Sicame

Sicame, an independent global manufacturer of connection equipment for the transmission and distribution of electricity.

Founded in 1955, Sicame has established a global market presence, employing some 3,100 employees across 26 countries. The group designs, manufactures and sells a complete range of core transmission and distribution network accessories including mechanical and electrical connectors, which are essential to utilities when building or maintaining electrical networks.

In December 2009, Equistone originally backed Sicame as a minority shareholder, through its Fund III, supporting its plans for expansion, which resulted in Sicame completing 10 acquisitions in several geographies. Furthermore, Equistone backed a transition in management, with Vincent Roy, a former managing director of the group, rejoining as CEO in 2015 following the retirement of the former CEO. Additionally, a new CFO and HR director were also recruited. In February 2016, Equistone acquired majority stake in Sicame through its Fund V, alongside the founding family, Crédit du Nord, other individual investors and the management team. 

Both transactions were supported by all the major shareholders, and offered attractive liquidity solutions after Fund III and Fund V’s holding periods. Equistone’s Advisory Committee approved the actual and potential conflicts of interest inherent in both transactions.

VALUE CREATION

Equistone has worked alongside the management team to support plans for organic and external growth, with Sicame completing seven add-on acquisitions during the investment period.

In the US, Sicame acquired California-based Kortick in June 2020, a manufacturer of electrical products and equipment for use in overhead and underground electrical networks, and ASK Power in January 2016, a producer of industrial connectors.

Further geographical expansion has been achieved through the acquisitions of COMULSA in Chile, Şafak Eletrik in Turkey, Skelt in Portugal and most recently through the acquisition of UK-based insulated tool manufacturer, Boddingtons which was acquired in August 2021.

Today, Sicame manufacturers over 20,000 products in more than 170 countries across Europe, North and South America, as well as Asia and Australia.

Since investment, revenue has increased from €354m at acquisition to €460m for the financial year ending 31 December 2021, with 63% of turnover generated outside of France.

THE EXIT

Equistone exited its Fund V majority investment in Sicame to a Single-Asset Continuation Fund (SACF). The lead investor in the SACF is Alpinvest Partners, with a number of other existing Equistone investors also choosing to reinvest in the vehicle. Additionally, the Equistone Reinvestment Fund has made an investment into the SACF as a limited partner.