CHEQUERS takes majority stake in ESTYA

Chequers Capital took a majority stake in Eris, the Ile-de-France fire safety specialist, from its founding families in a primary management buyout, at an enterprise value of . The transaction was structured as the company's first LBO. Eris reported revenue of and an EBITDA margin of , implying an EV/revenue multiple of . The management shareholders, led by co-founder Alain Goeta and his son Ludovic, entered exclusive negotiations with Chequers after an auction process run by Capitalmind. EMZ Partners, IK Investment Partners, Abénex, Naxicap and Siparex also took part in the discussions. Ludovic Goëta, the chief executive, acquired the business alongside Chequers. At the time of the transaction, Eris employed a workforce serving a business-to-business client base in the tertiary, residential and industrial markets. The company had built its name in fire detection systems before expanding into smoke extraction hardware and security equipment such as access control and anti-intrusion devices. Chequers backed management's strategy to grow the business in France both organically and through buy-and-build, and to strengthen the company's internal organisation. Capitalmind advised on the auction process.