Consumer goods & services
N.D.
France FR

Scope of intervention

Sycomore Corporate Finance acted as financial advisor to Proxiserve majority shareholder and its management team on the disposal of Proxiserve

Date of closing

March 2019

Vauban Infrastructure and Asterion Industrial have agreed to acquire a majority stake in Proxiserve from Stephane Caine, CEO and majority shareholder of Proxiserve, and its management team.

In October 2015, Stéphane Caine and the management of Proxiserve have acquired a majority stake in the company from Latour Capital, a France-based private equity and venture capital. Since then, the company reinforced its market positions and expanded into new value-added activities such as Electric Vehicle Charging Stations and online sales, while pursuing the improvement of its operational efficiency. This led to a steady increase in revenues coupled with a significant improvement of profitability.

Rationale

  • Expand and strengthen Proxiserve’s market position in its end-markets
  • Capitalize on Proxiserve’s experience and knowledge to pursue value creation initiatives
  • Support Proxiserve in its organic growth and external development

Proxiserve at a glance

Spun off from Veolia in 2011, Proxiserve is today a leading multi-specialist provider of energy services for residential buildings in France. The business provides the following services: sub-metering (water and heat), maintenance (boilers and heating systems), electric vehicles charging stations together with electricity supply and metering (for large tertiary sites). The group has c. 120 branches and over 3,000 employees.

Vauban Infrastructure Partners at a glance

Vauban Infrastructure Partners is a France-based investment fund affiliated to Natixis Investment Managers and a recognized leader in infrastructure investments in France with ca. €3bn of assets under management and over 50 acquisitions. It was formerly part of Mirova, a France-based investment group focusing on responsible investment with ca. €9.9bn of assets under management.

Asterion Industrial Partners at a glance

Founded in 2018, Asterion Industrial Partners is a Spain-based infrastructure fund investing in the energy, public service, telecommunications and transportation sectors in Europe with a particular focus on France, United Kingdom, Spain and Italy. Asterion Industrial has a seasoned investment team with more than 10 years of experience in the energy sector and asset management.