Caisse des Dépôts announces that it has received a binding offer from Tikehau Capital, the alternative asset management group, to acquire a 42% stake in its subsidiary Egis, a specialist in engineering, construction and mobility services.
Egis creates and operates smart infrastructure and buildings capable of responding to the climate emergency and the major challenges of our time, by enabling more balanced, sustainable and resilient regional development.
Pursuant to the proposed transaction, Tikehau Capital would hold 40% to 44% of Egis’ capital, through its T2 Energy Transition Fund1. Caisse des Dépôts would retain 34% alongside Egis’ executive partners and employees who would hold approximately between 22% and 26%2 of Egis' capital.
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 billion raised, surpassing its original fundraising goals. To date, the fund has invested in 8 European companies focused on clean energy generation, low-carbon mobility, and energy efficiency.
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. Tikehau Capital intends to support Egis in its ambition to become a leading player in intelligent and sustainable infrastructure to combat climate change and improve the global living environment.
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:
Caisse des Dépôts has played a key role in the creation and development of Egis Group, France's leading engineering company. It 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 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.
"Tikehau Capital's advent as a shareholder of Egis would be a great opportunity for our Group", says 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”.
"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.
Olivier Sichel, Deputy Chief Executive Officer of Caisse des Dépôts, said: "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”.
Thomas Salvant, Chairman of Iosis Partenaires, said: "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”.
1 T2 Energy Transition Fund is a fund managed by Tikehau Investment Management SAS (reserved for professional investors) whose fundraising was completed in February 2021
2 Within the framework of the envisaged operation, the executive partners who currently hold 19% of the capital would have the possibility to acquire or sell a 2% stake to Tikehau Capital