NumWorks, a Paris-based graphic design prodigy specializing in calculators, advised by Joffe & Associés (Thomas Saltiel, Antoine Lamy and Clémence Bressolin) went from venture to LBO when it was acquired by robotics designer Aldebaran, the first investment from its ATF I fund.
Few start-ups make the transition from venture capital financing to LBO. NumWorks joins this select group through a primary MBO. This transaction, facilitated by Alantra, enables Romain Goyet, founder of the Paris-based company specializing in the design and distribution of graphical calculators, which currently generates sales of €15-20 million, to hand over the reins to his management team.
Léo Solé, previously Operations Director, becomes President, and Clothilde Relin, Marketing and Sales Director, becomes Managing Director. Emilie Feral, already an engineer with the start-up, is appointed head of R&D and technical aspects. This transition is supported by Aldebaran, which is acquiring the majority of the shares by investing between 15 and 60 million euros. This is the first investment for their ATF I fund, which closed at 130 million euros in July 2021.
The fundraising process, which aimed to reach 300 million euros, is nearing completion, although the manager is not disclosing the amount currently raised. Oriane Durvye, Managing Partner at Alantra, describes the company as a genuine French technological nugget, having succeeded in disrupting the duopoly established by two global giants. The company is profitable and growing fast, attracting strong interest from family offices and agile funds. This operation stands out because of its “single-product” position, which makes it particularly attractive.
“We therefore support the management team led by Léo Solé in its expansion, notably through the future recruitment of a CFO. NumWorks has established itself in France, and our ambition is now to develop its international presence in Europe and the United States. We also plan to further digitize our product range. This growth plan aims to double or triple the number of calculators sold in the medium term for a company that currently has 25 employees,” explains Amélie Brossier, President and Founder of Aldebaran.
