Alternative asset management group will hold 40% to 44% of French construction specialist’s capital through its T2 Energy Transition Fund
Caisse des Dépôts, the French public sector financial institution, has said that it has received a binding offer from Tikehau Capital, the alternative asset management group, for a 42% stake in its subsidiary, Egis, the specialist in engineering, construction and mobility services.
In a statement, Egis said that should the move be approved, Tikehau Capital will hold 40% to 44% of Egis’ capital, through its T2 Energy Transition Fund. Caisse des Dépôts would retain 34% alongside Egis’ executive partners and employees who would hold approximately between 22% and 26%2 of Egis’ capital, it added.
Tikehau Capital launched its T2 Energy Transition fund in 2018, providing growth equity to European companies that actively help to reduce GHG emissions that contribute to global warming. The fund completed its fundraising in early 2021 with over $1.17 billion raised, surpassing its original fundraising goals.
To date, the fund has invested in eight European companies focused on clean energy generation, low-carbon mobility, and energy efficiency, the statement said.
“Tikehau Capital’s advent as a shareholder of Egis would be a great opportunity for our Group”, said Laurent Germain, CEO of Egis. “Tikehau Capital shares our values and convictions, particularly in the context of our approach to the climate emergency.
“The team would support us in our commitment to social responsibility and provide us with the means to accelerate our growth internationally and take a leading position on the global stage. This new partnership would be fully aligned with our corporate culture and our current shareholding structure and would mark a key milestone in the development of our Group.”
Tikehau Capital’s investment would represent a major step in the realisation of Egis’ strategic plan, which is primarily focused on the international market and aims to double its turnover within 5 years and position the group in the world’s top 10 engineering companies, Germain added.
“Energy transition is a key pillar of Egis’ strategic plan. Through this proposed investment, via our energy transition fund, we would be delighted to partner with Caisse des Dépôts and Egis’ management team and employees to support the Group in its ambitious growth plan, as it looks to expand its international footprint and develop its differentiated offering in tackling the climate emergency,” said Emmanuel Laillier, Head of Private Equity at Tikehau Capital and Pierre Devillard, Private Equity Executive Director at Tikehau Capital.
The proposed transaction would take place at the end of an auction process that would result in Tikehau Capital being selected in the context of:
- Its commitment to Egis’ development strategy and the preservation of its independent business model in its engineering and operation-maintenance activities.
- Its ability to support Egis’ growth over the long term, both financially and operationally.
- Its compatibility with the values and objectives of Caisse des Dépôts.
- Its commitment to maintain a significant employee shareholder base.
Caisse des Dépôts would continue to support Egis over the long term alongside Tikehau Capital and its executive partners and employees, in the context of the proposed transaction, with an active involvement in the group’s governance, the statement said.
The acceptance of Tikehau Capital’s offer would take place at the end of the information and consultation procedure with Egis Group’s employee representative bodies, and the proposed transaction could be completed by the end of 2021, subject to the approval of the relevant administrative and regulatory authorities.
“In order to accelerate the development of Egis in the implementation of its “Impact the Future” strategic plan, Caisse des Dépôts plans to expand Egis’ shareholder base by welcoming a leading investor. In this context, we have decided to enter into exclusive negotiations with Tikehau Capital, a trusted partner who shares our desire to support Egis’ international development over the long term,” said Olivier Sichel, Deputy Chief Executive Officer of Caisse des Dépôts.
“Caisse des Dépôts would continue to be an active shareholder and remain committed to the success of Egis. Thanks to the dedication of its management team and its employees, Egis is well positioned to achieve exceptional growth across all its business lines.
“In order to accelerate the development of Egis in the implementation of its “Impact the Future” strategic plan, Caisse des Dépôts plans to expand Egis’ shareholder base by welcoming a leading investor. In this context, we have decided to enter into exclusive negotiations with Tikehau Capital, a trusted partner who shares our desire to support Egis’ international development over the long term. Caisse des Dépôts would continue to be an active shareholder and remain committed to the success of Egis. Thanks to the dedication of its management team and its employees, Egis is well positioned to achieve exceptional growth across all its business lines.”
“The executive partners of Iosis Partenaires, who have long been involved in the Group’s development, would be delighted for Tikehau Capital to join them as a shareholder. Tikehau Capital’s willingness to encourage and increase the commitment of Egis’ executive partners to accelerate the development of the Group is a very positive sign. The complementary nature of the Group’s various shareholders would enable Egis to achieve its growth ambitions and to respond to climate issues more effectively,” concluded Thomas Salvant, Chairman of Iosis Partenaires.