Sicame

Sicame is an independent global manufacturer of connection equipment for the transmission and distribution of electricity.

In June 2022, Equistone realised its Fund V investment in Sicame through the sale of its majority shareholding to a Single-Asset Continuation Fund (SACF) managed by Equistone. The lead investor in the SACF is Alpinvest Partners, with a number of other existing Equistone investors also choosing to reinvest in the vehicle. Additionally, the Equistone Reinvestment Fund has made an investment into the SACF as a limited partner. The management team and the founding family also reinvested in the new transaction.

Founded in 1955, Sicame has established a global market presence, employing some 3,100 employees across 26 countries. The group designs, manufactures and sells a complete range of core transmission and distribution network accessories including mechanical and electrical connectors, which are essential to utilities when building or maintaining electrical networks.

Today, Sicame is one of the world leaders in the accessories market for electrical energy networks, due to an extensive range of more than 50,000 high-quality products addressing country-specific norms, as well as a global footprint addressing major utility companies in more than 150 countries across Europe, North and South America, as well as Asia and Australia.

VALUE CREATION

Equistone originally backed Sicame as a minority shareholder in December 2009, supporting its plans for expansion, which resulted in Sicame completing 10 acquisitions in several geographies. In February 2016, Equistone acquired a majority stake in Sicame through its Fund V, alongside the founding family, Crédit du Nord, other individual investors and the management team. 

During Fund V’s hold period, Equistone backed a transition in management, with Vincent Roy, a former managing director of the group, re-joining as CEO following the retirement of the former CEO. Equistone has also supported the management team with plans for organic and external growth. As a result, Sicame completed seven add-on acquisitions and expanded its activities in the US following the acquisition of California-based Kortick, a manufacturer of electrical products and equipment for use in overhead and underground electrical networks. Further geographical expansion was achieved through the acquisitions of COMULSA in Chile, Şafak Eletrik in Turkey, Skelt in Portugal and through the acquisition of UK-based insulated tool manufacturer, Boddingtons.

The group benefits from strong tailwinds in its core T&D market, thanks to growing electricity demand led by electrical mobility and decarbonisation of industrial processes, together with the transition to renewable electricity generation. In this respect, the group plays an important role to enable the transition towards a more sustainable energy mix.