Yole Group Opens its Capital to Cervinvest Scale

Cervinvest Capital is pleased to announce that Cervinvest Scale, its fund dedicated to lowermidcap investments, has acquired a minority stake in Yole Group, one of the world’s leading providers of market, technology and value-chain analysis for the semiconductor, photonics and electronics industries.In this primary transaction, Cervinvest Scale invests alongside founder Jean-Christophe Eloy and CEO Eric Tholin, as well as several managers, who retain control of the company, with the shared ambition of accelerating the group’s development. This is Cervinvest Scale’s first investment.

Yole Group: the global reference for semiconductor strategic intelligence
Founded in 1998 by Jean-Christophe Eloy and HQed in Lyon, Yole Group has become a global reference in market analysis and strategic consulting for the semiconductor, photonics and electronics industries. The group supports manufacturers, financial investors and R&Dfocused organizations in their strategic decisions, through a comprehensive range of market, technology, cost and supply-chain analyses, as well as consulting and reverse-engineering services. Yole Group relies on a team of more than 150 employees worldwide and a unique network of relationships with leading industry players. The company holds a portfolio of bluechip clients, with top-tier references such as Nvidia, Apple, Samsung, ASML and Sicroelectronics.

“Yole Group is a remarkable company: a clear global leader with a unique depth of expertise, positioned at the heart of one of the most strategic sectors of the global economy,” said Maxence Radix and Arthur Milliard, MP and partner, Cervinvest Scale. “We are proud of the trust that Jean-Christophe Eloy and Eric Tholin have placed in us as we step in to support this new stage of development.”

“For more than twenty-five years, Yole Group has built its reputation on the excellence of its analyses and its close ties with industry players,” said Jean-Christophe Eloy, founder and chairman, and Eric Tholin, CEO, Yole Group. “Cervinvest Scale’s investment allows us to bring in a partner who shares our vision and provides the means to accelerate our development, while preserving our independence.”

Deal participants

Management: Jean-Christophe Eloy, Eric Tholin
Cervinvest Capital: Maxence Radix, Arthur Milliard, Gabriel Bonnassies

Advisors to management

Financial advisor (M&A): Cambon Partners (Laurent Azout, Jordan Michali, Briac Gisserot)
Financial advisor (Financing): Cambon Partners (Nicolas Roubeix)
Lawyers: Delsol Avocats (Emmanuel Kaeppelin, Caroline Da Lage, Joseph Louis)
Vendor due diligence (Finance): Exelmans (Stéphane Dahan, Océane Lambert, Matthieu Seither)

Advisors to Cervinvest Capital

Lawyers: Volt Associés (Emmanuel Vergnaud, Gamliel Senoussi, Julien Humas)
Due diligence (Finance): Alvarez & Marsal (Frédéric Steiner, Vadym Diablo, Alexis Lamblin, Thomas Porcher)
Due diligence (Strategy): Indéfi (Julien Berger, Nicolas Vincent, Pierre-Emmanuel Franqueville, Lucas Laurendeau, Rayan Kahouadji)

Financing

Lenders: BNP Paribas (coordinator), Arkéa, Crédit Lyonnais
Lawyers: Simmons & Simmons