ICG’s Acquisition of Advent International’s Stake in Circet Odyssee SAS

DLA Piper advised the founders and management of CIRCET on the transaction and Allen & Overy advised Advent International. Willkie represented Intermediate Capital Group in the transaction. KPMG Avocats advised ICG.

Advent International, a leading international private equity firm, had entered into exclusive negotiations with ICG to sell its stake in Circet, Europe’s leader in telecoms infrastructure services. On this occasion, the founders and management of Circet will further strengthen their company’s capital.

Circet offers its customers turnkey services that cover all areas of telecom infrastructure services. Circet’s customers are the main telecommunications operators and manufacturers of telecommunications equipment, local communities, and large public and private accounts that own infrastructure. Circet’s growth is based on the increase in data consumption in Europe, the large-scale deployment of very high-speed connections in fiber optic networks and mobile networks (4G and 5G), as well as on regular investments in fixed and mobile infrastructures in operation.

Since the association of Advent International with the founding team and the managers of Circet in early 2018, Circet’s growth has accelerated significantly and the company has tripled in size, from a turnover of 775 M € in 2017 to € 2.2 billion in 2021, and from a workforce of 3,000 to more than 10,600 over the same period.

Circet has led with the support of Advent International an ambitious growth strategy in France and internationally with the entry into 7 new countries over the past 3 years: Germany, Spain, the Netherlands, Belgium , Great Britain, Ireland, and Morocco. This development was carried out through an active policy of internal and external growth, with in particular, since 2018, 10 acquisitions of companies enjoying leading positions in their respective markets.

The DLA Piper team included on corporate aspects Xavier Norlain (Picture, partner), Alice Magnan (counsel) and Marine Petot (associate); on tax law aspects Fanny Combourieu (partner) and Louis-Augustin Jourdan (senior associate); on aspects of labor law Jérôme Halphen (partner).

The Allen & Overy team included Romy Richter (partner), Jules Lecoeur (counsel), Timothé Drezet and Alexia Monne (collaborators) in corporate; Guillaume Valois (partner) and Charles del Valle (counsel) in tax; Florence Ninane (partner) in antitrust; Thomas Roy (partner) in financing and Luc Lamblin (counsel) in regulatory.

Willkie represented Intermediate Capital Group with a team led by partner Eduardo Fernandez in Paris and includes partner Gabriel Flandin (corporate), counsel Philippe Grudé (tax), partner Faustine Viala (antitrust), special European counsel Charles Antoine Erignac (regulatory) and counsel Michael Ilter (corporate, Frankfurt).

The KPMG Avocats team included Jérôme Talleux, Edouard Mouveaux, Florence Olivier, Bénédicte Perez, Albane Eglinger, Alban Progri.

Involved fees earner: Charles Del Valle – Allen & Overy; Timothé Drezet – Allen & Overy; Luc Lamblin – Allen & Overy; Jules Lecoeur – Allen & Overy; Alexia Monne – Allen & Overy; Florence Ninane – Allen & Overy; Romy Richter – Allen & Overy; Thomas Roy – Allen & Overy; Guillaume Valois – Allen & Overy; Fanny Combourieu – DLA Piper; Jérome Halphen – DLA Piper; Louis-Augustin Jourdan – DLA Piper; Alice Magnan – DLA Piper; Xavier Norlain – DLA Piper; Marine Petot – DLA Piper; Albane Eglinger – KPMG; Edouard Mouveaux – KPMG; Florence Olivier – KPMG; Bénédicte Perez – KPMG ; Alban Progri – KPMG; Jérôme Talleux – KPMG;

Law Firms: Allen & Overy; DLA Piper; KPMG; KPMG ;

Clients: Advent International; Circet SAS; ICG Strategic Equity;

Author: Naoual Sadouqi

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