Sale of Texelis via an MBO

Sector(s)
Industrials
Deal type
Buyout / MBO / Sell your business
Date
December 2018
Countries involved
France

Client

Texelis specialises in designing and manufacturing drivetrains, including axles, and power transmission systems for heavy vehicles including metros, trams, armoured vehicles and heavy trucks

Deal

Texelis management board acquires majority stake in company via a MBO supported by Siparex, Bpifrance, Carvest and Groupe Reel

Parties

Lead team

  • Nicolas Balon

    Nicolas Balon

    Partner France
  • Guillaume ten Have

    Guillaume ten Have

    Director France

What we did

We actively supported Texelis shareholders all along the sell-side process: presounding of market appetite well ahead of launching the sales process, positioning the business for sale at the right moment and to the right most likely buyers to secure best terms possible, creation of the marketing documentation needed for the sale, monitoring of the financial VDD, management of the due diligence phase and assistance in negotiating the deal and related legal documentation.

We also assisted Groupe Reel, one of Texelis historical shareholders, in participating in the MBO of Texelis by reviewing & negotiating investment terms and the shareholders’ agreement.

About the deal

The Texelis management team, led by Charles-Antoine de Barbuat, has acquired the majority shareholding of the Texelis via an MBO supported by French private equity funds (Siparex, Bpifrance and Carvest). Philippe Frantz, who has been the majority shareholder of Texelis since 2009 when the company separated from Renault Trucks continues as a shareholder (via Groupe Reel), to provide continuity as the company continues on its growth path.

Based in Limoges, Texelis specialises in developing and producing drivetrains, including axles, and power transmission systems for heavy vehicles including metros, trams, armoured vehicles and heavy trucks. Over the last few years the company strategy has focused on developing innovative mobility solutions whilst diversifying its customer base with major global manufacturers such as Siemens, Bombardier, Volvo and Nexter. Amongst recent successes, the Group is supplying mobility systems for the Siemens Neoval people mover, the Serval 4×4 armoured vehicle for the French Direction Générale de l’Armement and the renovation of the Mexico Metro. The Texelis Group employs 350 people with a wide range of design, production and programm management skills on its 35,000 m2 production site.  In addition to production it has an extensive refurbishment business especially in the rail market, for axle systems. It reports revenues of 110 million Euros in 2018, a threefold increase since 2015, when the new strategy was adopted.

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