Equistone Partners is preparing to launch a sale of French telecommunications infrastructure development firm Camusat, three sources familiar with the matter told Mergermarket.
The UK-based mid-private equity fund has appointed Macquarie Capital Advisers to handle the sale of the Paris-headquartered company, which installs designs and maintains telecom towers for mobile operators, the sources said.
The process has not yet launched, one of the sources said.
At the time of publishing, Camusat has a score of 48 on Mergermarket’s Likely to Exit (LTE) predictive algorithm*, particularly driven by the asset being held for 2,489 days, well over the median four-year period for exits.
Camusat generated EUR 201m revenue in 2022, according to its website. The business had EUR 175m in revenue when Equistone acquired it in 2016, according to the sponsor’s website.
This type of business is normally valued on the reliability of the forecast – whether it has a customer with large deployment plans upcoming – and on maintenance revenue driven by the size of the network that it maintains, a sector consultant said. Camusat provides maintenance on more than 25,000 active and passive sites, according to its website.
Founded in 1948, Camusat is involved in engineering, research, design and manufacture of towers and masts, installation and commissioning of radio and TV equipment, maintenance services, antennae systems, main and emergency power, according to its website.
Equistone and Macquarie Capital declined to comment. Camusat did not respond to requests for comment.
*Mergermarket's LTE predictive analytics assign a score to sponsor-backed companies to help track and predict when an exit could occur through M&A, an IPO, a direct listing or a deSPAC transaction.
