Bryan, Garnier & Co leads €12 million IPO of OROLIA on Alternext

News published on August Friday 31, 2007
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 Paris, August 31, 2007 - Bryan, Garnier & Co (“Bryan Garnier”), the independent pan-European investment bank focused on European growth companies, today announced the closing of a €12 million capital raising of common stock for Orolia (Euronext: ALORO) on Alternext, the alternative investment market of NYSE Euronext. Bryan Garnier was Listing Sponsor and Sole Book-runner on this transaction.

Orolia is the European leader and the world’s third largest supplier of high-precision Time & Frequency systems for mission critical applications. Orolia’s equipments are essential to modern information systems in the Space & Navigation, Defense & Security and Telecom & Broadcasting fields.

Orolia completed an initial public offering (IPO) on Alternext through a direct listing procedure on 27 July 2007. The offering consisted of a capital increase of 954,000 shares at €12.50 made only to qualified investors. The market capitalisation at IPO was just over €30 million. More than 15 European institutional investors (small and mid caps funds and private equity funds) took part in the offering. Entering the European capital markets will enable the company to finance its external growth strategy through targeted acquisitions, expand its addressable market and complement its double digit organic growth in niche precision technology markets. As part of this strategy, €7.5 million out of the IPO proceeds have been used to finance the acquisition of Spectracom, a US based provider of synchronization products. The acquisition was completed and announced on 28 August 2007.

Olivier Beaudouin, who recently joined Bryan Garnier to spearhead the bank’s efforts in Hardware & Communications said, “This transaction, one of the largest fund raisings on Alternext for a hardware electronics company, is a great milestone for the sector. We have been able to leverage our know-how in hardware & communications and specifically our deep understanding of the defence and aerospace electronics industry to deliver the right messages to our investor base and convey the outstanding positioning and growth potential of Orolia”. 

Jean-Yves Courtois, CEO of Orolia stated, “We are particularly pleased with the success of this transaction and we thank all the investors who expressed their confidence in our company. The IPO will provide Orolia with greater market visibility and enable our company to significantly accelerate its build-up strategy through targeted acquisitions. Bryan Garnier’s expertise, high level of commitment and broad access to European institutional investors has been critical in the success of the placement in a very short timeframe as imposed by the nature of negotiations with Spectracom. Bryan Garnier’s depth of expertise coupled with their entrepreneurial boutique-level attention perfectly served our objectives.”

For more information, please contact : 

Grégoire Revenu / Head of Corporate Finance / + 33 1 56 68 75 25 / grevenu@bryangarnier.com 

Bruno Tourme / Managing Director / Technology Group / + 44 207 332 2551 / btourme@bryangarnier.com 

Olivier Beaudouin / Director / Hardware & Communications / + 33 1 56 68 75 35 / obeaudouin@bryangarnier.com 

About Orolia (www.orolia.com)

Orolia, a precision electronics technology group, brings together leading-edge companies specialized in high-precision time and frequency systems for mission-critical applications. Orolia develops and markets systems that produce and distribute ultrahigh precision signals through information networks in large and growing high-end markets, such as space and navigation, defense and security as well as telecommunications and broadcasting. The group, formed in 2006, consists of three entities: Temex Neuchatel Time, T4 Science and Spectracom, which includes Temex Sync. Orolia’s systems are deployed in a number of countries in Europe, Asia and North and South America.

About Bryan, Garnier & Co (www.bryangarnier.com)

Bryan, Garnier & Co is an independent pan-European investment bank focused on growth companies in Technology, Media & Telecom, Health & Life Sciences and Renewable Energies. With a research-driven approach, Bryan, Garnier & Co offers institutional sales and trading, asset management and corporate finance services to growth oriented investors and companies. With 85 professionals based in London, Paris and Geneva, Bryan, Garnier & Co offers the expertise of a full-fledged investment bank with the personalized attention and long-term client relationships of a boutique investment bank. Bryan, Garnier & Co Corporate Finance practice advises European public and private growth companies, entrepreneurs and investors through Equity Capital Markets, Private Placements and Mergers & Acquisitions.

 


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