Passman, leader in networks management and digital solutions for hospitality establishments, will open up its capital to Siparex ETI as a new majority shareholder, allowing LBO France to exit. Andera Partners, the historic shareholder, will reinvest in this new round of financing, alongside the founding directors, Frédéric Levy, Patrick Layani and Sylvain Layani, and the main managers.
Set up in 1995, Passman is one of the leading providers of connected solutions in France and Belgium, mainly for hospitality establishments (traditional and open-air hotels) and healthcare establishments, as well as the military and retail sectors. Passman offers WiFi, TV/IPTV, digital signage and other digital solutions for both its customers’ business needs and their end users. The group is positioned as a “onestop shop”, offering over 6,000 establishments a tailor-made, multi-technology turnkey network management solution.
In a world where connectivity issues are crucial to economic development, Passman has become a key player in the markets it serves, both in France and abroad. In recent years, with the support of its majority shareholder LBO France and Andera Acto, the group has expanded internationally and strengthened its position in the healthcare sector through the acquisition of two Belgian companies specialising in IPTV and digital signage solutions, Screen Services in 2018 and Taktik in 2021. The Group is also expanding its presence in the Climate Tech ecosystem through Pass Energy, the new IoT solution it has been developing for several years, enabling automated, centralised wireless management of energy performance in establishments. Operational since the end of 2022, this innovative solution offers energy savings of 30% to 40%.
The Passman Group, run by its founders Frédéric Levy and Patrick Layani, has enjoyed uninterrupted growth for some fifteen years and is aiming for sales over €45m in 2023.
This majority shareholding by the Siparex ETI 5 fund will enable the Passman group to pursue its growth in its various markets, which are experiencing strong momentum, particularly in the traditional and open-air hotel sectors, and in healthcare establishments. Several acquisitions in Europe are also under consideration, as well as the roll-out of the Pass Energy solution in France and Belgium.
For Frédéric Levy and Patrick Layani: “The Group is experiencing strong growth momentum, particularly with the potential of Pass Energy. The arrival of Siparex, with whom we have a long-term relationship, should enable us to accelerate on this trajectory”.
For Florent Lauzet, Managing Partner de Siparex ETI: “Passman enjoys a leading position in dynamic markets, with technical expertise and a growing service dimension. We intend to pursue a strategy of targeted acquisitions and, more broadly, to support management in the Group’s change of scale”.
For Stéphane Bergez, Partner, Head of Andera Acto: “Passman is a unique and successful group that Patrick Layani and Frédéric Lévy have developed both in France and abroad to become a key player in connectivity within hospitality establishments. Passman has benefited from Acto’s support for 9 years, and we are delighted and proud to continue our partnership. The management team knows well the Siparex teams, having already invested between 2010 and 2019, and together we will be able to provide Passman’s teams with the best possible support and work towards the group’s growth”.
Jean-Marie Leroy, Partner et Head of LBO Small Cap, adds: “We are delighted to have worked alongside Passman, a pioneer in connected solutions, in a new phase of its development. At a key moment in its history, we have helped it to radically transform its business model by developing its offering and expanding its geographical footprint. This investment illustrates our ability to support companies in a growth phase, particularly when it comes to the challenges of energy transition”.
About Siparex
Groupe Siparex, an independent French specialist in capital investment, has €3.5 billion of capital under management. Siparex enjoys substantial organic growth and has carried out significant acquisitions. The group works to help company growth and transformation. From start-ups to ISEs, it finances and provides support for great entrepreneurial adventures thanks to its different business lines: Innovation under the name of XAnge, Energy Transition (TiLT), Entrepreneurship, Redeployment, Mezzanine, Midcap, and ETI.
The Group can count on its significant presence around the country and abroad, with 6 offices in France (Paris, Lyon, Nantes, Lille, Strasbourg, and Toulouse), 3 in Europe (Milan, Munich, and Brussels), and partnerships in Africa and North America. Find out more: www.siparex.com
About Andera Partners
Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over €3.7 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion/Croissance, Andera CoInvest), sponsorless transactions (Andera Acto) and ecological transition (Andera Infra).
Andera Partners’ mission is to work alongside companies and their managers to support them in achieving strong and sustainable growth. The quality of performance offered to our investors relies on a strong partnership between the entrepreneurs in our portfolio companies and our teams, based on shared values. Performance through collective engagement, the “Power of And”, constitutes Andera Partners’ DNA.
Based in Paris, with offices in Antwerp, Milan and Munich, Andera Partners is wholly owned by its teams, which count nearly 100 professionals, of which 60 investment professionals. It is structured as a partnership and managed by a board of 12 partners. Responsible and committed, the management company regularly forms partnerships with non-profit sector entities and takes concrete action in the fight against global warming.
About LBO France
A pioneer in private equity in France, LBO France is today a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture and Listed Investment, the Company has been expanding for several years its activities in Europe, especially in Italy via its subsidiary Polis Fondi SGR, as well as on the African continent via its subsidiary CGF bourse. Wholly owned by its managers, LBO France is one of the founding members of the International Climate Initiative and one of the first signatories of the France Invest charter for parity.
Find out more: www.lbofrance.com
Press contact Siparex:
Valérie Marin – v.marin@siparex.com – 06 24 77 90 12
Press contact Andera Partners:
Clément BENETREAU – Bien Commun Advisory – c.benetreau@bcadvisory.fr – +33 6 76 14 02 02
Media contacts LBO France:
Antoine Denry: +33 (0)6 18 07 83 27 / antoine.denry@taddeo.fr
Julia Paget: +33 (0)6 38 55 68 78 / julia.paget@taddeo.fr