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LBO France to acquire Crouzet from PAI-owned InnoVista Sensors

LBO France is to acquire Crouzet, a specialist in customised switches, electric actuators and automated systems for critical applications, from InnoVista Sensors, a company owned by PAI Partners, The Carlyle Group and Schneider Electric.

The transaction has already received a favourable opinion from the relevant works council and remains subject to customary regulatory approvals. The transaction is expected to close by early 2018.
Founded in 1921 and today comprising approximately 1,200 employees, the Company serves diversified end-markets, including aerospace and industry, transportation, energy & infrastructure and other industries, through 3 principal production sites (France, Morocco and China). In 2016, Crouzet generated EUR136 million in sales, 74 per cent from outside France.
As a result of its technical expertise and longstanding industrial history, Crouzet has gained strong recognition of leadership over the years and secured privileged relationships with its clients.
In addition, the Company’s client base is highly diversified with more than 1,000 active customers.
Thomas Boulman, Partner at LBO France, says: “This investment in Crouzet illustrates LBO France’s strategy of partnering with leaders in attractive niche sectors with recognised technological expertise customisation capabilities, critical applications supplying and international geographical coverage. We have been impressed and comforted by the work done in the past years by the management under the joint ownership of PAI Partners, The Carlyle Group and Schneider Electric. We are now excited to team up with the management to support the Company on its new development phase and are eager to accelerate Crouzet’s ambitious strategy of product and technological innovation, market and geography deployment as well as selected build-up acquisitions.”
David Arragon, CEO of Crouzet, adds: “With the support of LBO France as its new shareholder, we are confident on Crouzet’s capacity to carry on its development strategy and to consolidate its worldwide leadership on its niche markets.”
LBO France (Thomas Boulman, Simon Couturier, Eva Hoël, Philippe Karmin) was advised on this transaction by Advention (Alban Neveux, Eric Lesavre) on the strategic due diligence, EY Transaction Services (Jean-François Nadaud, Renaud Régner) on the financial due diligence and Mayer Brown for legal (Thomas Philippe, Clotilde Billat, Estelle Leclerc, Mélisande Sauze), tax (Elodie Deschamps, Olivia Sibieude) and financing (Patrick Teboul, Maud Bischoff, Julien Leris) matters.
InnoVista Sensors was advised on this transaction by Canaccord Genuity (Nadim Barouki, Nicolas Royer), Latham & Watkins (Alexander Benedetti, Julie Tchaglass, Alexandre Balat) on legal and corporate aspects, Linklaters (Oliver Sceales, Alex Szehidewicz) on legal and financing aspects
Crouzet management was advised on this transaction by Delaby Dorison (Emmanuel Delaby, Florian Tumoine) for tax aspects and Bremond & Associés (Christine Le Breton) for legal matters.

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