PAI is looking to divest its 50% stake - Unquote

unquote 

France 

LA RÉFÉRENCE PAR EXCELLENCE DU PRIVATE EQUITY EN FRANCE 

Issue 117 JANUARY 2011 

PAI-backed Yoplait sale underway 

AFTER THE COMPLETION of Picard Surgelés’ €1.5bn buyout by 

Lion Capital this summer, France is now awaiting its next large-cap 

deal in the shape of yoghurt maker Yoplait. A PAI spokesperson has 

confirmed the upcoming start of the formal sale process. 

PAI is looking to divest its 50% stake in the business, which it 

acquired in 2001. Dairy cooperative Sodiaal, which founded the 

company and owns the remainder of the shares, maintained that it was 

not looking to exit the group. It is, however, willing to see its stake in 

the industrial operations diluted to a significant minority. 

Morgan Stanley and Société Générale were recently reported to 

be running the auction. Swiss food giant Nestlé is among the highprofile 

trade buyers said to be circling Yoplait, with General Mills and 

Asian food groups also believed to be among the potential bidders. 

Nestlé currently has the favours of Yoplait’s CEO, who believes the 

food group would be an ideal partner to expand into emerging countries. 

But in a recent development, the FSI – a French state-backed 

investment fund set up in 2008 to shelter French firms from unwelcome 

foreign buyers – was reported to be joining the hotly contested race 

for Yoplait. It would be prepared to back another bidder and acquire a 

minority stake in the process, highlighting the politically sensitive nature 

of the deal, as the French government has made it clear it would not take 

kindly to a foreign group seizing control of the industrial champion. 

The company’s value was previously estimated to be in the €1- 

1.2bn region. However, Yoplait shareholders rejected a €1.4bn 

takeover bid for the whole of the group from French dairy company 

Lactalis in November, as they deemed the offer too low. 

Ares Life Sciences to take Stallergenes private 

IN WHAT WAS France’s largest deal in 

November, Ares Life Sciences agreed to 

buy 45.6% of listed French biopharma 

Stallergenes from Wendel for €358.8m. It 

now plans to file a mandatory takeover offer 

for all remaining shares. 

The transaction price was set at €59 per 

share, both for the acquisition of Wendel’s 

stake and for the offer on the remaining 

shares – representing a significant discount 

on the trading price of €64 per share at the 

time of the offer. This would give Stallergenes 

a €778m market-cap. 

Wendel originally invested in the company in 

1993. The investor’s strategy was to facilitate 

the development of Stallergenes’ product 

portfolio and the constitution of a solid R&D 

pipeline, while building a presence in more than 

50 countries. During this period, Stallergenes’ 

turnover grew from €20m in 1993 to €193m 

in 2009. Wendel should reap a 35x return 

multiple on its original investment. 

Founded in 1962, Stallergenes is a 

biopharmaceutical laboratory specialising in 

immunotherapy treatments for the prevention 

and cure of allergy-related respiratory 

conditions, such as rhino conjunctivitis, 

rhinitis and allergic asthma. The firm was 

listed on Euronext Paris in 1998. 

Based in Antony, the group generated 

a €32.2m EBITDA in 2009. It currently 

employs around 850 people. 

(Read page 23 for the full official record) 

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News in brief 05 

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contents 

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News 

Funds 04 

News in brief 05 

People 06 

Analysis 

Mid-market 07 

Buyout deals 08 

Fund lifetimes 09 

Exit strategies 10 

Watch 13 

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Deals 

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Acerde 17 

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Buyouts 23 

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funds 

unquote 

Name 

Riverside Europe Fund IV 

Launched 

2008 

Target 

€550m 

Final close 

€420m, November 2010 

Focus 

Lower mid-cap buyouts in Europe 

Contact 

Avi Turetsky 

Address 

The Riverside Company 

7 Avenue Lloyd George 

B-1000 Brussels 

Belgium 

Tel: +322 626 21 21 

Advisers 

Jones Day (Legal) 

Riverside closes latest fund on €420m 

Fund 

The Riverside Company has closed its Riverside Europe Fund IV on €420m; €130m short of its target. 

Launched in October 2008, the vehicle held its first close on €110m in December 2008. Despite 

difficult fundraising conditions, strong support from previous Riverside investors enabled it to exceed 

its predecessor’s total commitments of €315m. 

Based in Luxembourg, Riverside Europe Fund IV has a 10-year lifetime, with two possible one-year 

extensions. Around 75% of the commitments will be drawn within a five-year investment period, while 

the remaining 25% will be set aside for eventual bolt-on opportunities and general portfolio management. 

Management fees, hurdle and carry were set at 2.5%, 8% and 20% respectively. Advisory and closing fees 

will be shared on a 50/50 basis. Jones Day acted as legal adviser, while no placement agent was used 

kin the fundraising process. 

Investors 

Riverside Europe Fund IV attracted commitments from Europe, the US and Australia. Of the LP 

commitments, 64% came from investors new to the Riverside Europe fund family, while 14% of all 

LP capital came through investors new to The Riverside Company – including some large US state 

pension funds. 

Riverside believes existing investors were attracted by the performance of the previous Europe Fund III, 

which achieved an overall 21% gross IRR. 

Investments 

The fund will focus on lower mid-market buyouts in Europe, investing in companies with a €15-200m 

enterprise value. Riverside will not exclude any sectors in particular, but will take a particular interest in 

the healthcare, energy and education sectors. 

Riverside Europe Fund IV will make 15-20 acquisitions over its investment period, providing €10-25m 

of equity per transaction. The vehicle has already performed four investments, including the €100m 

secondary buyout of Italian swimwear company Arena. Furthermore, five deals are currently in the 

fund’s pipeline. 

People 

The fund is managed by Riverside’s Europe Fund team, which comprises 32 people. 

Name 

Advent Life Science 

Closed on 

£75m, November 2010 

Focus 

Venture, life science, early- and 

mid-stage, UK, Europe, US 

Contact 

Shahzad Malik 

Address 

Advent Venture Partners 

25 Buckingham Gate 

London 

SW1E 6LD 

Advent Venture fund closes on £75m 

Fund 

Advent Venture Partners held a final close of its Advent Life Science fund in November, having 

raised £75m. 

The fund was launched in summer 2009 and closed 15 months later in what was described as a 

challenging venture fundraising environment. Advent Life Science says it has reached its target, which 

was reported to be £75m. 

Based in the UK, Advent Life Science has a standard 10-year lifespan. Terms and conditions of the fund, 

04 UNQUOTE JANUARY 11 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD 


unquote 

funds 

such as management fee, carry and hurdle, were said to be market standard. No placement agent was 

used in the fundraising process. SJ Berwin acted as legal adviser. 

Investors 

Advent’s latest fund has attracted £15m commitments from UK Future Technologies Fund. UK FTF is 

a £200m fund-of-funds managed by the European Investment Fund. Advent Venture Partners reported 

that it also invested in the fund, but did not disclose how much was committed. 

Tel: +44 20 7932 2100 

Fax: +44 20 7828 1474 

Email: info@adventventures.com 


SJ Berwin (Legal) 

Investments 

Advent Life Science is the first life science-focused fund raised by the firm. It will invest in early- and 

mid-stage life science companies in the UK, Europe and the US. Drug discovery, enabling technologies, 

med-tech and diagnostics were reported as some of the target life science sectors the fund will invest in. 

Although this is its first fund in this area, Advent Venture Partners has experience in the sector with 

recent investments such as Avila Therapeutics, Biocartis and Respivert. 

People 

General partners Shahzad Malik and Raj Parekh managed the fund for Advent Venture Partners. 

Goldman Sachs and Colony 

pull out of Conforama auction 

GOLDMAN SACHS AND Colony Capital have withdrawn their bids for French 

furniture retailer Conforama, according to media reports. 

The company, part of luxury group PPR, is valued in the €1.5bn region. Bidders 

still circling Conforama reportedly include the Carlyle Group and South-African 

furniture producer Steinhoff International Holdings. 

Conforama is a chain of discount furniture retailers headquartered in Marne La 

Vallée. It has 239 stores worldwide, of which 212 are directly operated. Conforama 

posted a €2.9bn turnover and €125m EBITDA for 2009; it employs 11,805 staff. 

SuperSonic in new €34.5m round 

EDMOND DE ROTHSCHILD Investment Partners, Auriga Partners, Crédit Agricole 

Private Equity, NBGI Ventures, BioAm, Wellington Partners and IXO Private Equity have 

joined new investors in a €34.5m series-C funding round for SuperSonic Imagine. Of the 

capital raised, €15.5m came from new investors Merieux Development, Canon Inc and 

InnoBio. 

Headquartered in Aix-en-Provence, SuperSonic Imagine is an ultrasound system developer 

for medical applications and was founded in 2005. 

news in brief 

Germicopa MBO 

backed by IDIA 

IDIA, NAXICAP PARTNERS, Ouest 

Croissance and UEO have backed the 

management buyout of French potato 

breeding company Germicopa, for an 

undisclosed amount. 

The management team took a 49% stake in 

the business. IDIA and UEO – both part 

of the Crédit Agricole group – along with 

Naxicap partners and Ouest Croissance, 

acquired the remainder of the shares. 

Crédit Agricole du Finistère arranged debt 

facilities for the BMO, which are also 

subscribed by Natixis and BCME. 

Germicopa is a potato seed breeder based 

in Quimper. The group notably owns and 

breeds the Charlotte, Amandine and Chérie 

potato varieties. 

Germicopa employs 79 staff and posted 

a €45m turnover for 2009. 



news in brief 

Masseran et al. puts €6m in E-Blink 

MASSERAN GESTION HAS joined existing investors I-Source, Alven Capital and 

360 Capital Partners in a €6m round of financing for French telecoms company E-Blink. 

In 2008, 360 Capital Partners led a €5m funding round in E-Blink, investing €3.5m 

while existing backers I-Source Gestion and Alven Capital provided the balance. 

I-Source and Alven previously invested €2m in 2006, followed by a €1.6m top-up. 

The company was also provided with a €140,000 seed round in 2005 from government 

agency OSEO. 

The fresh funds will be used to accelerate international commercial development. 

E-Blink will also recruit new staff for its R&D activity. 

Founded in December 2005 in Boussy Saint-Antoine, E-Blink designs and develops 

alternative solutions to ease deployment of high points for telecommunications carriers. 

Its technology simplifies 2G, 3G and 4G mobile telephone networks by replacing cables 

with low output aerials in base stations. 

XAnge makes a move into Lyon 

FRENCH GROWTH CAPITAL specialist XAnge has opened a new office in Lyon. 

The move will enable XAnge to be closer to its portfolio companies in the region and 

explore new investment opportunities. The firm has made six deals in the region so far. 

The Lyon office is to be headed by Nicolas Goiran; it will receive assistance from the Paris 

office for venture deals and investments involving XAnge’s FCPI funds. 

unquote 

Béaba acquired 

by EdRCP 

EDMOND DE ROTHSCHILD Capital 

Partners (EdRCP) has taken a majority 

stake in French baby care products 

company Béaba from CIC Finance, for 

an undisclosed amount. Equity was drawn 

from the €300m ERLF II fund, a buyout 

vehicle raised in 2007. Management holds 

the remaining shares. 

CIC Finance led the buyout of Béaba in 

2007, with the support of family office EPI 

and Capzanine. Since then, turnover has 

grown from €21m to €41m. 

The new owners plan to broaden Béaba’s 

product range and brand universe, as well 

as distribute the company’s products in new 

countries. They will also consider relevant 

acquisition opportunities. 

Established in 1989 and based in the Rhône- 

Alpes region, Béaba develops and markets 

baby care products. Béaba’s products are 

distributed in France, other European 

countries and the US, mainly through 

networks of specialised baby care stores. 

people moves 

Apax hires two senior associates 

Romain Dutartre and Nicolas Essayan have both joined private equity advisory firm 

Apax Partners Paris as senior associates. 

Before joining Apax Paris, Romain Dutartre was employed by Bain & Company. He also 

worked for JP Morgan, where he structured LBO and M&A financing. At Apax, he will 

specialise in business and financial services. 

Nicolas Essayan previously worked as an 

analyst and associate with Morgan Stanley 

at its investment banking division. He was 

also involved in LBO, M&A and equity 

capital market transactions. At Apax Paris, 

he will be responsible for the technology 

and telecoms division. 

Nicolas Essayan 

Romain Dutartre 

Ashurst adds new 

lawyer in Paris 

Law firm Ashurst has appointed Joël 

Corcessin as counsel in its Paris corporate 

department. 

Corcessin joins from Bredin Prat, where he 

has worked for the last four years. Prior to 

that, he started his career at Slaughter and 

May. He specialises in capital markets law. 

Ashurst’s Parisian corporate practice provides 

advice on matters including M&A, capital 

markets, private equity and fund creation. 



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mid-market 

unquote 

Mid-market: pulling 

the value levers 

Mid-market transactions are widely expected to be at the 

forefront of dealflow and value creation going forward; 

it might not always be easy though. Greg Gille reports 

Following an electronic polling session at the recent 

SuperInvestor conference in Paris, a clear majority of participants 

– LPs and GPs alike – pointed to mid-market buyouts as the 

main source of value creation in the near future. The following 

panel discussions and keynote speeches further highlighted the 

industry’s expectations for this segment of the market. 

The current leverage environment plays a part in this 

downscaling trend. Debt may be available, but nowhere near at 

the levels witnessed during the boom years; facilities are more 

expensive overall and EBITDA multiples in the 3.5-4.5x region 

are now the norm. This has resulted in higher equity checks 

being required from GPs, and relying on leverage to create 

value on the exit is no longer a viable strategy in most cases. 

Indeed, managers are now expected to work harder in order to 

see significant returns on their investments: grow the business by 

implementing operational improvements, consolidate a national 

market through strategic acquisitions, and successfully expand a 

company on an international scale. Arguably, these challenges are 

easier to meet when dealing with a business that has not reached 

its full potential, hence the competition for strong mid-cap assets. 

A shift towards mid-market transactions would also resonate 

with the LPs’ current expectations. At a time when investors are 

considering a reduction in their overall commitments and feel 

ambivalent about the fee structure of larger funds, managers 

with a more modest but also more focused strategy could very 

well stand out. Besides, LPs’ understandable reluctance towards 

“pass-the-parcel” secondary buyouts is likely to put emphasis 

on the lower end of the mid-market, where opportunities to 

acquire good primary assets are easier to come by. 

While these factors point towards growing interest for the 

mid-cap space going forward, GPs are not expecting a smooth 

road ahead. Firstly, the relative scarcity of resilient businesses, 

combined with a significant amount of dry powder waiting 

to be deployed on short notice, has sent prices soaring. With 

average entry multiples hovering around the 10x EBITDA mark, 

generating strong returns will be tricky and will require GPs to 

create tangible value over the course of the investment – no small 

feat when Europe’s macroeconomic outlook remains bleak. 

Most mid-market GPs admit that while the crisis has created 

sourcing opportunities, it hasn’t made their job any easier. Vanilla 

deals are rare, as investors tend to spend more time on sourcing 

standout assets and carry extensive due diligence. This cautiousness 

could be seen as reassuring by LPs avoiding reckless managers, but 

it will also require patience, as returns may be slower to come. 

Moreover, a large number of mid-cap players are likely to 

be competing for a smaller fundraising pie. LPs may show 

an increasing appetite for this segment of the industry, but 

their cautious approach and the likelihood of them reducing 

overall commitments in the coming months will likely lead LPs 

to concentrate on a few standout GPs. According to several 

placing agents, up to 50% of generalist European mid-market 

vehicles could have real trouble fundraising and fall short of 

their targets. The lucky few will have to exhibit a strong track 

record and a clear strategy of differentiation to turn heads. 

Even if the mid-market space is attracting considerable attention 

at the moment, private equity players are not expecting a silver 

bullet. If strong returns are to be had, it will be through sheer 

hard work from GPs, as well as a careful selection process and 

a good deal of patience on the LP side. Yet this downscaling 

effort could also highlight the best in the private equity model 

at a time of increased public scrutiny: supporting economic 

growth through sound management and value-creating buyand-build 

strategies. 



unquote 

exit strategies 

The silver lining 

The cost of the recession to private equity has been all too evident, but is there 

a silver lining? As we move into a period of increased movement on the exit 

front, some investors believe a greater understanding of what makes portfolio 

companies tick is a hidden benefit of the crisis. Susannah Birkwood investigates 

The last 18 months have been a dark time for private equity. 

Reduced deal activity and a mere smattering of exits have 

taken their toll on the resources and morale of even the most 

hardened of investors. As the seeds of recovery begin to raise 

their tentative heads and many prepare for their first exit since 

the downturn began, it merits thought whether investors still 

plan to implement the same exit strategies they used before 

market conditions deteriorated. 

One could surmise that the longer timeframe of investments 

will have resulted in closer relationships emerging with 

management teams. Could this have led to a reassessment of 

what constitutes good exit practice – or even a slightly softer 

approach towards the disposal of companies? 

ECI’s Sean Whelan thinks not. The bottom line, he maintains, 

is the returns one reaps upon divestment. “The credit crunch 

has not fundamentally changed the way we think about exits. 

While we may have been holding assets for longer, the most 

important thing is that we maximise value.” 

He also disputes the idea that adverse conditions have had 

an effect on exit tactics. Despite ECI’s creation of a team 

dedicated to portfolio management over the past few years, this 

has not distracted the firm from investing its funds, Whelan 

maintains, though it has dedicated more time to due diligence 

and assessing how businesses will perform in a less than buoyant 

market. 

Another private equity firm with a dedicated portfolio 

management team is Investindustrial, which increased its 

resources in this department from 42 to 50 people in light of 

the economic situation. Partner Carl Nauckhoff admits that 

his firm has used different strategies over the past year or so 

and believes that, if investors are not spending a lot more time 

managing their portfolios than previously, “they are doing 

something wrong”. 

Far from dismissing the possibility that the downturn has 

conferred certain advantages, Nauckhoff reveals that, in the 

case of Investindustrial’s partial exit from helicopter firm Inaer 

to KKR earlier this year, the deal was partly achieved thanks to 

the firm’s closeness to the company. The in-depth knowledge 

it had gained about the business – more than ever during the 

course of the past two years – enabled the group to run a quick 

and efficient process with the buyers, achieving promising 

returns. “Spending more time with portfolio companies is 

definitely a good thing,” he says. 

For some, it will be a comfort to know that the economic crisis, 

which has claimed more than its fair share of victims, has also 

provided those that remain with certain benefits. Only time 

will tell whether those firms that have devoted increased time 

and manpower to portfolio management will continue to do 

so once deal activity picks up again. It will be important then 

to remember, as it is now, that ill thought-out investments will 

remain just that, regardless of the amount of time allotted to 

nurturing them. As Nauckhoff concludes: “If you overpaid for 

a non-strategic asset, you can spend as much time as you want 

on improving it – but it won’t help you much.” 



pe associations 

unquote 

PE associations: 

Passing the torch 

European private equity trade bodies are currently facing a management 

reshuffle, following a couple of difficult years for the industry. Yet more fresh 

blood will be required to tackle upcoming challenges. Greg Gille reports 

The EVCA has announced the appointment of BVK’s Dörte 

Höppner as secretary general, following the departure of Javier 

Echarri at the end of 2010. Earlier this year, the BVCA began a 

search for a successor to chief executive Simon Walker, who said 

he will stand down in 2011. And French trade body AFIC is in 

the same position, as its director-general Jean-Yves Demeunynck 

recently left office to focus on personal projects. 

All three associations have been very active in recent months and, in 

many respects, one could certainly understand the need to unwind 

following the arduous AIFMD battle. Both Walker and Echarri 

were vocal in their opposition to the Directive; even if they remain 

concerned about certain features, the compromise that was voted 

through in October left them with a sense of accomplishment. 

“The Directive agreed upon is, in a number of respects, a major 

improvement on what it might have been,” stated Walker. 

Commenting on his decision to leave the EVCA in May, Echarri 

pointed to the final stages of the AIFMD process as being a turning 

point in his mandate: “While there remains much for EVCA to do 

at macro level, representing our members to policymakers and the 

public at large, the end of this year offers a natural watershed for 

me – with the new governance and structure of EVCA up and 

running and the Directive process concluding.” 

However, the next chapter in the AIFMD saga might keep the 

private equity trade bodies busy in months to come. The new rules 

must now be transposed to local law in all EU countries, which 

should offer associations a chance to develop closer relations with 

policymakers. In addition, the industry is starting to prepare for 

the necessary operational changes introduced by the Directive – 

another occasion for the likes of EVCA to encourage interaction 

between private equity players and promote best practices. 

Moreover, the AIFMD is part of a wider PR challenge faced by the 

private equity world. The global financial crisis served as a catalyst 

drawing attention to a little known and often misunderstood asset 

class, as Simon Walker put it while commenting on the AIFMD 

agreement: “The EU has taken a hostile interest in the wrong 

industry at the wrong time and for the wrong reasons.” 

The AFIC has also been working diligently to promote the virtues 

of growth capital and healthy buyouts as opposed to “casino” 

speculation. This is a goal that will need to be pursued harder than 

ever by PE associations as the tough economic environment lingers 

on – and will require them to engage not only with policymakers 

but also the media and general public. 

It is therefore fitting that Javier Echarri’s successor, Dörte 

Höppner, comes from a broadcast media background and is wellversed 

in EU lobbying. Her future peers at the BVCA, the AFIC 

and indeed the BVK itself, will need to be equally public relationssavvy 

and motivated to navigate the bumpy road ahead – the torch 

is being passed on, and it is burning hotter than ever. 



unquote 

buyouts 

Buyouts: All-equity deals 

on the wane 

All-equity buyouts have become common in the private equity market since the 

onset of the financial crisis. Driven by low leverage availability and high prices at the 

time, this trend is now in decline as markets normalise. John Bakie gives an overview 

When Lehman Brothers collapsed in late 2008, world debt 

markets froze and years of cheap and easy debt availability 

came to an end. The private equity industry was forced to 

adapt to this new environment and unquote” noted a marked 

increase in the number of all-equity deals in the immediate 

aftermath of the crisis. 

Figures from unquote” Research indicate the rapid increase 

in the proportion of buyouts completing as an all-equity 

transaction, with no debt arrangements in place at the 

time of the acquisition. While this does not necessarily mean 

the private equity buyer has no intention of using debt – 

with some choosing to leverage in the later years of the 

investment – it does hint at the scale of the problems 

encountered during the financial crisis. 

improving, dropping to 30% in late 2009 as markets calmed 

and the world’s major economies came out of the recession. 

At the end of 2010, this has fallen even further, with allequity 

transactions accounting for just 20% of deals. 

All-equity buyouts still remain more common than they 

were before the economic crisis, when less than 15% of deals 

used no debt at the transaction stage. Despite this, these 

figures hint at moderately improving debt terms for dealdoers. 

But, with Basel III regulations and further fears over 

some of Europe’s weaker economies, it may be some time 

before leverage is as cheap and easy to come by as it was 

before the crunch. 

All-equity proportion of total buyouts in Europe 

As indicated in the chart (right), the upward trend 

in all-equity buyouts is already evident between 

H1 2007 and H2 2008, when the US sub-prime 

mortgage crisis first rattled the world’s banks. 

However, Lehman’s collapse towards the end of 

2008 led to a spike in all-equity transactions, with 

their proportion rising from 24% in H2 2008 to 

more than 40% just six months later. Clearly the 

financial crisis was taking its toll on buyout funding. 

However, it seems leverage conditions are now 

Source: unquote”/Private Equity Insight 



funds 

unquote 

Fund lifetimes: 

Extend and pretend? 

With market fears that a capital overhang could encourage reckless investments and 

artificially high valuations, would it make sense to redesign the private equity fund 

model to allow for longer investment and holding periods? Greg Gille investigates 

Gamma Capital Partners is the latest in a series of fund managers 

that chose to extend the lifetime of some of their vehicles, 

feeling that exiting certain portfolio companies in the current 

climate would be ill-advised. Others, such as Montagu Private 

Equity and BC Partners, were able to negotiate an extension on 

investment periods as they were left with sizeable commitments 

to draw from 2005 vintages. 

Rather than applying exceptional fixes, some observers have called 

for a permanent rethinking of the private equity fund model, in 

light of recent developments in the industry. Firms that raised large 

funds before the crisis, and were unable to deploy them for the last 

two years, now face the pressure to meet the investment period 

deadline. This capital overhang 

is thought to be an incentive for 

careless investment, and is one 

of the drivers behind the rather 

high valuations witnessed in the 

market this year. 

While this aspect is largely 

cyclical, the bleak economic 

prospect for Europe and 

the uncertainty of leverage 

coming back to pre-crisis 

levels may suggest longer-term 

changes for the private equity 

ecosystem. Most mid-market 

players expect to have to work harder and longer to create value 

for their portfolio companies, instead of relying on leverage and 

a global economic uptick to quickly achieve strong returns. 

But in an already illiquid asset class, could slowing down the pace 

of the private equity cycle be an appealing proposition for LPs? 

“This is definitely not the message we are sending to our GPs,” 

says Christophe Bavière, CEO and managing partner at fundof-funds 

IDInvest Partners. “If some GPs think they can coast 

through difficult times while still getting management fees, avoid 

complicated deals and exits altogether, and wait for easier times 

to go fundraising, they will not get much sympathy.” 

It seems that GPs who make the best of a bad hand will keep their 

LPs’ confidence. “Some people chose to be dynamic and work 

on deals and exits in difficult times. The crisis hasn’t prevented 

some of them from getting very nice returns; these are the ones 

that will still be there in the long run,” continues Bavière. “You 

pay the best GPs to select the right investments, even when the 

environment is more difficult, not the ones that wait and see.” 

Bavière concedes ruling out 

the odd extension altogether 

would be unrealistic: “We 

can expect to renegotiate an 

extension on a case-by-case 

basis, if the GP has the right 

attitude and is being honest 

and open to discussion.” This 

individual approach, coupled 

with increased communication 

between managers and 

investors, is likely to be 

favoured by LPs; as opposed to 

a “one size fits all” overhaul of 

funds’ terms and conditions. 

While longer fund lifetimes could seem like a sensible solution 

to some of the industry’s current issues, they might also 

encourage GPs to lose the dynamism and dedication that 

made private equity an attractive proposition in the first place. 

Moreover, they are not likely to win the hearts of most LPs – a 

dangerous gamble at a time when their commitment to the 

asset class is already put under stress. 



unquote 

 

PERIOD TO END 

NOVEMBER 2010 

France watch period to end November 2010 

Figures are based on all expansion/early-stage transactions in France that were confirmed as having 

an institutional private equity or mezzanine investor as a lead or syndicate partner. 

For further information on Incisive Media’s data and research please call Emanuel Eftimiu on: 

+44 20 7004 7464. 

Volume 

15 

12 

9 

6 

3 

YTD 2010 Volume 21 

YTD 2010 Value €174m 

0 

0 

Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 

Q2 2005 

Q4 2005 

Q2 2006 

Q4 2006 

Q2 2007 

Q4 2007 

Q2 2008 

Q4 2008 

Q2 2009 

Q4 2009 

Q2 2010 

Early-stage 

Q4 2010 

100 

80 

60 

40 

20 

Value (€m) 

Volume 


YTD 2010 Value €601m 

40 

500 

35 

400 

30 

25 

300 

20 

15 

200 

10 

100 

5 

0 

0 

Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 

Q2 2005 

Q4 2005 

Q2 2006 

Q4 2006 

Q2 2007 

Q4 2007 

Q2 2008 

Q4 2008 

Q2 2009 

Q4 2009 

Q2 2010 

Q4 2010 

Expansion 

Value (€m) 

Source: unquote” 

Number and total value in €m of French early-stage deals per quarter. 


Number and total value in €m of French expansion deals per quarter. 

* Does not include PIPE deals like Cinven’s €1.518bn investment in Eutelsat in Q4 2004, nor any 

refinancings like the SigmaKalon €1.6bn deal in Q3 2005 

Figures are based on all buyouts in France with a recorded or estimated value of €10m+ that were confirmed as having an 

institutional private equity or mezzanine investor as a lead or syndicate partner. 

Volume 


YTD 2010 Value €8.13bn 

60 

15 

50 

12 

40 

9 

30 

6 

20 

10 

3 

0 

0 

Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 

Q2 2005 

Q4 2005 

Q2 2006 

Q4 2006 

Q2 2007 

Q4 2007 

Q2 2008 

Q4 2008 

Q2 2009 

Q4 2009 

Q2 2010 

Q4 2010 

Buyouts 

Value (€bn) 

Volume 

250 

200 

150 

100 

50 

0 

0 

Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010 Q4 2010 

Q2 2005 

YTD 2010 Value 

Q4 2005 


Q2 2006 

Q4 2006 

Q2 2007 

Q4 2007 

€54.0bn 

Q2 2008 

Q4 2008 

Q2 2009 

European buyouts 

Q4 2009 

Q2 2010 

Q4 2010 

80 

70 

60 

50 

40 

30 

20 

10 

Value (€bn) 


Number and total value of €10m+ French buyouts per quarter. 


Number and total value of European €10m+ buyouts per quarter 



European round-up 

unquote 

■ Benelux unquote” 

Activity in the Benelux region picked up in November after what has been a fairly slow recovery compared to other markets. While there 

were no mega-deals to match the secondary buyout of Ontex seen earlier this autumn, the region did witness several mid-sized deals. 

Two deals were valued at more than €100m, including the buyout of Stork Materials Technology. The deal was a partial exit for 

Candover, which has owned Stork since 2007. 3i acquired the testing unit for €150m, and hopes to expand its presence in the 

testing business through acquisitions and organic expansion. 

Meanwhile, PAI partners acquired Hunkemöller in a deal thought to be worth between €200m and €250m. Again, this was 

also a partial exit for other private equity investors, as the lingerie chain was sold from Maxeda Retail, currently owned by KKR, 

Cinven, AlpInvest and Permira. 

Hunkemöller was not the only disposal for Maxeda, as Sun European Partners acquired V&D BV and La Place BV. The 

department store and restaurant chains will receive investment for a major refurbishment exercise and an expansion of private 

label merchandising, as this was seen as a growth area. 

■ Deutsche unquote” 

Deal activity in the DACH region continued its steady recovery over the last month, with numerous transactions in the midmarket. 

Two significant buyouts were announced in the transportation sector: Paris-based PAI partners bought cargo handling 

firm Swissport for €654m; and Oaktree Capital Management acquired German specialist cargo service firm Beluga Shipping for 

€200m. PINOVA Capital closed two deals this month: an SBO of insulation provider Wendt SIT and the acquisition of aeration 

solution provider Invent Umwelt- und Verfahrenstechnik. 

Web-related companies were the main focus of investments in the early-stage segment. High-Tech Gründerfonds backed 

price comparison platform meinprospekt.de, while online content producer Content Fleet received additional funding from 

Neuhaus Partners. 

The exit market continued apace. KKR recorded one of the largest exits, selling German recycling company Duales System 

Deutschland, having acquired the company in 2005. The market also witnessed a rare occurrence with the IPO of private equitybacked 

AZ Electronic Materials. The electronic materials supplier listed on the London Stock Exchange with a market-cap of 

€915m. Carlyle originally acquired the company in 2004 and sold a stake to Vestar in 2007. 

■ Nordic unquote” 

The increasing activity in the buyout space witnessed recently has once again shown signs of continuing, as the last few weeks have 

produced a number of deals. 

One of the most active buyout players in November has been Accent Equity Partners, with the buyout of Troax and the new 

aviation service provider Aviator Airport Alliance. Other notable deals include Via Venture’s acquisition of Miroi and IK Investment 

Partners, acquisition of EPiServer from Northzone Ventures and Amadeus Capital. The value of the deal was not disclosed, but 

EPiServer’s cancelled IPO earlier in the year suggests the value was in the region of SEK 650m. 



unquote 

European round-up 

Cancelled IPOs were not on the agenda this month; on the contrary, the last few weeks has seen two successful listings, namely 

Isconova in Stockholm and Zealand Pharma in Copenhagen. Nordic early-stage and expansion deal activity fought back in 

November with a number of investors completing deals. CapMan Life Science, Altor Equity Partners, IKEA Greentech and 

Sustainable Technologies Fund were some of the active investors in the region. 

The Nordic exit market also had a steady stream of activity with Ratos’ Camfil exit being a high-profile deal. The management 

buy-back saw the investor make an exit profit of SEK 610m. Eqvitec’s sale of Frends Technology and the disposal of the Eqvitec 

Technology Fund II to Verdane Capital were other notable deals. 

■ Southern Europe unquote” 

Buyouts boomed throughout Southern Europe in November, though Italy struggled to keep pace with Spain’s healthy deal 

values. Three large transactions were recorded on the Iberian Peninsula, the most significant of which was led by CVC Capital 

Partners, which doubled its 35% stake in Galician fibre optics company R Cable in exchange for more than €157m. Advent 

International also completed a €100m buyout of property valuation firm Tinsa, while Investindustrial bought ambulance group 

Transport Sanitari Catalunya from parent company Agrupació Mútua. Meanwhile, Basque Country government-backed SGECR 

acquired a 35% stake in Bilbao-based corporate diaries manufacturer Ediciones Deusto. 

Though transaction values in Italy were comparably modest, optimism continues to grow among the Italian community, many of 

whom discussed the state of the industry at the unquote” Italia Private Equity Congress in Milan on 11 November. The conference 

revealed the close of the €1.2bn Fondi Italiani di Investimento, a public-private vehicle launched by the Italian government in 

a bid to strengthen local SMEs. In the same month, three mid-sized buyouts were realised, namely PM & Partners’ purchase of 

air freshener manufacturer Relevi for an estimated €75m, Cognetas’s €45m SBO of Arcaplanet from Credem Private Equity and 

Platina’s acquisition of 10 solar plants in Puglia for around €35m. 

Portugal was typically silent on the deal front, although speculation about an imminent agreement between Trilantic Capital and 

educational publisher Leya suggests a more positive prognosis for December. 

■ UK & Ireland unquote” 

Ireland’s reputation as a financial centre took a major hit in November as rising tensions over the country’s debts, partially due to the 

cost of bailing out its banks, led to international action. The EU, IMF and UK all stepped in to provide support for the country. The 

moves helped stabilise the euro and the Irish economy, but political discontent surrounding the issue could yet cause further problems. 

In the UK, LDC hit the headlines as political pressure on banks to dispose of non-core assets increased. LDC said it would raise 

money privately in future, after being criticised for buying firms at high prices during the downturn. Barclays gave further details 

of its private equity group’s spinout. The management are to agree a deal to share profits with the bank for a set period, rather 

than funding the acquisition upfront. 

On the deal front, Doughty Hanson won an auction for Vue Entertainment for £450m. The auction saw competition from BC 

Partners and OMERS Private Equity. Investors were attracted to Vue because it had weathered the recession well and is set to see 

strong growth from the growing popularity of 3D films. The lower end of the market saw a flurry of sub-£10m deals including minibuyouts, 

such as the MBO of RDL. The £5m acquisition of the recruitment specialist was driven by expected growth in the sector. 



deal sector index 

unquote 

DEALS VALUE TYPE NAME LEAD BACKERS REGION PAGE 

BIOTECHNOLOGY €22.7m Expansion STENTYS Sofinnova Partners Paris 19 

BUSINESS SUPPORT 

SERVICES 

DIVERSIFIED 

INDUSTRIALS 

ELECTRONIC 

EQUIPMENT 

€2.4m Expansion Groupe MJA Naxicap Partners Chanceaux-sur- 

Choisille 

unquote 

early-stage 

Early-stage transactions include start-up/seed and early-stage equity investments. Start-up/seed financing is provided to companies for use 

in product development and initial marketing. Companies may be in the process of being set up or may have been in business for a short 

time, but have not sold their product commercially. Early-stage financing allows companies which have completed the product development 

stage and require further funds to initiate commercial manufacturing and sales. They may not yet be generating any revenues. 

Truffle Capital provides Actility with €3m 

Transaction 

Truffle Capital has invested €3m in French electronic equipment producer Actility. The deal was sourced 

through direct contact with the company. Truffle Capital invested via its Truffle Capital Energy vehicle. 

The venture firm stated that Actility fits in with its fund’s strategy of backing innovative technology 

companies in the energy sector. The fresh capital will allow newly-incorporated Actility to fund the first 

release of its product, ThingPark. 

EARLY-STAGE 

Actility 

€3m 

Location 

Sector 

Founded 2010 

Staff 1 

Lannion 

Electronic 

equipment 

Company 

Founded in 2010, Actility is currently producing a next-generation machine-to-machine 

communication platform, designed for massively scalable deployments of mission-critical applications 

in the energy sector. 

ThingPark aims to limit consumption peaks and reduce the carbon footprint per kilowatt-hour. Actility 

is based in Lannion and currently has one employee. 

People 

François Fourt and Adrian Field handled the transaction for Truffle Capital. François Fourt will join the 

company’s board following the investment. Olivier Hersent is founder of Actility. 


Equity – HBC Avocats, Jean-Luc Elhoueiss, Claire Benier (Legal). 

Company – Pinot de Villechenon & Associés, Francis Pinot de Villechenon (Legal). 

Truffle Capital backs Acerde with €1.5m 

Transaction 

Truffle Capital has invested €1.5m in French high-performance materials producer Acerde. Funds were 

drawn from the Truffle Capital Energy fund. The deal was sourced through direct contact with the 

company. According to Truffle Capital, Acerde was suited to the fund’s strategy of backing innovative 

technology companies in the energy sector. 

EARLY-STAGE 

Acerde 

€1.5m 

Location 


Founded 2006 

Staff 12 

Crolles 

Diversified 

industrials 

Acerde will use the fresh funds to develop its technology for X-ray tube anodes and generate its first 

short-term revenues. 

Company 

Founded in 2006, Acerde is a designer of high-performance materials. The company’s products are 

based on high-temperature chemical vapour deposition, a process that enables the deposition of 

extremely pure, high-quality materials for applications in harsh environments (notably in the nuclear, 

aerospace and medical sectors). Based in Crolles, Acerde currently employs 12 people. 



early-stage 

unquote 

People 

François Fourt and Adrian Field handled the transaction for Truffle Capital. François Fourt will join the 

company’s board following the investment. Didier Pique is founder of Acerde. 


Equity – HBC Avocats, Jean-Luc Houeiss, Claire Benier (Legal); Concordances, Lison Chouraki 

(Financial due diligence). 

Company – Inextenso, Sophie Rohm (Legal). 

EARLY-STAGE 

Xynergy 

€1.5m 

Location 


Founded 2010 

Staff 4 

Suresnes 

Food retailers 

and wholesalers 

Naxicap leads €1.5m round for Xynergy 

Transaction 

Naxicap Partners has invested €1m in newly-created French healthfood company Xynergy. 

The small-cap house contributed through four of its funds: BP Développement, BP Création, FCPR 

Natixis Développement et Création 2008 and FCPR Naxicap Patrimoine 2010. The company’s 

management also contributed €500,000 to the round. The fresh capital will allow the company to 

launch its first product. 

The deal was initiated by Xynergy’s corporate finance adviser, who is familiar with Naxicap’s investment 

strategy. The investor was convinced by Xynergy’s service-based approach as a differentiating factor 

on a competitive market; it was also attracted by the management team’s experience in launching 

new projects. 

CIC and Crédit Mutuel provided €1m of additional debt facilities to the company on this occasion. 

Company 

Suresnes-based Xynergy has developed the “Comme j’aime” diet programme, which is sold directly to 

customers via a dedicated website. Once registered, customers get sent ready-meals for breakfast, lunch 

and dinner suited to their weight-loss plan. The company directly employs four people, but outsources 

its client relationship management operations to 30 contractors. 

People 

Antoine Le Masson and Nicolas Sebille handled the transaction for Naxicap. Géraldine Barets is CEO 

of Xynergy. 


Equity – Bignon Lebray, Matthieu Lochardet (Legal); YG Expertises et Finance, Yves Gauthier 


Company – Viducia, Jean-Luc Amanatian (Corporate finance); GMBA, Florence Conorton (Legal). 

www.unquote.com/france 

The new home of private equity news, data and analysis 



unquote 

expansion 

Expansion capital is provided to support the growth and expansion of an established company and must include an element of equity financing. 

Funds may be used to enable increased production capacity, market or product development and/or to provide additional working capital. 

Acquisition finance provided to a new or existing investee company to support its acquisition of a target or targets is also included in this section. 

Sofinnova’s STENTYS IPO raises €22.7m 

Transaction 

Sofinnova Partners’ portfolio company STENTYS has raised €22.7m by listing on the NYSE 

Euronext Paris. 

EXPANSION 

STENTYS 

€22.7m 

Location Paris 

Sector Biotechnology 

Founded 2006 

The public offering was twice oversubscribed at the share price of €12. The IPO was a financing 

round for the company as the offered shares were newly issued. The listing values the company at 

approximately €90m. Sofinnova has subscribed to acquire some of the shares in the offer, which will 

ensure its stake in the company is not diluted. 

Sofinnova was interested in keeping its stake as it believes the company has strong growth potential. The 

joint decision to list was made by Sofinnova and management to increase the funding and visibility of 

STENTYS. According to the investor, the company has had outstanding performance so far, releasing 

its product onto the market since the initial €1m seed funding round in 2006. 

Sofinnova was initially attracted to the company because of a good relationship with its management. 

It later injected an additional €15m into STENTYS together with Crédit Agricole Private Equity and 

Scottish Equity Partners. 

Company 

STENTYS develops stents, which are small mesh metal tubes for the treatment of blocked coronary 

arteries. The product is designed for the treatment of acute myocardial infarction and coronary 

artery bifurcations. 

The company was founded in 2006 and is headquartered in Paris. 

People 

Antoine Papiernik worked on the deal for Sofinnova Partners. 


Vendor – Société Générale (Lead manager and bookrunner); Piper Jaffray (Co-lead manager). 

Company – Allegra Finance, Yannick Petit (Corporate finance); Pinot de Villechenon, Morgan 

Hunault (Legal); Jones Day (Legal). 

Truffle Capital invests €3m in Neelogy 

Transaction 

Truffle Capital has provided French magnetic sensors manufacturer Neelogy with a €3m series-B round 

of funding. The deal was sourced through direct contact with the company. Truffle Capital invested via 

its Truffle Capital Energy vehicle. The venture firm believes that Neelogy fits with the fund’s strategy 

of backing innovative technology companies in the energy sector. 

EXPANSION 

Neelogy 

€3m 

Location Cachan 

Sector Industrial 

machinery 

Founded 2006 

Turnover €80,000 

Staff 10 



expansion 

unquote 

The capital will allow Neelogy to finance its R&D and strengthen its commercial and industrial teams. 

Notably it intends to triple its staff within the next three years. 

Company 

Cachan-based Neelogy, formerly known as Billanco, develops and commercialises DC current magnetic 

sensors. The company’s technology is based on the Neel Effect, which enables highly accurate, hysteresis 

measurement of alternating and direct currents. 

Founded in 2006, Neelogy currently employs 10 staff and posted an €80,000 turnover for 2009. 

People 

François Fourt and Adrian Field led the deal for Truffle Capital. François Fourt will join the company’s 

board following the investment. Lionel Cima is CEO of Neelogy. 


Equity – HBC Avocats, Jean-Luc Houeiss, Claire Benier (Legal); Concordances, Lison Chouraki 


Company – Fuchs Cohana Reboul & Beroard, Olivier Mourain (Legal). 

EXPANSION 

Sport Universal 

Process 

€2.95m 

Location Nice 

Sector Software 

Founded 1995 

Turnover €5m 

Staff 50 

XAnge and Promelys invest €2.95m in SUP 

Transaction 

XAnge and Promelys Participations have invested €2.95m in French technology company Sport 

Universal Process (SUP). 

XAnge contributed €1.85m through the XPansion fund. Promelys Participations provided the 

remaining €1.1m via the FIP Nova PM and FIP Auctalys Capital PME vehicles. Both investors were 

convinced by the company’s technology and anticipate strong growth in the future. 

SUP will use the fresh funds to finance its expansion, particularly into new regions including Latin 

America, Eastern Europe and Asia. It will also look to target other sports, such as rugby. 

Company 

Created in 1995, Nice-based SUP produces and analyses football-related statistical data. Its Amisco 

technology enables it use motion sensors to collect data from football pitches, which is then analysed 

and distributed through various software programmes. 

The company targets football clubs, federations and media outlets. It posted a €5m turnover for 2009 

and employs around 50 staff. 

People 

Nicolas Goiran and Magdalena Svensson worked on the deal for XAnge. Promelys Participations was 

represented by Hervé Letoublon. Thomas Schmider is CEO of SUP. 


Equity – Quadratur Avocats, Gilles Fresel, Frédéric Chaillet (Legal); Aktelys, Yves Gauthier 


Company – Benoit Rousseau Conseil (Corporate finance). 



unquote 

expansion 

Naxicap backs Groupe MJA with €2.4m 

Transaction 

Naxicap has provided French communication agency Groupe MJA with €2.4m of growth capital 

funding. 

Funds were drawn from the SCR BP Développement fund, a €550m vehicle launched in 2003. MJA 

opened up its capital structure for the first time, via an auction process run by PAX Corporate Finance. 

Naxicap was attracted by the company’s unique offering for the SME market. It also believes the 

management team has a sound development strategy, validated by strong growth since inception and 

a loyal client base. 

EXPANSION 

Groupe MJA 

€2.4m 

Location 


Founded 1998 


Staff 80 

Chanceaux-sur- 

Choisille 

Business support 

services 

Groupe MJA will aim to grow organically by further developing its existing services. It will also look 

for relevant acquisition opportunities in order to strengthen certain divisions and broaden its service 

offering. 

Company 

Founded in 1998, Groupe MJA is a communication agency that targets SMEs. The group comprises 

three divisions: operational marketing and communication, digital, and design. It offers a broad range of 

communication services, including packaging design, public relations, mobile internet and publishing. 

Based in Chanceaux-sur-Choisille, the group employs 80 staff and posted an €11m turnover for 2009. 

People 

Bruno Denis and Pierre du Passage handled the transaction for Naxicap Partners. Olivier Santini is 

president of Groupe MJA. 


Equity – HPML, Thomas Hermetet, Velin Valev (Legal); Rolland Berger & Associés, Philippe 

Rolland (Tax); Bellot Mullenbach & Associés, Jean-Luc Lagarde (Financial due diligence). 

Company – COJEF, Thierry Gatard (Legal); PAX Corporate Finance, Laurent Mouflin, Xavier 

Dugast (Corporate finance). 

Naxicap and SCR in €1.15m SolarQuest deal 

Transaction 

Naxicap Partners and SCR Provençale et Corse have backed French energy equipment provider 

SolarQuest with €1.15m of growth capital funding. 

Naxicap invested through four funds: SCR BP Création, SCR BP Développement, FCPR Natixis 

Développement et Création 2008 and FCPR Naxicap Patrimoine 2010. Naxicap contributed €1.14m 

overall, with SCR Provençale et Corse and a private investor investing the remainder of the round. 

EXPANSION 

SolarQuest 

€1.15m 

Location Aix-en-Provence 

Sector Renewable 

energy equipment 

Founded 2008 

Turnover €9.5m 

Staff 15 

The new funds will be used to finance the launch of Elesol, a new range of photovoltaic solutions 

targeted at the construction sector. 

Both Naxicap and SCR Provençale et Corse already provided SolarQuest with €1.2m of funding in 



expansion 

unquote 

November 2009. They chose to renew their commitment to the company given its achievements within 

this time frame, and believe in the development potential of its new offering. 

Company 

SolarQuest produces, installs and manages solar installations on buildings. The projects it has worked 

on include the Castellet international airport and a photovoltaic car park commissioned by the French 

Interior Ministry. 

SolarQuest posted a €9.5m turnover for 2010 – up from €2m the previous year. Based in Aix-en- 

Provence, the company currently employs 15 people. 

People 

Antoine Le Masson, Nicolas Sebille and Magali Régnier handled the deal on behalf of Naxicap Partners. 

Emmanuel Mannoni is CEO of SolarQuest. 


Equity – Bignon Lebray, Matthieu Lochardet, Claire Baufine Ducrocq (Legal). 

Company – Bourgeois Rezac Mignon, Louise-Marie Bourgeois, Nicolas Rivart (Legal). 

EXPANSION 

CBM 

unquote 

expansion 

Vendors – RBN Avocats, Stephane Ruff (Legal). 

Management – Bruno & Associés, Manuel Bruno, Stéphanie Cramaregas (Legal). 

Company – Alpha Conseils, David Dubuisson, Anne Tuxagues (Legal). 

AXA PE acquires 11% of Arismore 

Transaction 

AXA Private Equity has taken an 11% stake in French IT services company Arismore. The equity 

contribution remains confidential, but was confirmed to be less than €5m. Funds were drawn from the 

FIP AXA Placement Croissance, a retail vehicle launched in 2009. The deal was sourced by the private 

equity house, through direct contact. 

EXPANSION 

Arismore 

uyouts 

unquote 

The €59 share price represents a discount on the current trading price of €64 per share; Stallergenes’ 

current market-cap stands at €845.6m. Ares Life Sciences was attracted by Stallergenes’ track record 

and its plans to penetrate new markets and launch a new generation of products. 

Debt 

No leverage was required to finance the transaction. 

Previous funding 

Wendel originally invested in the company in 1993. The investor’s strategy was to facilitate the development 

of Stallergenes’ product portfolio and the constitution of a solid R&D pipeline, while building a presence 

in more than 50 countries. During this period, Stallergenes’ turnover has grown from €20m in 1993 to 

€193m in 2009. Wendel should reap a 35x return multiple on its original investment. 

Company 

Founded in 1962, Stallergenes is a biopharmaceutical laboratory specialising in treatments by 

immunotherapy for the prevention and cure of allergy-related respiratory conditions, such as rhino 

conjunctivitis, rhinitis and allergic asthma. The company was listed on Euronext Paris in 1998. 

Based in Antony, the group generated a €193m turnover and €32.2m EBITDA in 2009. It currently 

employs around 850 people. 

People 

Jacques Theurillat led the deal for Ares Life Sciences. Frédéric Lemoine handled the transaction for 

Wendel. Albert Saporta is CEO of Stallergenes. 


Equity – Moelis & Company (Corporate finance); Centerview (Corporate finance); Skadden (Legal). 

BUYOUT 

Snacks International 

€100-120m 

Location 

Saint Denis la 

Chevasse 

Food products 


Founded 1991 

Staff 300 


IK acquires Snacks International 

Transaction 

IK Investment Partners has taken a majority stake in French food company Snacks International, in a 

deal that values the company at €100-120m. 

Funds were invested from IK 2007, the firm’s latest €1.7bn vehicle. IK believes the company operates 

in an industry benefiting from strong volume growth and exhibiting good potential for further 

penetration of private label products. 

Snacks International now plans to develop the existing product range and to launch new product lines. 

In addition, it intends to grow its activities by exporting into the UK. 

Debt 

Financing for the transaction was underwritten by Crédit Lyonnais (LCL) and Céréa Mezzanine. Debt 

accounts for 45% of the deal value. 

Company 

Founded in 1991, Snacks International is a food processing company based in Saint Denis la Chevasse. 

It specialises in salted snacks distributed under retailers’ own ranges and private label discount brands. 

Snacks International expects to post a €60m turnover for 2010. 



unquote 

buyouts 

People 

Rémi Buttiaux, Benoît Leblanc and Arnaud Bosc represented IK Investment Partners on the transaction. 

Jean-Pierre Cavaillet is chairman of Snacks International. 


Equity – White & Case, Vincent Morin, Nathalie Nègre, Camille Note (Legal); White & Case, 

Norbert Majerholc, Christelle Alberti, Pascale Marescaux (Tax); Ernst & Young, Daniel Benquis, 

Stanislas de Gastines (Financial due diligence); AT Kearney, Jérôme Souied, Denis Van de Voorde 

(Commercial due diligence); Cavaro Conseil, Christian Mergier (Insurance due diligence); Galtier 

Expertise Environnement, Marie-Pierre Loisel (Environmental due diligence). 

Debt – De Pardieu Brocas Maffei, Christophe Gaillard, Jean-François Pourdieu, Thibaut Caharel 

(Legal). 

Vendors – Lartigue-Tournois-Associés, Yves Tournois, Clément Lody (Legal); Bernard Collignon 

(M&A). 

Ergon Capital Partners buys ELITech 

Transaction 

Ergon Capital Partners has acquired French manufacturer and distributor of in vitro diagnostic 

equipment and reagents ELITech Group, in a deal that values the business at just over €100m. The 

mid-cap investor financed the acquisition through its €775m Ergon Capital Partners III fund. Previous 

backers BNP Paribas Développement, Idia Participations, Naxicap and Synergie Finance all reinvested 

and continue to hold a stake in the company. 

BUYOUT 

ELITech Group 

c€100m 

Location Salon de 

Provence 

Sector Medical 

equipment 

Founded 2005 


EBITDA €12.1m 

Ergon believes the in vitro diagnostic market is a dynamic sector, providing ELITech with strong 

growth prospects. It was also attracted by the quality of the company’s management team. The new 

owner foresees developing ELITech through add-on acquisitions. 

Debt 

Natixis and LCL arranged debt facilities to finance the transaction. 


Idia Participations, a subsidiary of Crédit Agricole, invested €9m in ELITech in 2009, alongside 

Naxicap Partners, Banque Populaire Développement, BNP Paribas Développement and Synergie 

Finance. 

Naxicap and BNP Paribas Développement had previously led a €3.2m round of financing in the 

company in 2005. 

Company 

Established in 2005, Elitech is an independent manufacturer and distributor of in vitro diagnostic 

equipment, tests and reagents focused on small- to medium-sized, proximity and emergency diagnostic 

laboratories. The group is currently active in three segments of the diagnostics market: biochemistry, 

microbiology and molecular diagnostics. ELITech also operates as a distributor of third-party products 

to small to medium-sized and proximity laboratories. Salon de Provence-based ELITech reported sales 

of €92m and EBITDA of €12.1m for 2009. 

People 

Serge Touati led the deal for Ergon Capital Partners. Pierre Debiais is CEO of ELITech. 



uyouts 

unquote 

BUYOUT 

Aurénis 

€50-150m 

Location 

La Garenne- 

Colombes 

Publishing 


Founded 2005 


Staff 1,000 


Equity – Leonardo Midcap CF (M&A); Weil Gotshal & Manges (Legal); Deloitte (Corporate 

finance); Taj (Tax); LEK (Commercial due diligence); Marsh (Insurance due diligence); URS 

(Environmental due diligence). 

Company – WSA Avocats, Henri Pieyre de Mandiargues (Legal); Arsene Taxand, Franck Chaminade 

(Tax); Wil Consulting, Jacques Ittah (Corporate finance). 

LFPI, EdRIP and BPE acquire Aurénis in MBO 

Transaction 

LFPI, Edmond de Rothschild Investment Partners (EdRIP) and Barclays Private Equity (BPE) have backed 

the management buyout of French publisher Aurénis in a deal that values the company at €50-150m. 

Granted with an exclusive agreement, LFPI completed the buyout with the support of EdRIP and 

management and later invited BPE to take a minority stake in the business via its Europe II fund. LFPI 

now owns a majority of the shares. 

The investors were attracted by Aurénis’s position in a niche but rapidly growing market. The company 

weathered the downturn well, posting a 19% turnover increase between 2008 and 2009. The investors 

also believe the partwork publishing market offers interesting consolidation opportunities, making 

Aurénis a suitable buy-and-build platform. 

Debt 

LCL, Société Générale, BNP Paribas, Banque Palatine and HSBC arranged an undisclosed senior debt 

package. LFPI Gestion also provided mezzanine financing. 

Company 

Founded in 2005, Aurénis is a publishing group specialising in partwork encyclopedias. Readers can 

subscribe to receive all the volumes over time or buy them regularly from newsagents to complete their 

collection. The five companies that make up the group are present in 34 countries and publish content 

in more than 20 languages. With a 1,000-strong workforce, Aurénis posted a €173m turnover for 2009. 

People 

Olivier Lange, Philippe Mordo and Christine Godefroy led the deal for LFPI. EdRIP was represented 

by Sylvain Charignon. Guillaume Jacqueau, Stanislas Gaillard and Thierry Lardinois handled the 

transaction on behalf of Barclays Private Equity. Olivier Beressi and Georges Bensoussan are founders 

and managers of Aurénis. 


Equity – FIDAL, Philippe Chevrier, Frank Bernauer (Legal); Landwell & Associés, Xavier Etienne, Murielle 

Colart (Legal); HPML, Vincent Libaud (Legal); Ayache, Salama & Associés, Bernard Ayache, Sandrine 

Benaroya, Bruno Erard (Legal); Frieh & Associés, Maud Manon (Legal); PricewaterhouseCoopers, 

Didier Sidois, Valérie Truelle (Financial due diligence); Verspieren, François Leduc, Sophie Legentil 

(Insurance due diligence); Roland Berger, Delphine Mathez, Eric Fournier (Commercial due diligence); 

Grant Thornton, Arnaud Limal, Guillaume Nathan, Sébastien Bonnaire (Corporate finance). 

Vendors – Aforge Finance, Elisabeth Amiel, Maxime Bouchard, David Amar (Corporate finance); 

Hammonds Haussmann, Charles Fabry (Legal); Rioux & Associés, Jean-Claude Rioux (Legal); 

Grant Thornton, Nathalie Margraitte, Rémi Broquet (Financial due diligence). 

Debt – De Pardieu Brocas Mafféi, Christophe Gaillard, Christophe Chapel (Legal). 



unquote 

NiXEN sells Plastisud in sponsorless OBO 

Transaction 

NiXEN – born of the merger between NI Partners and iXEN Partners – has sold its 60% stake in French 

plastic moulds manufacturer Plastisud back to the founding family and management. 

Plastisud is one of iXEN’s oldest portfolio companies. The firm invested in Plastisud as an “interim 

owner”, waiting for the founder’s son Laurent Buzzo to be willing to take over the business. 

While the acquisition debt was cleared within three years, iXEN remained a shareholder in order to 

meet the initial targets and finalise the succession process. The founding family recently managed to 

arrange acquisition finance from LCL and HSBC, providing NiXEN with an exit opportunity beneficial 

to all parties. 

exits 

OWNER BUY-BACK 

Plastisud 

€25-50m 

Location Castelnaudary 

Sector Industrial 

machinery 


Staff 150 

Vendor NiXEN 

Returns 2.6x, 17% IRR 

As part of the sale agreement, Plastisud’s enterprise value remains confidential. 


iXEN Partners acquired its stake in 2004 through an LBO, with the founding family retaining 40% of 

the capital. Following an internationalisation strategy and a strengthened positioning in the medical 

supplies market, Plastisud’s turnover went up from €20m to €29m over the course of the investment. 

The private equity firm reaped a 2.6x return on its original investment, which would equate to a 

17% IRR. 

Company 

Founded in 1964, Plastisud is a manufacturer of high-precision plastic moulds. Its products are notably 

used in the fabrication of plastic packaging, bottles and medical supplies. Based in Castelnaudary, the 

group posted a €29m turnover for 2009 – 70% of which was generated outside of France – and 

employs 150 people. 

People 

Pierre Rispoli led the deal for NiXEN. Laurent Buzzo is the new CEO of Plastisud. 


Vendor – SJ Berwin, Thomas Maitrejean, Thomas Dupont (Legal). 

Acquirers – Nabarro & Hinge, Jennifer Hinge (Legal). 

Debt – Gide Loyrette Nouel, Chucri Serhal (Legal). 

 

 

 

 

 



funds raising 

A Austria 

BE Belgium 

CH Switzerland 

D 

DEN 

EE 

Germany 

Denmark 

Estonia 

EI 

ES 

F 

Ireland 

Spain 

France 

FIN 

I 

LT 

Finland 

Italy 

Lithuania 

Group Fund name Base Target (m) Close Closed on (m) 

21 Partners 21 Centrale Partners IV F €500 2nd €300 

ACG Private Equity ACG Europe VII F €150 FA n/d 

ADM Capital CEECAT Recovery Fund UK €300 1st €100 

Alchemy Partners Special Opportunities Fund II UK £500 1st £280 

Arcano Capital Arcano Earth Fund ES €250 FA n/a 

Argos Soditic Argos Expansion F €120 1st €45 

Atlantic Bridge Atlantic Bridge UK €130 1st €85 

Aurel NextStage Aurel NextStage FCPR Champion Small Cap II F €150 1st €61 

BeCapital IA BeCapital Private Equity SCA SICAR BE €100 1st €80 

Beechbrook Capital Beechbrook Mezzanine I UK €125 1st €35 

BlackFin Capital Partners BlackFin Financial Services Fund F €300 2nd €100 

Blackstone Group BCP VI US $1500-2000 n/d $1350 

Boehringer Boehringer Ingelheim Early Stage Fund D €100 FA n/a 

Boehringer Ingelheim GmbH Boehringer Ingelheim Venture Fund (BIVF) D €100 FA n/d 

Carlyle Group Carlyle Global Financial Services Partners US n/d FC $1,100 

Cipio Partners Cipio Partners Fund VI LUX €200 n/d €125 

Credo Ventures Credo Stage 1 CZ €20 1st €11 

Danske Private Equity Danske Private Equity Partners IV DEN €600 2nd €600 

Earth Capital ECP Renewable Energy Fund One UK €750 1st n/d 

Foresight Group Foresight Solar VCT UK £40 FA n/d 

Fountain Healthcare Partners Fountain Healthcare Partners I UK €100 1st €75 

General Motors General Motors Ventures US $100 FA n/d 

IDeA Alternative Investments SpA ICF II I €300 1st €150 

Idinvest Idinvest Private Debt F €250 1st €167 

Impax Asset Management Group Impax New Energy Investors II UK €300-400 2nd €259 

Intermediate Capital Group ICG Recovery Fund UK n/d FC €843 

Life Science Partners LSP IV NL €150 1st €75 

Max Planck Innovation, Life Sciences DDC Early Stages D €100 FA n/a 

Partners 

Meidlinger Partners Meidlinger Partners Sustainable Investments LP US $100 1st $15 

Natixis Private Equity, Fonds Strategique Kurma Biofund F €75-100 FA €50 

d'Investissement (FSI) 

Nextstage FIP Nextstage Convictions F n/d FA n/d 

Nextstage FCPI Nexstage Cap 2016 F €25 FA n/d 

Northzone Early stages Northzone VII NOR €150 1st €85 

PROFounders Capital PROFounders Capital UK £50 1st £20 

RWE Innogy Innogy Venture Capital GmbH D n/d FA n/d 

SAM Private Equity and Robeco Robeco SAM Clean Tech Private Equity III Fund CH $500 1st $200 

SGAM AI PME France Investissement II F €60 1st €15 

Sherpa Capital Sherpa Capital ES €30 FA n/d 

Siguler Guff & Co Siguler Guff Distressed Opportunities Fund III US n/d n/d $2,400 

UI Gestion M.I 5 F €50 1st €100 

Unigestion 

Unigestion Environmental Sustainability Fund CH €150 FA n/d (FA) 

of Funds 

Unigestion Unigestion Secondary Opportunity Fund II CH €150 2nd €150 

Vendis Capital Vendis Capital I BE €100 2nd €80 

WestBridge WestBridge SME Fund UK €50 1st €10 



LX 

NL 

NOR 

Luxembourg 

Netherlands 

Norway 

P 

PL 

SWE 

Portugal 

Poland 

Sweden 

UK 

US 

FA 

United Kingdom 

United States 

Fund announced 

FC 

1st 

2nd 

Fund closed 

First close 

Second close 

Date Stage Geographic Contact Telephone No. 

Apr-10 Buyout, expansion F Gérard Pluvinet +33 1 56 88 33 00 

n/d Fund-of-funds Europe Wladimir Mollof +33 1 56 89 59 00 

Apr-10 Buyout, distressed companies Central and Eastern Europe, n/d +44 207 529 5008 

Central Asia, Turkey 

Aug-10 Buyout, distressed companies Europe Ian Cash, Frits Prakke +44 207 240 9596 

Jun-09 Fund-of-funds Global Lorenzo Nogales +34 91 700 3880 

Jul-10 Mezzanine Europe Olivier Bossan +33 153672050 

Nov-10 Buyout, expansion - technology Europe n/d +353 (0)1 603 4450 

Mar-09 Buyout, mid-cap Europe Gregoire Sentilles +33 1 5593 4940 

Jun-10 Expansion - cleantech SMEs US, Europe Alexandre Schmitz +32 2 213 32 66 

Apr-10 Mezzanine Europe Paul Shea +44 20 3178 2536 

Feb-10 Buyout, expansion Europe Laurent Bouyoux + 33 1 75 00 02 30 

Jul-10 Buyout US, Europe n/d +44 20 7451 4000 

Mar-10 Early stage - biotechnology Global Timo Miesemer +49 61327 78740 

Apr-10 Early stage - healthcare Europe Michel Pairet +49 32 77 8740 

Apr-10 Buyout, expansion Global James Burr +1 202 729 5626 

Sep-10 Direct secondaries Western Europe, North America Tom Anthofer +44 207 794 4744 / 

+49 (89) 5506 960 

Nov-10 Early stage Europe n/d +420 222 317 377 

Feb-09 Fund-of-funds Western Europe, North America Dan Kjerulf +45 33 44 63 00 

Jan-10 

Expansion - renewable energy, EMEA Ben Cotton +44 20 7811 4500 

infrastructure 

Oct-10 Early stage - infrastructure Europe Jamie Richards +44 1732 471 805 

Jun-08 Early stage - life sciences Europe Deborah Scott, John Dineen +44 207 269 7193 

Jun-10 Early stage US, Europe Jon Lauckner n/d 

Jul-09 Fund-of-funds Europe, US Franco Mosca +39 02 72 08 03 38 

Oct-10 Mezzanine, secondaries Europe n/d +33 1 55 27 80 00 

Nov-10 Buyout - renewable energy sector Europe Peter Rossbach +44 20 7434 1122 

Mar-10 Buyout, expansion Europe Benoit Durteste +44 20 7628 9898 

Nov-08 Early stage - life sciences Europe Martijn Kleijwegt +31 20 664 55 00 

May-09 Early stage - life sciences Europe Dr Joachim Rothe +49 89 330 6660 

Dec-09 Early stage - cleantech, water, energy Global Kevin Brophy +1 215 701 32 99 

Nov-09 Early-stage - life sciences Europe Alain Maiore, Thierry Laugel +33 1 58 19 89 57 

Sep-10 

Buyout - small and medium 

F n/d +33 1 53 93 49 40 

enterprises 

Oct-10 PIPE deals in listed French SMEs F Marie-Agnès Gastineau +33 1 53 93 49 40 

Feb-10 Early-stage, expansion Nordic, Europe Tellef Thorliefsson +47 221250 10 

Aug-09 Early stage - digital media, tech Europe Rogan Angelini-Hurll +44 20 7766 6900 

Oct-10 Early stage Europe n/d +49 201 1214499 

Jun-10 Fund-of-funds North America, Western Europe Francois Vetri +41 44 653 10 02 

Dec-08 Buyout, expansion France Frédéric Exshaw, Amar Douhan +33 1 56 37 80 00 

Oct-10 Buyout, distressed situations Europe, Latin America Eduardo Navarro n/d 

May-09 Fund-of-funds US, Europe n/d +1 (212) 332 5100 

Jul-09 Buyout, expansion France Aymeric Balmont + 33 (0) 1 42 56 66 00 

Feb-10 Funds-of-funds US, Europe, Asia Hanspeter Bader +41 22 704 41 11 

Jun-10 Secondaries Europe, US, Asia Hanspeter Bader +41 22 704 41 11 

Aug-10 Buyout, expansion Benelux, F Michiel Deturck +32 475 420 257 

Jul-10 Buyout Europe Guy Davies +44 2920 546250 



funds-of-funds 

Group Fund name Base Size (m) 

Arcano Capital Global Opportunity Fund II ES €150 

F&C F&C European Capital Partners UK €173 

IDeA Alternative Investments SpA IDeA I I €681 

Lombard Odier Darier Hentsch Private Equity Euro Choice IV D €513 

Morgan Stanley AIP Morgan Stanley Private Markets Fund IV UK $1,140 

Pohjola Private Equity Selected Mezzanine Funds I FIN €102 

Pohjola Private Equity Selected Private Equity Funds I FIN €129 

Portfolio Advisors Portfolio Advisors Private Equity Fund V US $1,000 

Robeco Robeco Responsible Private Equity II NL €50 

funds investing 

This table lists all fully-raised funds known to be actively seeking investment opportunities in the French market. Information regarding any additional fund 

that doesn’t feature on our list would be well received. 

BUYOUT FUNDS 


21 Centrale Partners ERLF II F €330 

3i Bridgepoint Europe IV UK €5,000 

Access Capital Partners 21 Centrale Partners III F €413 

Activa Capital Acto Mezzanine F €320 

Advent International Advent International GPE VI US/UK €6,600 

Alchemy Partners Alchemy Investment Plan UK €1,600 

Argan Capital Argan Capital Fund UK €425 

Bain Capital Bain Capital IX US $8,000 (+$2,000 co-invest) 

Bain Capital Bain Europe III US €3,500 

Balmoral Capital Balmoral I UK n/d 

Barclays Private Equity Barclays Private Equity Europe III UK £2,400 

BC Partners BC European Capital VIII UK €5,500 

Blackstone Capital Partners Blackstone Capital Partners V UK $15,600 

Bridgepoint Bridgepoint Development Capital I UK €300 

Bridgepoint Capital Fund IV expansion Buy-out Europe UK €4,850 

Carlyle Group Carlyle Europe Partners III UK €5,350 

CCMP Capital Advisors CD&R VIII US $3,400 

Charterhouse Terra Firma Capital Partners III UK €4,000 

Cinven CCMP Capital Investors II UK €6,500 

Clayton Dubilier & Rice Charterhouse Capital Partners IX US $5,000 

Clayton, Dubilier & Rice Clayton Dubilier & Rice Fund VIII US $5,000 

Climate Change Capital Ltd Climate Change Capital Private Equity fund UK €200 

Cognetas Cognetas Fund II UK €1,260 

CVC Capital Partners CVC European Equity Partners IV UK €6,000 

DLJ Merchant Banking Partners DLJ Merchant Banking Partners IV UK $2,100 

Doughty Hanson Doughty Hanson & Co Fund V UK €3,000 

Duke Street Capital EQT V UK €1,000 

Edmond de Rothschild Capital Partners Duke Street Capital VI F €300 

Electra Partners Europe Electra Partners Club 2007 Fund UK £100 

Englefield Capital Englefield Capital II UK €1,060 

EQT Activa Capital II SWE €4,250 

Finama Private Equity Eurofund V F €187 

First Reserve Corporation First Reserve Fund XII US $9,000 

Fortis Private Equity Fortis Private Equity NL, BE €1,250 

GIMV GIMV BE €1,200 

GMT Communications Partners GMT Communications Partners III UK €250 

Goldman Sachs H.I.G. Bayside Capital II US $20,300 

Hellman & Friedman Hexagone III US $8,400 



Closed Type Region 

Jan-10 Fund-of-funds Europe, Asia, US 

Jul-08 Fund-of-funds Europe 

Apr-08 Fund-of-funds Europe, US 


May-09 Fund-of-funds Global 

Jun-09 Fund-of-funds, mezzanine, co-investment Europe 

Jun-08 Fund-of-funds Europe 

Apr-09 Fund-of-funds US, Europe 


Closed Stage Region 

Nov-06 Buyout F/I 

Oct-06 Buyout Europe 

Apr-08 Buyout, expansion Europe 

Mar-07 Buyout F 

Apr-08 Buyout Western Europe, US 

Evergreen Buyout UK, Western Europe 

0ct-06 Buyout Nordic, Western Europe, CEE 

Jun-05 Buyout Global 

Jun-05 Buyout Europe 

Jun-05 Buyout UK, Europe 

Sep-07 Buyout, expansion Europe 

May-05 Buyout Europe 

Jul-06 Buyout Europe, US 

Jun-05 Buyout UK, Europe 

Nov-08 Buyout UK, Europe 

Sep-07 Buyout US, Europe 

Nov-07 Buyout US, Europe, Asia 

Apr-09 Buyout Europe 


Dec-05 Buyout Europe, US 

Dec-05 Buyouts Europe 

Sep-07 Buyout, expansion - clean energy Europe 

Jul-05 Buyout Western Europe 

Aug-05 Buyout Europe 

Oct-06 Buyout Europe, US 


Aug-07 Buyout Europe 

Jan-08 Buyout F 

Jun-08 Buyout Western Europe, UK 

Jan-07 Buyout Europe 

Dec-06 Buyout Europe 

Feb-04 Buyout, mezzanine France 

Mar-05 Buyouts, expansion - energy Global 

n/a Buyout, expansion Europe, US, Asia 

n/a Buyout, expansion, early-stage Europe 

Jul-07 Buyout Europe 


May-07 Buyout Europe, US 




BUYOUT FUNDS 


Hellman & Friedman Hellman & Friedman Capital Partners VI US $8,800 

Hermes Private Equity GS Capital Partners VI UK n/d 

HgCapital HFCP VII UK $3,000 

HgCapital HgCapital V LP UK €830 

HitecVision HitecVision V LP NOR $800 

Hudson Clean Energy Partners Hudson Clean Energy Partners LP UK $1,000 

IDeA Alternative Investments SpA IDeA Co-Investment Fund I I €217 

Industri Kapital IK2007 UK €1,675 

Investcorp Investcorp Technology Partners III UK $400 

Investindustrial Investindustrial Fund IV I €1,000 

Invision Private Equity Invision IV CH CHF300 

Kohlberg Kravis Roberts & Co KKR European Fund II US €4500 + €400 co-invest 

L Capital Management Hermes Private Equity Partners III (HPEP III) F €325 

LBO France Warburg Pincus X F €180 

LBO France L Capital FCPR 2 F €1,200 

Lime Rock Partners Lime Rock Partners V US $1,400 

Lion Capital Lion Capital Fund II UK €2,000 

Madison Dearborn Partners Madison Capital Partners VI LP US $4.100 

Montagu Private Equity Montagu III LP UK £2,260 

NBGI Private Equity France NBGI Private Equity French Fund I F €100 

Nordic Capital Nordic Capital Fund VII Jersey €4,300 

Oakley Private Equity Oakley Capital Private Equity LP UK n/d 

Oaktree Capital Management LP OCM European Principal Opportunities Fund II US €1,800 

PAI partners PAI Europe V F €5,400 

Palamon Capital Partners Palamon Europe Equity II UK €670 

Pechel Industries Partenaires Pechel Industries III F €165 

Permira Permira IV UK €9,600 

Platinum Private Equity Partners Platinum Private Equity Partners II US $2,750 

Primary Capital Primary III UK €200 

Proa Capital ProA Capital Iberian Buyout Fund I ES €250 

Providence Equity Partners Providence Equity Partners VI US $12,000 

Riverside Company Riverside Europe Fund III BE €315 

Robeco Alternative Investments Robeco European Private Equity II NL $100 

SG Capital Europe Advisors Ltd SG Capital Europe Fund III LP UK €245 

SGAM SGAM Private Value Fund F €267 

Summit Partners Summit Partners Europe Private Equity Fund US €1,000 

Terra Firma The Fourth Cinven Fund UK €5,400 

TowerBrook Capital Partners TowerBrook Investor LP III UK $2,800 

Vitruvian Partners Vitruvian Investment Partnership UK €925 

Warburg Pincus Warburg Pincus Private Equity IX LP US $8,000 

Warburg Pincus White Knight VIII US $15,000 

EARLY-STAGE/EXPANSION FUNDS 


360° Capital Partners 360° Capital Fund F €100 

3i Expansion Capital Fund UK €1,200 

4D Global Energy Advisors SGAM/4D Global Energy Development Capital Fund II FIN $181 

A Plus Finance A Plus Innovation 6 F €37 

Accel Partners Accel London III UK $525 

Acton Capital Partners Heureka expansion Fund D €150 

Advent Venture Partners Advent Private Equity Fund IV US/UK €129 

Alven Capital Alven Capital III F €100 

Amadeus Capital Partners Amadeus III UK €160 

Atlas Venture Atlas Venture Fund VIII UK $283 

Atomico Ventures Atomico Ventures II UK $165 

BankInvest BankInvest BioMedical Annex Funds DEN n/d 

BB Biotech Venures BB Biotech Ventures III UK €68 

Brú II Venture Capital Brú II Venture Capital Fund Iceland €65 

CapMan CapMan Life Science IV SWE €54 

Capricorn Venture Partners Capricorn Health-tech Fund BE €100 

Demeter Partners 2 Demeter 2 F €203 




Nov-09 Buyout Global 

Jul-07 Buyout Europe 


Feb-06 Buyout Europe 

Feb-08 Buyout, expansion Europe, US 

Oct-09 Buyout - renewable energy Global 

Jun-05 Buyout, expansion, co-investments Europe 


Jan-08 Buyout Europe 

Feb-08 Buyout Europe 

Oct-08 Buyout, expansion Europe 

Nov-05 Buyout Europe 

Mar-08 Buyout Europe, US 

Jan-06 Buyout, small-cap F 

Mar-09 Buyout F 



May-10 Buyout Global 


Dec-05 Buyout, expansion F 

Nov-08 Buyout Global, focus on Europe 


Dec-08 Buyout, expansion, distressed Global 


Jun-06 Buyout, expansion Europe 

Oct-08 Buyout, expansion F 

Sep-06 Buyout Europe, US 

Sep-08 Buyout Global 



Feb-07 Buyout Global 

Jul-07 Buyout, small, midcap Europe 


May-05 Buy-out, small-, mid-cap DACH, Benelux, IT, F 

Jun-07 Buyout, expansion, early-stage Europe, US, Asia 

Apr-08 Buyout Global 


Nov-08 Buyout Europe, North America 

Mar-08 Buyout Europe 

Aug-05 Buyout Europe, US 

Apr-08 Buyout Global 


Feb-08 Early-stage Europe 

Feb-06 Expansion Europe, Asia, Middle East, North America 

Apr-07 Expansion Europe, US, Africa, Middle East 

May-07 Early-stage France 

Nov-04 Early-stage, technology Europe, Israel 

Mar-06 Expansion - technology Europe, North America 

Nov-01 Early-stage Europe, US 

Feb-04 Early-stage, expansion France 

Feb-03 Early-stage UK, Europe 

Jan-05 Early-stage Europe, US 

Apr-10 Early-stage Europe 

Jul-05 Early-stage Europe 

Jul-05 Early-stage, expansion Global 

Apr-07 Expansion Europe,US 

May-07 Expansion Nordic, Europe 

Oct-05 Earlystage, expansion - healthcare Europe 

Dec-09 Early-stage, expansion Europe 




EARLY-STAGE/EXPANSION FUNDS 


Earlybird Venture Capital Earlybird IV D €127 

Edmond de Rothschild Investment Partners Winch Capital 2 F €250 

Essex Woodland Health Ventures Essex Woodland Health Ventures VIII US $900 

Hasso Plattner Ventures Hasso Plattner Ventures Europe D €100 

Index Ventures Index Ventures Expansion I LP UK €400 

Index Ventures Index Ventures V UK €350 

Innovacom Innovacom 6 F €150 

Intermediate Capital Group Plc European Mezzanine Fund IV UK £1,250 

ISAI ISAI Développement F €35 

Kennet Partners Kennet III UK €200 

KKR KKR European Annex Fund UK €400 

Korona Invest Oy Terveysrahasto Oy FIN €55 

Midven Early Advantage Fund UK €8 

Milk Capital Milk Capital F €20 

NBGI Ventures NBGI Technology Fund II LP UK €60 

NeoMed NeoMed Innovation IV NOR €104 

Newfund Newfund I F €72 

Nordic Biotech Advisors Nordic Biotech Venture Fund II DEN €61 

Platina Partners European Renewable Energy Fund UK €209 

Pond Venture Partners Pond III US $145 

Prime Technology Ventures Prime Technology Ventures III NL €150 

Quest for expansion Quest for expansion NV BE €103 

Scandinavian Life Science Venture Scandinavian Life Science Venture III SWE SEK400 

Serena Capital Serena Capital F €100 

Sofinnova Partners Sofinnova Capital VI F €260 

TA Associates TA XI LP US $4,000 

Wellington Partners Wellington Partners IV Technology UK €265 

WHEB Ventures WHEB Ventures Private Equity Fund 2 UK/D €114 

OTHER FUNDS 


Arcano Capital Global Opportunity Fund II ES €150 

ARCIS Group ESD Fund IV UK, F €354 

Babson Capital Europe Almack Mezzanine I UK €800 

Coller Capital Coller International Partners V UK $4,500 

Environmental Technologies Fund Environmental Technologies Fund L.P UK £110 

EQT EQT Expansion Capital II SWE €474 

F&C F&C European Capital Partners UK €173 

Goldman Sachs Asset Management GS Vintage Fund V US $5,500 

HarbourVest Partners Dover Street VII LP US $2,900 

Headway Capital Partners Headway Investment Partners II (HIP II) UK n/d 

IDeA Alternative Investments SpA IDeA I I €681 

Indigo Capital Indigo Capital V (ICV) UK €550 

J.P. Morgan Asset Management J.P. Morgan Private Equity Limited UK $93 

Lombard Odier Darier Hentsch Private Equity Euro Choice IV D €513 

MML Capital Partners Mezzanine Management Fund IV LP UK €268 

Morgan Stanley AIP Morgan Stanley Private Markets Fund IV UK $1,140 

Nordic Mezzanine Nordic Mezzanine Fund III FIN €320 

Park Square Capital Park Square Capital Partners LP UK €1,050 

Partners Group Partners Group Secondary 2008 CH €2,500 

Pohjola Private Equity Selected Mezzanine Funds I FIN €102 

Pohjola Private Equity Selected Private Equity Funds I FIN €129 

Pomona Capital Pomona Capital VII US $1,300 

Portfolio Advisors Portfolio Advisors Private Equity Fund V US $1,000 

Robeco Robeco Responsible Private Equity II NL €50 

TDR Capital TDR Capital II UK €1,750 

Vision Capital Vision Capital Partners VII UK €680 

Wiltshire Private Markets Wilshire Private Markets Fund VIII US $615 

Wiltshire Private Markets Wilshire Private Markets Fund VIII US $615 




Aug-08 Early-stage DACH, F, Benelux, Nordics, UK 

Oct-05 Expansion F 

Mar-05 Early-stage, expansion - healthcare Europe, Asia 

Jun-08 Early-stage, expansion Europe, Israel 

Jan-07 Expansion Europe 

Mar-09 Early-stage - technology, biotechnology, cleantech Europe, Global 

Oct-07 Early-stage, expansion Europe 

Apr-07 European mezzanine Europe 

Oct-10 Early stage and growth capital - internet France 

Jul-08 Expansion - technology Europe, US 

Aug-09 Expansion Global 

Dec-09 Early-stage - healthcare F 

Nov-05 Early-stage West Midlands 

Jul-08 Early-stage Global 

Oct-07 Early-stage Europe 

Dec-05 Early-stage, expansion Europe 

Jun-05 Early-stage, expansion F 


Mar-10 Expansion - renewable energy Europe 

Feb-06 Early-stage Europe 

Jan-09 Early-stage, expansion, technology UK, Nordic, Benelux, Europe 

Nov-05 Early-stage Europe 


Jan-06 Early-stage, expansion F, Western Europe 

Jan-06 Early-stage, expansion Europe 

Sep-09 Expansion capital Global 

Jan-08 Expansion Europe 

Apr-06 Expansion - cleantech Europe 


FA Fund-of-funds Europe, Asia, US 

Oct-08 Secondaries Europe 

Jun-06 Mezzanine Europe 

Apr-07 Secondaries Europe, US 

Mar-08 Mezzanine -clean energy Europe 

Jun-07 Mezzanine, expansion Europe 

Jul-08 Funds-of-funds Europe 

Mar-05 Secondaries Global 

Mar-05 Secondaries Global 

Apr-08 Secondaries Global 

Apr-08 Fund-of-funds Europe, US 

Jun-07 Mezzanine Europe 

Sep-05 Secondaries Global 


Jun-07 Mezzanine Western Europe, North America 


Nov-05 Mezzanine Nordic, DACH, Benelux 

Jan-05 Mezzanine Europe 

Nov-05 Secondaries Global 

Jun-09 Fund-of-funds, mezzanine, co-investment Europe 

Jun-08 Funds-of-funds Europe 

Jul-09 Secondaries Global 

Apr-09 Fund-of-funds US, Europe 


Jun-06 Mid-market Western Europe 

Jan-05 Secondaries direct Europe 

Apr-05 Fund-of funds Global 

Apr-05 Fund-of funds Global 



IPO tracker 

The table below tracks the performance of previously private equity-backed French companies as listed stock 

Company ICB Subsector Name Original deal Equity Syndicate 

Bureau Veritas Business Support Services n/d, 1995 Wendel Investissement 

Fountaine Pajot Commercial Vehicles & Trucks n/d, 2002 21 Centrale Partners 

Buyouts 

Homair Hotels n/d, 2005 Montefiore Investment, Avenir Tourisme, Uni 

Expansion Ouest, Grand Sud Ouest Capital 

Legrand Electrical Components & Equipment €3.7bn, 2002 Wendel Investissement, KKR 

Médica Healthcare Equipment & Services €750m, 2006 BC Partners, AXA Private Equity 

Outremer Telecom Mobile Telecommunications €70m, 2004 Apax Partners 

Rexel Electrical Components & Equipment €3.8bn, 2005 Clayton Dublier & Rice, Eurazeo, Merrill Lunch 

Global Private Equity 

Seloger.com Real Estate Holding & Development €50m, 2000 AXA Private Equity, Galileo Partners, Alpha 

Associes, Alven, Europ@web 

Arkoon Software €3.6m, 2003 Sigefi Private Equity, ACE Management, CDC 

Entreprises, Siparex, Initiative & Finance 

Auto Escape Specialized Consumer Services n/d, 2005 Ofi Private Equity, Viveris Management 

Carmat Health Care Equipment & Services €7.25, 2008 Truffle Venture 

Cellectis Biotechnology €13.6m, 2002 BioMedical Venture, AGF Private Equity, Edmond 

de Rothschild Investment Parnters, KamInvest, 

Odysee Venture 

Eurogerm Food Products €5.8m, 2004 Siparex, Carvest 

Europacorp Broadcasting & Entertainment n/d GCE JIC 

Venture 

Innate Pharma Biotechnology €5m, 1999 Sofinnova Partners, GIMV, Auriga Partners, Alta 

Partners, AXA Private Equity, Gilde Pechel, Innoveris 

LeGuide.com Media Agencies n/d, 2000 Sigefi Ventures Gestion 

Metabolic Explorer Speciality Chemicals Ffr 10m, 2000 Spef Ventures, Sofimac, Credit Lyonnais Private 

Equity, Viveris Management, Credit Agricole 

Private Equity, SGAM AI 

Parrot Technology Hardware & Equipment €12m, 2005 EPF Partners 

Vergnet Industrial Machinery €75k, 1993 Centre Capital Developpement, Demeter Partners, 

IPO, CM-COC Capital Prive, Centre Loire Expansion, 

Sofimac Partners 

Vetoquinol Biotechnology €40m, 2003 Banexi Capital Partenaires, 3i 

Vivalis Biotechnology €3m, 2003 FCJE, Creagro, Pays de la Loire Developpement, 

Sodero, Dahlia 

* country specific sector index. 

Source: Bloomberg 



IPO date 

Prime 

Exchange 

Issue price 

Market cap 

at IPO 

P/E Ratio 

Industry 

benchmark P/E 

ratio* 

Share price 

09/12/2010 

Price change 

since IPO 

Oct-07 Euronext Paris €37.75 €4.38bn 20.52 n/a €57.91 53% ▲ 

Jun-07 Euronext Paris €30 €46m n/a 19.29 €10.80 -64% ▼ 

Jun-07 Euronext Paris €5.1 €65m 21.78 n/a €3.15 -38% ▲ 

Apr-06 Euronext Paris €19.75 €5.35bn 16.77 13.11 €31.66 60% ▲ 

Feb-10 Euronext Paris €13 €623m n/a 15.1 €13.10 1% ▼ 

Apr-07 Euronext Paris €17 €360m n/a 16.36 €8.08 -52% ▲ 

Apr-07 Euronext Paris €16.5 €4.22bn 18.74 13.11 €15.98 -3% ▲ 

Jan-07 Euronext Paris €22.5 €375m 27.76 n/a €34.36 53% ▲ 

3-month 

trend 

Jul-07 Euronext Paris €4.61 €21m n/a n/a €0.55 -88% ▼ 

Mar-07 Euronext Paris €5.53 €29m n/a n/a €2.28 -59% ▲ 

Jun-10 Euronext Paris €18.75 €75m n/a n/a €27.20 45% ▼ 

Feb-07 Euronext Paris €10.25 €94m n/a 13.98 €6.94 -32% ▼ 

Apr-07 Euronext Paris €16.73 €72m 24.9 n/a €10.55 -37% ▲ 

Jun-07 Euronext Paris €15.5 €315m n/a n/a €4.70 -70% ▼ 

Dec-06 Euronext Paris €4.5 €112m n/a 13.98 €1.31 -71% ▼ 

Aug-06 Euronext Paris €9.2 €31m 22.33 n/a €27.74 202% ▲ 

May-07 Euronext Paris €8.4 €170m n/a n/a €6.31 -25% ▲ 

Jun-06 Euronext Paris €23.5 €95m 23.97 n/a €23.49 0% ▲ 

Aug-07 Euronext Paris €13.85 €86m n/a 19.29 €3.94 -72% ▼ 

Jan-07 Euronext Paris €21 €237m 14.96 n/a €29.84 42% ▲ 

Jun-07 Euronext Paris €10.51 €151m n/a n/a €7.59 -28% ▲ 



diary dates

PAI is looking to divest its 50% stake - Unquote

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