What we did

Capitalmind Investec was appointed by Air Liquide to prepare the business for sale. We identified and contacted industrial players, all oil & lubricant testing professionals worldwide.

  • Operational support: teaser, info memo, management presentations and data room preparation,
  • Assistance to the M&A team to prepare internal governance documents and valuation,
  • Management of the negotiation process,
  • Assistance to the law firm and client in the legal documentation drafting and negotiation.

About the deal

Air Liquide Group is the world leader for industrial and medical gazes and European leader for homecare services (Oxygen therapy, sleep apnoea, insulin therapy… – €13bn revenues).

BFB Oil Research is a highly specialised Belgian laboratory, providing value-added oil and oil-derived testing services to a wide range of oil & chemicals and industrials customers worldwide.

BFB has been acquired by IESPM, a French leader in conditional preventive maintenance by lubricant analysis, which intends to leverage on the BFB acquisition to develop further IESPM’s business by adding more complex testing capabilities and expertises.

Target Headquarter
December 2011