Paris-based private equity secondary placement agent Triago-X has announced its intention to float on Alternext, which is part of Euronext in Paris.
Triago-X said that the listing would take place “in due course”, depending on market conditions and regulatory approval. Antoine Dréan, founder and CEO of Triago-X, declined to comment in an interview with PEO on the expected pricing or timing of the flotation.
Dréan said that capital raised from the flotation would be used to expand the business on a number of fronts. “The secondary market is still a small one today, estimated at $8 billion last year, but we feel it could go up to $100 billion within the next five to seven years and we’re definitely one of the few players around that can try to take a pretty big piece of that. If we want to do that, we need to be a little better equipped.”
According to Dréan, Triago-X will focus on building a presence in the US, as well as reinforcing its operations in Europe. “We may also look at areas such as Asia or the Middle East in terms of geography and the team,” he added.
Triago-X will also require funds to expand its technical operations, including “boosting our database and building a transaction platform, where people can tell us what they want to buy or sell. This will cost some money and although we’re already profitable, it would not be reasonable to try to do it ourselves.”
Dréan said that the firm chose to pursue a flotation rather than a sale to a private or institutional buyer in order to maintain its independence. “We want to remain independent as it’s a plus in this business,” he said. “If we want the market, especially sellers, to trust us, they need to know we’re completely unbiased.”
Founded in 1992, Triago-X is part of the Triago Group and operates out of Paris and New York. Triago-X was established in 2004 and reported a turnover of €5.7 million and a net profit of €1.9 million for the financial year ended 31 March 2006.