DDA & Company advises Steliau Technology in an LBO deal backed by B & Capital

Following a sale process that attracted strong interest, DDA & Company is proud to announce that B & Capital, a French private-equity firm backed by Roland Berger, acquired a stake in Steliau Technology, in an LBO deal with the support the management.

Following a competitive auction process led by DDA & Company, B & Capital acquires a stake in Steliau Technology alongside the founders, Stéphane Jouannaud, Lionel Girardot, Aurélien Bergé, and Pascal Reynoud which joined the company as CEO in 2018. Sponsors since 2016, Isatis Capital and Siparex Intermezzo fully exit.

Steliau Technology is a valued-added reseller of electronic components whose offering encompasses the following segments: Displays & Touch Panel solutions (touchscreens, integrated human machine interfaces), Connectivity (cellular routers, embedded modems), Thermal solutions (heat dissipaters, fans and thermal interfaces), Embedded systems (embedded cards, industrial PC cases), Connectors & Cables (electrical connectors), mechanical integration and power supplies.

Steliau Technology liaises directly with its clients’ R&D departments, at early stage of the project to offer them tailored products and solutions. The Group enjoys a broad customer base from a large variety of sectors, such as Transportation, Industry, Consumer Goods, Healthcare and Retail.

A €100-million target revenue

Steliau Technology was created in 2017 following the acquisition of Astone Technology by Silfox. This transaction enabled the Group to reach critical size, with €42M revenues expected in 2019 and to take advantage from a significative potential for commercial synergies.

Steliau Technology’s management is eager to complete new external growth acquisitions and keep on broadening the Group offer, improving technical expertise and entering foreign markets.

Idinvest Partners and CM-CIC Private Debt set-up a unitranche debt facility.

Debt

Idinvest Partners (Nicolas Nedelec, Olivier Sesboüé, Victoire Vanheuverswyn)
CM CIC Private Debt (Nicolas Offroy, Antoine Guérillon)
Legal advisor: DLA Piper (Maud Manon)

We were looking for a financial sponsor able to support us in the implementation of the future external growth operations and in the new development phase of the Group. B & Capital’s team convinced us of its ability to be the right partner in this regard.

Stéphane Jouannaud co-founder and Chairman of Steliau Technology

We have been advising Steliau Technology in its development for several years. We are delighted that B & Capital could stand out in such competitive auction process. We believe their investment to be a key step in the Group’s future development.

Alain Sitbon Partner at DDA & Company

About B & Capital

B & Capital was set up in 2016 by a seasoned investment team. The firm stands in a unique position within the European small and mid-cap landscape, being the only private-equity player to combine skills of a talented investment team and world-renowned strategy consulting firm. This offer combines private-equity with the support capacity, the strong industry and sectorial knowledge and the international network of Roland Berger, a leading European consultancy firm.

Buyers

B & Capital: Bertrand Tissot, Mikaël Schaller, Charles Gaudry
B & Capital advisors:
Financial DD: Oderis (Thomas Claverie, Benjamin Supiot, Sarah Foessel)
Strategic DD: AMR International (Florent Jarry)
Legal DD: Lexton Avocats
Lawyer: Paul Hastings (Olivier Deren)

About Steliau Technology

Founded in 2018, Steliau Technology brings together two well-established entities, each with in-depth know-how in their fields: Astone Technology, a specialist in the electronics sector for more than twenty years, which benefits from a high level of technical expertise in Connectivity, Internet of Things, Display, Energy conversion and Audio components, and Silfox, renowned for its thermal, connector and mechatronics expertise. The Group has a total headcount of around fifty people located in the offices of Fresnes and Montrouge.

Following the merger of the two entities, Steliau Technology has a commercial portfolio with complementary positioning to offer a range of products and services adapted to suit each professional customer profile.

Steliau Technology customer base includes around 1,000 companies from sectors such as Transportation, Industry, Consumer Goods, Healthcare, Retail, Defense & Aeronautics, Automotive.

Sellers

Isatis Capital: Nicolas Schwindenhammer, Charles Collin
Siparex Intermezzo: Richard Dalaud, Philippe Dutheil
M&A Sell-side: DDA & Company (Alain Sitbon, Clément Darcourt)
Legal advisory: Apollo Avocats (Guillaume de Ternay)
Financial Vendor Assistance: Grant Thornton (Emmanuel Riou, Jérôme Duflos, Maellia Guelimi)