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Butler provides €25m rescue deal for Anovo

2 Nov 2011

Paris-based private equity firm Butler Capital Partners (BCP) has been selected to buy European electronics producer Anovo, in an unleveraged court-supervised reorganisation process valued at more than €25m.

According to news reports, a commercial court in Bauvais, France chose BCP over bidders such as Regenersis, BBA Solutions, SBE and Phoenix because it proposed to save more than 4,400 jobs, including 758 of the 1,040 positions in France.

BCP’s €25m contribution will include a €20m investment in France. The firm is expected to make a small loss from its French operations next year, but is targeting an overall operating profit of between €5m and €10m.

The company, which has been in receivership since July, was founded in 1987 and provides logistics, repair and regeneration services to operators, manufacturers and retailers of high-tech equipment. It has operations in 12 countries, with 24 facilities in Europe and South America, and posted revenues of €344m in 2010.

BCP was founded in 1991 and invests in turnarounds, underperforming companies, complex situations and companies seeking cash and support for growth strategies, according to its website.

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