OMERS Private Equity, the private equity investment arm of the OMERS pension plan has entered into an agreement with Ardian, the independent private equity company, which grants exclusivity to OMERS to acquire a majority stake in Trescal (the “Company”), the leading international specialist for calibration services. The proposed transaction, which values the Company at approximately €670 million, is fully supported by Trescal’s management team headed by its CEO Olivier Delrieu. The proposed transaction will see the senior management make an equity reinvestment into Trescal alongside OMERS Private Equity.
The proposed transaction remains subject to several conditions including customary approvals by the antitrust authorities and signing of a definitive agreement.
Headquartered in Paris, France Trescal operates across more than 110 sites in 22 countries covering Europe, North and South America and Asia. Trescal has over 3,000 employees worldwide and serves more than 40,000 customers over a range of sectors, including defence, aerospace, telecommunications, transportation and automotive. The company’s metrology services include calibration and the repair and maintenance of test and measurement equipment. Trescal also offers customised calibration management software solutions, metrology and technical support.
Ardian invested in Trescal in 2013 and since then has supported the Company’s continued organic growth and international consolidation. Over this time, Trescal has completed numerous acquisitions and grown revenue to over €270 million.
OMERS Private Equity will support the management and employees through further development of the Company’s service capability and through strategic acquisitions in what remains a large, but fragmented sector.
Jonathan Mussellwhite, Co‐head of OMERS Private Equity in Europe, said:
"We have followed Trescal since 2014 and have been impressed by the quality and track record of Trescal’s management team lead by Olivier Delrieu. This is our third consecutive bi‐lateral off market transaction and OMERS Private Equity’s first investment in France; a significant and important market for us as we continue to expand our global investment footprint. We look forward to supporting Olivier and the team at Trescal in their continued development as a global market leader in calibration services.”
Thibault Basquin, Managing Director Ardian Mid Cap Buyout, added:
“I would like to thank Olivier Delrieu and his team for our high‐quality partnership. With more than 25 add‐on acquisitions performed under our ownership, Trescal has doubled in size and become a worldwide player with presence on all continents. We are proud of this achievement; this is a clear example of the transformational growth strategies that we aim to support.”
Olivier Delrieu, CEO of Trescal, said:
"With Ardian’s support, Trescal has expanded its footprint to new continents (South & North America and Asia) and completed 25 acquisitions worldwide reinforcing its global customer service offering. We sincerely thank them for their constant support, availability and enthusiasm.
The team at OMERS Private Equity has demonstrated a depth of knowledge and a sincere interest in our future development. We are looking forward to working with OMERS to continue to support our growth and strengthen our international leadership. Undoubtedly they are the right partner to accompany Trescal in our strategy to be ever more efficient in the services we provide to our customers.”
OMERS Private Equity is fully underwriting the proposed acquisition.