Crédit Agricole Private Equity (CAPE) is investing through its LCL Régions Développement and CAPE Régions Expansion funds in the acquisition vehicle alongside Letournel. The existing management team is also participated in the deal. Financial terms were not disclosed.
Founded by Pascal Lepicard in 2000 and based in Paris, the business offers clients expertise, consulting, functional assistance and integration services covering the life cycle of their Oracle CRM and BI applications. The company employs around 60 consultants and generated revenues of €6.8m last year.
Through her experience in IT services, French State Telecom Engineer Letournel’s arrival will help to give more structure to the company’s development, the firm said.
Laurent Espic, a partner at CAPE, said, “We were won over by this company, which has recorded steady and consistent growth ever since it was founded. e-Frontech can count on the backing of its high-quality teams, and its consultants’ expertise is well known. The company will also be able to draw on Edith Letournel’s experience as it seeks to meet the challenges posed by the next chapter in its development.”
The CRM and BI solutions market is expanding rapidly in France. The forthcoming introduction of Oracle Fusion will also provide new development opportunities to support e-Frontech’s business and public sector clients as they embark on upgrades to their information systems.
Secondaries specialist Coller Capital agreed to buy CAPE in December last year, in a sale which will reduce the French retail banking giant’s risk-weighted assets by about €900m.
Although financial terms of the deal were not disclosed, the sale of CAPE and all funds managed by CAPE and owned by Crédit Agricole Capital Investment Finance was reported to be valued at just over €300m.
The decision to sell CAPE forms part of a plan to optimise capital allocation and refocus the bank’s private equity activities on local business, the bank said in a statement released at the time
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