Paris, 2 May 2018 – Ardian, a world-leading private investment house, today announces the signing of an agreement for the sale of its stake in SERMA GROUP (“SERMA”) to an holding controlled by the management and Chequers Capital. SERMA is one of France’s leading providers of specialist consultancy and expertise services for embedded electronic technologies and systems.

Founded in Pessac, France in 1991, SERMA is a mid-market specialist in electronic technologies for sectors operating in high-stress environments, including the aerospace, space, automotive, transport, energy and medical industries. SERMA is active throughout the entire value chain (from semiconductors to integrated electronics) and throughout the electronics life cycle. It focuses on four main business lines: technological expertise, systems security, embedded systems engineering, and the design and development of specific components (with an in-house ceramic assembly unit).

Since Ardian acquired its stake in April 2015, SERMA has demonstrated strong growth, both organically via the creation of its new business line, Safety and Security in June 2016, and through two acquisitions. In September 2016, SERMA acquired Opale Security, a company based in Rennes specialising in cybersecurity. In April 2017, it acquired Aw2S, a Bordeaux-based company specialising in radio frequency engineering. SERMA recorded turnover of almost €100 million in 2017.

Philippe Berlié, CEO of SERMA GROUP, commented: “I would like to warmly thank the teams at Ardian for their valuable support and in particular their expertise in external growth strategies. During this partnership, we have consolidated our position as an electronics specialist through the development of our new business, Safety & Security, and laid solid foundations to continue growing under highly favourable conditions.”

Arnaud Dufer, Managing Director & Head of Ardian Expansion France, added: “We are grateful to have had the chance to support such a talented management team, led by CEO Philippe Berlié. Since Ardian acquired its stake, SERMA GROUP has achieved both consistent organic growth, and external growth via strategic targeted acquisitions. The company is ideally positioned to continue its development alongside Chequers Capital.”

Aurélien Klein, Director of Chequers Capital, added: “SERMA is a high-performing group which has identified very attractive opportunities notably in the test and security sector, thanks to its strong management team. We are delighted to receive the trust of the management to support them in this new stage;  our objective will be to help Philippe Berlié and his teams to pursue the growth and specialization of the group, with a strategy which aims at developing Safety & Security activities while maintaining a strong differentiation.”
The transaction has been submitted to the bank for financing and for approval from the antitrust authorities. On completion of these actions, closing of the transaction should take place in June 2018. In line with legal requirements, the buyer will submit a mandatory public tender offer on SERMA GROUP shares.