Scotto Partners advised Adista’s management team in the context of the group’s secondary LBO

Scotto Partners advised Adista’s management team in the context of the group’s secondary LBO

Keensight Capital will take over from Equistone PE and become the new majority shareholder in Adista, the leading alternative B2B hosted services operator, alongside the Franco Emirati Fund (“FEF”), a co-investment partnership between Mubadala and Bpifrance. The negotiations resulted in the top management team led by CEO Patrice Bélie reinvesting a significant amount into the new project led by Keensight.

Adista, a specialist in IT and telecom services, supports the digitalisation of a diverse customer base, made up of private-sector players (from SMEs to large companies) and public-sector organisations (hospitals and local authorities), with a full range of services. The company offers private and public cloud services, managed services, fixed and mobile telecom solutions integrated into its interconnection networks as well as telephony and collaboration services, the expertise of its cybersecurity division, and the ability to develop applications and web projects. Adista uses its own datacentres, across France.

With more than 720 employees and a network of 35 branches throughout France, Adista has consolidated its position as a leading player in the B2B cloud and connectivity market since Equistone has acquired a majority stake in the company in 2016. With the acquisitions of Fingerprint Technologies in July 2020 and Waycom in February 2021, Adista recorded cumulative revenues of €153 million for the 12 months ending 12/31/2020, and targets to reach €300 million by 2025.

Patrice Bélie, CEO of Adista, said: "We are delighted to welcome Keensight Capital as a majority shareholder and partner in the next phase of Adista's development. This passing of the torch is part of an undeniable dynamic for the company, which has doubled its revenue since 2016 and has the ambition to do the same by 2025. On behalf of the Adista team, we would like to thank Equistone for what we have accomplished together over the past years and warmly welcome Keensight Capital to write the next chapter of Adista’s history."

The final completion of the transaction remains subject to customary regulatory conditions.

Adista’s top management team was advised in this secondary LBO by Scotto Partners, with a team led by Isabelle Cheradame and Claire Revol-Renié (partners), assisted by William Ducrocq-Ferré and Abdallah Ktiri as to corporate matters, Jerôme Commercon (partner) assisted by Martine Le Roux, Pierre-Henri Abadie and Loïc Pipaud for the tax-related aspects as well as Bertrand Thibaut (counsel) and Alban Tourneux on employment law.

Other legal advice:

Keensight Capital was advised by Paul Hastings. Equistone PE was advised by Goodwin.