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MBO Partnenaires exits French security company Itesa to EdRIP

16 Jan 2013

French private equity firm MBO Partnenaires has sold its minority stake in security company Itesa to Capstan Capital Fund, a small-cap investment vehicle managed by Edmond de Rothschild Investment Partners.

Based in Marseille and with a network of six branches in France and one each in Switzerland and Tunisia, Itesa distributes safety equipment including alarms, CCTV, and entry systems.

In 1997, Olivier Pagès took over the family company founded in 1978 by his grandfather, with a turnover of €300,000. The company is set to exceed €18m in 2012.

MBO backed the owner buyout of Itesa in April 2008, taking a 33 per cent stake via its second fund.

The deal is supported by senior debt arranged by Crédit du Nord alongside Regional Banks of Crédit Agricole Alpes Provence and Languedoc.

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