Eurazeo: exclusive discussions with Oakley Capital
June 11, 2024 at 02:51 am EDT
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Eurazeo, through its Small-Mid Buyout strategy, together with I-TRACING's management team and Sagard NewGen, announce that they have entered into exclusive discussions to welcome Oakley Capital as the reference shareholder of I-TRACING, the French leader in independent cybersecurity services.
Eurazeo has been supporting the company as a reference investor since 2021, and would reiterate its support for the group as part of a co-controlled governance structure with Oakley Capital.
Sagard NewGen would also reinvest as a minority investor in the new transaction.
Under the terms of the transaction, I-TRACING would be valued at over 500 million euros. The capital invested by Eurazeo would generate a cash-on-cash multiple of around 3.0x, and an internal rate of return (IRR) of 38%.
' I-TRACING is the French leader in managed cybersecurity services (MSSP), meeting all the most critical needs of its blue-chip customers in the Enterprise and Mid-market segments ' says the group.
I-TRACING employs over 700 cybersecurity experts not only in France, but also in Canada, Hong Kong, Malaysia, China, Switzerland and the UK.
Over the past three years, I-TRACING has more than doubled in size and is targeting sales of ~150 ME in 2024, delivering sustained and steady organic growth of ~30% per year.
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Eurazeo SE is a leading European investment group with diversified assets under management of EUR 35 billion, including EUR 24.2 billion on behalf of institutional and individual clients through its private equity, private debt, real estate and infrastructure strategies. The group supports over 600 mid-market companies, leveraging the commitment of its 400 employees, its sector expertise, its privileged access to global markets via 12 offices in Europe, Asia and the United States, and its responsible approach to value creation based on growth. Eurazeo's institutional and family shareholding and its solid financial structure ensure its long-term viability.
Eurazeo SE has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Saõ Paulo.