based in Quimper, France.

Buy -