Weetec, a major player in electrical and climate engineering in Ile-de-France, completes the acquisition of SNEA and SNEA Maintenance, specialized in climate engineering for tertiary activities. Therefore, the group reinforces both its presence in Île-de-France and its expertise in climate engineering. Through this operation, Weetec has also proceeded to a refinancing of its entire debt, aiming to strengthen its ability to complete further external growth operations.
Founded in 1974 and taken over by Eric Minet in 2008, the SNEA Group is a climate engineering player in Ile-de-France, serving mainly the tertiary sector with an expertise in specific areas (e.g. hospitals, laboratories, collective kitchens, etc.).
Thanks to this second acquisition of a climate engineering specialist, Weetec anticipates revenues exceeding €80m in 2023, almost entirely generated in Île-de-France, with approximately 25% from climate engineering activities.
Through this operation, Eric Minet, who will accompany the group during a transition period, disposes all its stakes in the companies, and two of SNEA’s current managers invest in Weetec’s share capital, including Christophe Dehainault, former Technical Director of SNEA, who becomes General Manager of the newly integrated perimeter.
Through this third build-up operation under Sparring’s ownership, Weetec has also seized the opportunity to refinance the acquisition debt contracted in 2019, in order to optimize its financing conditions and benefits from additional resources for new acquisitions in Île-de-France, thanks to a €20m financing facility structured by Caisse d’Épargne Île-de-France.
Laurent Bellot, President of Weetec Group, declares: “We are delighted to welcome SNEA’s teams, which perfectly fit into Weetec’s climate engineering division while contributing to enhancing our position in Île-de-France. This operation also confirms the support of our shareholders and banking partners regarding our external growth strategy, with new opportunities currently under consideration.”
Eric Minet, former General Manager of SNEA, states: “This marks the beginning of a new chapter for SNEA, which, with Weetec’s support, will fully embrace a group approach while maintaining strong autonomy and close relationships with its clients, relying on existing teams. I have had great pleasure managing SNEA all these years, and I have full confidence in Weetec and SNEA’s teams to pursue the company’s development.”
Johann Le Duigou, Partner at Sparring Capital, adds: “The complementarity between Weecap and SNEA quickly appeared evident to us. This acquisition, the first since Laurent Bellot’s became CEO, will enable Weetec to further strengthen its position as a leading player in electrical and climate engineering in Île-de-France. The management team is ready to pursue this strategy and contribute to the ongoing consolidation trend in these sectors.”
Key players:
Weecap
Laurent Bellot, Vanessa Vieira
Sparring Capital
Johann Le Duigou, Bastien Labry
SNEA
Eric Minet, Christophe Dehainaut, Jacques Thavone, Stéphanie Gounand
Senior Debt
CEIDF
Cédric Alin
Financial Buyer Due Diligence
Olivier Valat
Legal Buyer Adviser
Moncey
Corporate : Marie-Victoire James, associée, Eléonore Hennekinne and Bonnie Brenier, lawyers
Tax : Frédéric Bosc, associé and Manon Vanbiervliet, lawyer
Social : Anastasia Fleury, counsel
Financing : David Malamed, associé, Jonathan Devillard and Diane Ferriol, lawyer
Seller’s Adviser
Cicile & Associés
Xavier Cicile, Anne Cristini, Fréderic Herbert
Legal Adviser to the Banks
Agilys
David Kalfon, associé and Perrine Labrusse