Itesa

Crédit Mutuel Alliance Fédérale subsidiary Crédit Mutuel Equity has bought into Itesa alongside chairman Olivier Pagès, in a deal intended to support the company in its next phase of growth. The transaction provided an exit for funds managed by Edmond de Rothschild Investment Partners (EdRIP), which have been major shareholders since 2012, and gave Itesa's new executives the opportunity to acquire equity in their company. Itesa's consolidated revenue amounted to €34.5 million in 2016, and it employs around 100 people.

The company was founded in 1978 in Marseille, and it was acquired in 1997 by Olivier Pagès, the founder's grandson. It is a leading distributor of electronic security equipment to trade customers such as independent installers, electrical engineering groups and retailers. Itesa has a catalogue of more than 2,000 items, such as alarms, videoprotection, access control systems, and fire detection equipment. In addition, the company offers an exclusive range of value-added technical and commercial services. Customer satisfaction is Itesa's main priority, and its highly responsive service is one of its main advantages.

With 13 branches - 12 of which are in France - and a logistics platform in Marseille, Itesa has seen continuous growth that has been boosted by its dynamic market. Its chairman, Olivier Pagès, wants to increase revenue to more than €50 million by 2020 through organic growth, by opening new branches and increasing the sales force.

The present transaction enabled Olivier Pagès to maintain his majority stake in the company, and allowed new executives to acquire equity as well. The deal was put together by Crédit Mutuel Equity (formerly CM-CIC Investissement), which invested a total of €3.2 million. Having bought into Itesa in its previous OBO in 2012, EdRIP has now sold all of its shares. The transaction was also partly financed by senior debt arranged by Crédit du Nord (SMC) and Crédit Agricole Alpes-Provence.

"This financial transaction, supported by our partner Crédit Mutuel Equity, means that Itesa can plan with confidence for the long term, with possibilities for reinvestment as and when new growth opportunities arise," explains Olivier Pagès.

"We know the company well, and it has seen constant development since 2004, with annual growth of 20% between 2009 and 2016. Its excellent service, its leading position, its extensive geographical coverage and its team of experienced managers make Itesa a gem of a company, and we are delighted to be giving it the support it needs in the years to come," added Nam Metzger, Principal at Crédit Mutuel Equity.

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