Equistone & Alpinvest take majority stake in Sicame
Context
Equistone Partners Europe established a dedicated Continuation Fund, led by AlpInvest Partners, to retain its majority stake in Sicame Group. This complex secondary operation allowed Equistone to provide exit liquidity for its 2015-vintage fund while continuing to support Sicame’s long-term growth. The deal was structured with a €260 million Term Loan B (TLB) facility, which includes €80–90 million in dedicated CAPEX lines for future acquisitions. The management team increased its equity stake (relution) alongside the founding family, who remains a shareholder. The transaction ensures alignment of interests between the new consortium of LPs and Equistone’s partners, who also directly co-invested in the new vehicle.
In the past, Sicame was acquired by Equistone in 2015 as part of its expansion strategy.
Sicame, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 5x–12x.
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Target
Sicame Group is a global specialist in manufacturing connectivity equipment and providing consultancy services for the transmission and distribution of electrical energy. The company designs and produces a wide range of accessories for low, medium, and high voltage networks, including mechanical connectors, street lighting equipment, and safety devices for technicians. With a strong industrial footprint, Sicame serves major utility providers and infrastructure operators worldwide. Its business model focuses on mission-critical components that ensure grid reliability and safety. Strategically, the group leverages a proactive "buy-and-build" strategy to consolidate the global electrical equipment market, aiming to double its size through international expansion and technological innovation.
Ent. Value
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with Sicame
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 12/2015 | EQUISTONE | SICAME | FRANCE | Electrical Equipment |
Other operations with Equistone / Alpinvest
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2022 | EQUISTONE / IK PARTNERS / SAGARD / EMZ PARTNERS / SOCIETE GENERALE CAPITAL PARTENAIRES | SAFIC-ALCAN | FRANCE | Specialty Chemicals |
| 01/2022 | ASTORG / ALPINVEST / GOLDMAN SACHS | IQ-EQ | LUXEMBOURG | Wealth & Asset Management |
| 07/2021 | EQUISTONE | VERTBAUDET | FRANCE | Fashion & Apparel |
| 09/2019 | EQUISTONE | ACCES INDUSTRIE | FRANCE | Equipment Rental |
| 08/2019 | EQUISTONE / SAGARD | VULCAIN INGENIERIE | FRANCE | Engineering & Consulting |
| 02/2019 | EQUISTONE | COURIR | FRANCE | Sport |
| 04/2018 | EQUISTONE | KARAVEL | FRANCE | Tour Operators |
| 07/2017 | EQUISTONE | GROUPE BRUNEAU | FRANCE | Office Supplies & Furniture |
| 07/2016 | EQUISTONE / GEI | ADISTA | FRANCE | MSP (Managed Services) |
| 01/2016 | EQUISTONE | NOVARES | FRANCE | Auto Parts & Systems |
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REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €250–500M
EBITDA range: €50–100M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Sicame by Equistone / Alpinvest are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
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