Revenue up by per cent. An international footprint established. A strong investment return. It was cash-generative and had established a strong track record of recurring revenues with its clients. But both CEOs harboured larger ambitions.
Their plan was to transform Vulcain from a French-focused enterprise into a European leader. And that required the right partner. The fit with Equistone was ideal. Reciprocally, the Equistone team had developed an equally positive investment thesis for backing Vulcain because of its growth plan, its sector strategy, and the quality and experience of the management team. Another demonstration of the clarity of strategic thinking has been the move away from upstream oil and into energy sectors such as renewables, hydrogen, electricity transportation, natural liquefied gas infrastructure, and carbon capture solutions.
And then there was the management team. The landscape of the engineering consulting sector is marked by many small companies that reach a limit to their growth and fail to reach their full potential. And as a pan-European firm, Equistone could open doors for Vulcain to move into other European markets. The acquisition strategy was to maintain the focus on the three key vertical sectors and to extend beyond France.
Gaining a local footprint was critical for business development. For example, a number of acquisitions were made in the UK to provide services for the nuclear power station under construction at Hinkley Point.
The pace was relentless but always considered. Equistone helped source deals through its network, and advised on some of the larger deals on aspects of due diligence or negotiations of terms and incentives.
