Charterhouse confirms close of Sagemcom CV with AlpInvest backing

Charterhouse Capital Partners has confirmed the close of a continuation fund process involving a specialist communications technology provider, the second GP-led transaction the firm has run this year.

AlpInvest Partners led the London-headquartered buyout firm’s process to move Sagemcom into a continuation fund which was backed by 16 investors in total, according to a statement. The size of the deal was between €300 million to €400 million, it is understood.

Secondaries Investor understands Lazard advised on the transaction.

Pricing details were not disclosed.

Secondaries Investor understands there was no stapled commitment to Charterhouse Capital Partners XI, which has been in market since September 2020, according to PEI data.

France-based Sagemcom provides customised broadband gateways, entertainment hubs, smart meters and associated software offerings for the B2B2C markets. Charterhouse invested in Sagemcom in 2016, since which the company has grown its revenues from €1.2 billion to more than €3.0 billion, according to the statement.

The transaction will help Sagemcom in expansion, and both Charterhouse and Sagemcom’s management team have re-invested proceeds from the secondaries process, according to a source familiar with the matter.

Details of the transaction’s close come a month after Secondaries Investor reported that Charterhouse had closed a healthcare-related single-asset deal to move speciality pharmaceutical group SERB out of its 2016 Charterhouse Capital Partners X fund into a separate vehicle. Goldman Sachs Asset Management, CPP Investments and Hamilton Lane backed that process.

AlpInvest is seeking north of $10 billion for its AlpInvest Secondaries Program VIII, according to Secondaries Investor data.

Single-asset deals were the most popular type of GP-led deal by capital invested last year, accounting for 44 percent of transactions, versus 34 percent for multi-asset transactions, according to data from William Blair.