Although 2009 is certainly a year to forget - Unquote

unquote
France
LA RÉFÉRENCE PAR EXCELLENCE DU PRIVATE EQUITY EN FRANCE
Issue 114 AUGUST/SEPTEMBER 2010
Early-stage and expansion deals: less is more
FOLLOWING SUBDUED DEAL activity in May, France saw a strong
increase in early-stage and expansion transactions in June. In the last
few weeks, unquote” has covered 16 such deals, doubling May’s total.
However, the French market is still lagging behind last year’s level of
activity in terms of volume.
Although 2009 is certainly a year to
forget for most private equity professionals,
Volume
France saw more early-stage and expansion
Value
20
investments in the first half of 2009 than
over the same period in 2010: 81 such 15
transactions were recorded by unquote” in
2009, against 63 this year.
10
Despite this relative slowdown, the
5
overall value of deals has seen a slight but
noticeable increase in 2010. Early-stage
0
January February March
and expansion transactions in the first six
months of 2009 amounted to 477m,
Volume
SINCE THE BEGINNING of the year,
France has been the most dynamic market for
investments in the internet sector, along with
Germany. Activity picked up again this month,
echoing the surge witnessed last March.
Crédit Agricole Private Equity and A Plus
Finance provided 4m for e-commerce
solutions provider Oxatis, which helps
French SMEs to set up their own merchant
sites (see page 20). Meanwhile, BNP Paribas
Private Equity invested a further 1.8m in
internet communications specialist Acropolis
while the aggregated value this year stands at 506m. The average deal
value in France therefore has increased from 5.89m in the first half of
2009 to 8.04m in 2010, indicating larger investment rounds. This has
largely been driven by the renewed interest in the life sciences sector,
which usually requires bigger financing
rounds. The number of investments
in pharmaceutical and biotechnology
companies has gone up from four in 2009
150
120
90
to six in 2010. But more significantly, their
value has increased almost five-fold, from
12m to 57m.
The first weeks of July seem to confirm
60
30
the sector’s vitality: France witnessed its
largest series-A round of financing in almost
five years, with the 16m investment in
0
April May June
Poxel – another biotechnology company
Source: unquote”/Private Equity Insight (see page 17).
Early-stage and expansion deals in France - H1 2010
French internet sector continues to flourish
Value (m)
Telecom (see page 21).
On the exit side, private equity investors
have sold their stakes in France’s biggest e-
commerce success-story, with the 200m sale
of PriceMinister to Japanese group Rakuten
(see page 28).
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Quick view
Funds 04
News in brief 05
People 06
Corporate M&A 08
Tertiary buyouts 09
Life sciences 10
ILPA 11
Watch 12
European round-up 14
Deal sector index 16
Exits 28
Funds raising 32
Funds investing 34
IPO tracker 40
Diary dates 42
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In
uncertain times, there are still some
investments
that will pay dividends. IE
Consulting
can help you understand
how
current and future developments
will
impact your reputation and your
ability
to do business. And we can
tell
you how your competition will be
affected,
too. We can also help you raise
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supporting
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unquote
contents
04
08
News
Funds 04
News in brief 05
People 06
Analysis
Corporate M&A 08
Tertiary buyouts 09
Life sciences 10
ILPA 11
Watch 12
European round-up 14
Deals
Deal sector index 16
Early-stage 17
Poxel 17
McPhy Energy 17
EyeTechCare 18
Expansion 19
Groupe Christian Bernard 19
Redman Promotion 19
Oxatis 20
Nuxeo 20
Acropolis Telecom 21
Novapost 22
Devederm 22
Comuto (Covoiturage.fr) 23
FInteractive 24
Intégral Système 24
Kallista Energy 25
Buyouts 26
Thermocoax 26
Hyper Embal/Valeurdis 27
Groupe ACR 27
Exits
PriceMinister 28
Carmat SAS 29
Groupe Keria 30
Trecobat 30
Funds raising 32
Funds investing 34
IPO tracker 40
Diary dates 42
16
28
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funds
Name
Gilde Buyout Fund IV
Closed on
800m (June 2010)
Focus
Buyouts, mid-market, Europe
Contact
Koos Teule
Gilde Buy Out Partners BV
Newtonlaan 91
PO Box 85067
3508 AB Utrecht
Netherlands
Tel : +31 30 219 2508
Advisers
MVision (Placement agent); SJ
Berwin (Legal)
unquote
Gilde’s latest fund reaches 800m hard-cap
Fund
Gilde Buyout Partners has closed its Gilde Buyout Fund IV on 800m. Launched in March 2009,
the vehicle has a 10-year lifespan, with the potential to extend by two one-year periods. Based in the
Netherlands, the fund was oversubscribed and reached its hard-cap following strong investor interest.
Management fees have been set at 1.65%, while the hurdle and carry follow the industry standard of
8% and 20% respectively. Carried interest will be paid on the fund as a whole. MVision acted as global
placing agent and SJ Berwin was mandated as legal adviser. Gilde’s previous buyout fund, Gilde Buyout
Fund III, reached its 600m target in September 2006. To date, it has completed nine investments.
Investors
The fund has attracted 45 contributors, with several previous Gilde investors returning. 50% of
commitments came from Europe, 35% from the US and 15% from the Asia Pacific. Pension plans and
sovereign wealth funds account for the majority of the investor base.
Investments
Gilde aims to make equity investments of 25-200m in mid-market companies across a wide range of
industries, with a core focus on the Benelux, German-speaking and French economies. The fund expects
to perform around 15 investments over its lifetime, several of which are said to be already in the pipeline.
People
The fund is managed by the Gilde buyout team, led by Boudewijn Molenaar.
Name
Argos Expansion
Closed on
45m (July 2010)
Target
120m
Focus
Expansion, SMEs, France
Contact
Constance Jay
Argos Soditic
14, rue de Bassano
75783 Paris Cedex 16
France
Tel: +33 1 53 67 20 50
Advisers
Proskauer Rose (Legal)
Latest Argos fund holds 45m first close
Fund
Argos Soditic has closed its Argos Expansion fund on 45m. The vehicle will make its first investments while
continuing to raise funds from LPs, with a final target of 120m. The fund has a 10-year lifespan with a fiveyear
investment period. Officially launched in January 2008, it started receiving commitments in 2009.
Based in France, Argos Expansion is an FCPR benefiting from simplified authorisation procedures.
Management fees have been set at 2%, hurdle at 7% and carry at 20%. While no placing agent was
mandated, Proskauer Rose acts as legal adviser to the fund.
Investors
Argos Expansion has received commitments from 14 investors so far. The EIF and CDC Entreprises,
acting on behalf of the French Strategic Investment Fund (FSI), have contributed along with the three
fund managers. The vehicle is looking to attract commitments from France and the rest of Europe.
Investments
The fund will provide development and acquisition financing for small and medium-sized French
enterprises (SMEs) already held or being acquired by their management teams. It will typically invest
between 2-12m in junior capital (sponsorless mezzanine) and minority equity. The fund should
perform between 10-15 investments in businesses with enterprise values ranging from 10-100m.
People
An independent management team consisting of three partners – Olivier Bossan, Louis de Lestanville
and Jean de Sampigny – will manage the fund’s operations and investments.
04 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
Carlyle set to exit Otor
CARLYLE HAS entered into exclusive discussions with
packaging and office supplies wholesaler DS Smith, regarding
the acquisition of Carlyle’s stake in listed company Otor.
The transaction would involve the sale of 94.75% of Otor’s share
capital, which Carlyle acquired in 2005. In addition, shares
retained by Otor’s chairman would also be sold to DS Smith,
which would then control more than 95% of the company.
DS Smith has offered 8.97 per Otor share, which would value
the company at 247m, including a 47m debt. Following
completion of the transaction by the end of 2010, DS Smith
intends to launch an offer for the remaining listed shares. Otor is a
French corrugated cardboard packaging manufacturer, operating
six box plants, three specialty sheet plants, two paper mills and
one packaging machine unit. Floated on NYSE Alternext Paris in
1998, it posted revenues of 315m in 2009.
news in brief
Avenir et al. back Société
Hôtelière Côte Rôtie
AVENIR ENTREPRISES, Sofival, BNP Paribas
Développement, Garibaldi Participations and Risque &
Sérénité have funded the buyout of eight hotels on behalf of
Société Hôtelière Côte Rôtie (SHCR).
The eight hotels, located in the Rhône-Alpes region of France,
were acquired from Groupe Accor for an undisclosed amount.
Sofival, a local real estate developer, contributed 39% of the
funds. The remainder was provided by private equity houses
Avenir Entreprises (21%), BNP Paribas Développement (17%),
Garibaldi Participations (7%) and Risque & Sérénité (5%).
SHCR was created to operate hotels and aims to take
advantage of the region’s tourist potential, especially for
skiing holidays.
AIFM vote put back to autumn
A CRUCIAL VOTE on the AIFM
Directive has been delayed until
September.
Issues regarding third country rules,
which would limit the capabilities of
non-EU domiciled hedge, private
equity and venture capital funds, led
to the collapse of talks between the
European parliament and country
representatives.
The European commission had set
an ambitious target of agreeing the
regulations by the end of this month.
However, the Spanish EU presidency
says it will not be possible to reach an
agreement in June, and the vote has
now been delayed until the second
parliamentary session in September
this year.
A delay in holding the vote gives
lobbyists crucial extra time to push
for changes in the draft legislation,
which could negatively impact private
equity and venture capital investment
in Europe.
Seventure leads Nutrionix investment
PREVIOUS INVESTORS Seventure Partners have worked with seven business
angels to provided additional funding for French-based Nutrionix, a company that
specialises in the reduction of sodium in food.
The first round of funding from Seventure of 900,000 completed in spring
2009 enabled Nutrionix to launch its first commercial product, K-Salt, and
accelerate product development. This second round of funding was arranged
to take advantage of increasingly receptive market conditions and the need to
accelerate development.
Lloyds sells UK
portfolio to
Coller Capital
LLOYDS BANKING GROUP has
become the latest bank to cut its private
equity exposure, selling its £480m
portfolio of UK private equity stakes to
a newly created joint venture, Cavendish
Square Partners.
Lloyds will jointly own the venture with
Coller Capital, which has agreed to pay
£332m for 70% of the venture, while the
bank maintains a 30% stake.
The deal will see a transfer of 40 UK
trading companies to the new vehicle,
currently managed by Bank of Scotland
Integrated Finance (BOSIF). Coller
won the deal through an auction
process, with the agreement subject to
regulatory approval.
Lloyds expects to complete the transfer
of the assets and existing BOSIF
management team to the new vehicle by
the third quarter of 2010.
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news in brief
LBO France plans
Medi-Partenaires exit
LBO FRANCE is working on plans to exit its stake in French
healthcare provider Medi-Partenaires SA, according to media
reports. Rothschild has reportedly been hired to handle the
sale, which is estimated to be valued at about 1bn.
LBO France led the 600m secondary buyout of the company
in 2007, investing alongside Barclays Private Equity, Crédit
Agricole and Intermediate Capital.
unquote
AlpInvest sale rumoured
THE OWNERS OF private equity heavyweight AlpInvest could
be looking for a sale, according to reports. AlpInvest is owned
by Dutch pension funds ABP and PGGM. ABP, AlpInvest and
Crédit Suisse, which is rumoured to have been mandated for
the sale, have all declined to comment.
Founded in 1999, AlpInvest is one of the largest European
private equity firms. With more than 40bn under management,
it specialises in fund investments, secondary investments, coinvestments
and mezzanine transactions.
AXA Private Equity buys Phönix/Strack Group
AXA PRIVATE EQUITY has acquired
a majority stake in Phönix/Strack
Group, a special valves supplier to the
chemicals industry.
No financial details for the transaction have
been disclosed, but the investor is looking
to grow the company internationally
through add-on acquisitions, as well as by
exploiting existing market opportunities.
Founded in 1910, Phönix/Strack
manufactures special valves for
international blue-chip companies in
the fields of energy, petrochemicals and
chemicals. The group generated revenues
of approximately 40m in 2009 and
employs a workforce of 250 at its plants
in Volkmarsen and Magdeburg, as well
as through its sales entities in France and
the US.
people moves
Edmond de
Rothschild CP
strengthens team
Edmond de Rothschild Capital Partners
has recruited a new investment director
and analyst. It has also promoted one of
its analysts to asset manager.
Aymeric Marraud des Grottes has been
appointed as investment director. He
previously worked as an analyst and later
associate for JP Morgan, which he joined
in 2001.
Marie Londero is joining the firm as an
analyst, having recently graduated from
the ESCP-EAP school.
BNP Paribas Private Equity
appoints Rivet-Fusil as FoF head
BNP Paribas Private Equity has appointed Jean-Marc Rivet-Fusil to head its fundsof-funds
team. He has been charged with defining and implementing the firm’s
fund-of-funds strategy, which includes defining and supporting the distribution
of tailored offerings.
Rivet-Fusil will form part of the two-person investment committee, working alongside
Stéphanie Egoian, who has been promoted to chief investment officer. Egoian will be
in charge of coordinating the fund’s investment strategy to define its funds selection
and investment processes.
Rivet-Fusil joined BNP Paribas in 2007 as chief investment officer, coming
from Amundi. He has also held previous roles at Access Capital Partners, Banexi
Ventures Partners and Banexi Participations, covering funds selection, venture
capital, buyouts and mezzanine financing. Egoian joined as investment director
in 1999 and has also worked as chief financial officer of the company’s Europe
Telecom & Media Fund.
06 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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EUROPEAN
FUNDRAISING
REVIEW 2010
LOOKING TO RAISE FUNDS IN
EUROPE IN 2010 AND BEYOND?
The ninth edition of the European Fundraising Review is out now.
This essential guide provides you with an in-depth analysis of
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unquote.com

corporate M&A
unquote
Corporates trump private equity
in European M&A
Private equity continues to lag behind corporate buyers in size of merger and
acquisition (M&A) deals executed in Europe, as cash-rich corporate players flex
their muscles to offer both capital and synergies in the space.
Gail Mwamba reports
The first half of this year has seen a significant pick-up in
M&A activity, with deal-making in Europe estimated to have
reached about $230bn in the first half of 2010. A significant
number of these deals have been executed by corporates
making acquisitions, which includes the purchase of Cognis
by BASF for an estimated enterprise value of 3.1bn.
According to Edward
Boyce, Nomura’s Londonbased
managing director of
investment banking, the top
20 largest deals seen in Europe,
the Middle East and Africa
(EMEA) this year have been
executed by corporates.
“The top deals we have seen
this year in EMEA, in terms
of size, have been corporates
buying corporates,” says Boyce.
“They are situations where a trade buyer is a better solution,
and a private equity investor cannot compete because it is
not able to provide the same synergies.”
According to Boyce, corporate players are able to sometimes
win over vendors because they generally offer a longer
holding period, while private equity investors tend to seek
to exit within three to five years.
Corporates are also able to reign in situations where the target
company will require constant streams of cash to survive,
which may be a disadvantage for private equity players who
are generally geared to finance acquisitions. In recent times,
corporates have increasingly been able to provide this kind
of support, as many are sitting on large pots of money, some
of which has been gained through retained earnings.
“Securing funding is not
an issue for us, as we have
cashflows that have been
generated organically,”
says Swag Mukerji, chief
financial officer at Londonbased
washing machine
producer SafetyKleen.
“Fortunately, we have been
resilient to the recession.”
However, the availability
for corporates of sustained
cashflow and the potential for synergies with their targets has
not been enough to purchase significant assets from private
equity players.
According to unquote” data, although exiting via trade sales
constituted about 44% of deal volume in the first half of 2010,
this only amounted to 17% of total value. This is compared
to secondary buyouts, where 28% of volume equated to 44%
in deal value. It remains to be seen if corporates will extend
their reign to this space as well.
08 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
tertiary buyouts
Tertiary buyouts:
passing it on
As deal-making fever returns to the market, tertiary sales appear to be
back in vogue for a number of private equity investors looking to put
their secondary assets on the block. Gail Mwamba reports
French pharmaceutical firm Cerba European Lab was recently
sold by IK Investment Partners to PAI partners in an estimated
500m tertiary buyout. PAI backed the 2006 secondary buyout
from Astorg Partners. However, the company’s private equity
investment history stretches back even further, having been backed
by Initiative & Finance and Natexis in a previous funding round.
Barclays Private Equity also chose to go with a private equity
player in its sale of UK luggage brand Antler in May, to Lloyds
Development Capital – the third time the firm had been backed
by a private equity investor. BPE bought the company from
Royal Bank Equity Finance in 2004, with the vendor having
backed its first buyout in 1999.
Some tertiary deals have been spurred by investors looking for
more experienced buyers able to offer speed of execution as well
as an attractive deal price. This was the case for Change Capital
Partners, which this month sold UK fashion retailer Republic in
a tertiary deal to TPG Capital for an estimated £300m. Change
Capital backed the company in a 2005 SBO from 3i.
“There was a lot of private equity and trade interest in the
business, and we made the decision to pursue the option of
a financial buyer based on both price and timing,” says Steve
Petrow, managing director at Change Capital Partner in
London. “Trade players had a lot of interest, but the time frame
that we were working within was quite difficult.”
However, for Herkules, which recently sold Nordic healthcare
equipment manufacturer Handicare to Nordic Capital, financial
backers were specifically sought as Handicare was in need of
fresh capital. Herkules, which had bought the company from
AAC Capital Partners in 2005, ran out of capital in its first fund
and was not able to finance further growth.
“We invited only financial parties, and we had strong interest
from Nordic and European funds, as well as US funds with
offices in Europe,” says Patrik Egeland, partner at Herkules in
Oslo. “We felt the company would benefit from having more
capital to grow.”
According to Petrow, the industry is expecting to see more
tertiary deals in the future. This may well be the case, with recent
reports of private equity buyers reportedly having joined the race
to buy Bain Capital’s Italian software company, TeamSystem
SpA, for an estimated 600m. Bain bought the company in a
secondary buyout from Palamon Capital Partners in 2004.
The spurt in tertiary activity may reflect difficult conditions
in other exit markets, as the world economy remains weak.
However, with some sellers specifically targeting other private
equity buyers, believing they can bring something more to the
business, it could indicate investors are adopting a longer-term
view, hoping their portfolio companies will continue to thrive
long after investor and company part ways.
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 09
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life sciences
unquote
Life sciences:
testing times ahead?
Pharmaceuticals and biotechnology have fared marginally better than other sectors
during the global recession, but the last two years have still been lacklustre for
private equity investments in life sciences. However, with a healthy number of deals
already this year, what is on the cards for the rest of 2010? Greg Gille reports
As in many sectors, the top end of the life sciences market
struggled the most in both 2008 and 2009. Buyouts more than
halved; unquote” only recorded four each year, down from a 10
per year average between 2005 and 2007. Expansion deals were
also scarce, with 16 in 2008 and 18 in 2009, compared to an
average 35 per year recorded between 2005 and 2007.
However, early-stage investments remained in line with
pre-2007 levels. 2009 saw 54 venture capital investments, a
marginal improvement on the
46 per year average recorded
between 2004 and 2006.
Venture capitalists remained
active throughout the crisis,
betting strategic investments
in innovative businesses would
prove fruitful in the coming
years. Michiel de Haan,
partner at venture firm Aescap,
explains: “We are interested
in companies that are very
ambitious and we therefore aim
for the long term. If you want
to be a successful venture firm in life sciences, you cannot look
for exits on the short term.”
So far this year, there have been five buyouts in the sector,
already topping both 2008 and 2009. The year started with
a bang from Charterhouse Capital, which bought Deb Group
from Barclays for a generous £325m. Other notable deals
include AAC Capital’s £100m acquisition of Martindale
Pharmaceuticals, as well as the £400m Cerba Lab buyout by
PAI partners.
As far as venture investments are concerned, the 27 earlystage
and 14 expansion deals recorded in the first half of 2010
point to a return to pre-crisis levels of activity, in both volume
and value. De Haan highlights the strengths of Europe for the
near future: “Life sciences has a very favourable outlook, with
an ageing population and a growing need for better medicine
and healthcare; emerging countries also offer opportunities
for European life sciences firms. Technology has always been
better in Europe than in the US; what has been lacking for the
last 20 years and now reversed
is the human capital.”
That is, of course, if investors
stay on track, for a looming
hurdle might test their resolve
to support innovation through
the economic slowdown. The
AIFM Directive is certainly a
cause for concern for venture
firms; portfolio disclosure in
particular is seen as a major
competitive disadvantage for
innovative companies, left open
to the prying eyes of competitors.
The EVCA is vocally opposing the directive and warns that
many firms could stop investing altogether. “Small startups
are hit the hardest by regulation, which is aimed at big
banks and large private equity houses. It is alarming how
governments urge us to promote innovation, but make it very
difficult for investment companies,” de Haan adds. However,
he leaves the door open to optimism: “It hurts, but obviously
we have to get over it.”
10 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
ILPA
Broad-brush solution
to a complex issue?
In a buyer’s market it is hardly surprising that there has been a real focus on realigning
various terms & conditions of private equity funds to favour LP investors.
But are attempts to drive and perhaps formalise this process wide of the mark?
Julian Longhurst investigates
It’s a sign of the times: the investor relations partner of a well
respected European mid-cap investor is nervous of his group’s
upcoming fundraising programme. Despite having multiple
previous funds under its belt and an innate confidence in the firm’s
tried and tested investment strategy, the current conditions make
it hard to predict how the fundraising process will pan out.
Of course, while there may have been a short window of
fundraising activity in the first four or five months of the year,
macroeconomic demons have
once again made the situation
worse for any GPs doing the
fundraising rounds. But there are
other issues making the process
more onerous: the significantly
more thorough LP due diligence
process is one thing, along with
a strong push from the buy-side
to secure more LP-friendly terms
and conditions.
In this regard, LPs have had some
help from the Institutional Limited
Partner Association (ILPA), a US organisation with some 220
members in 10 countries. ILPA has built a set of principles aimed
at serving as “a basis for continued discussion between the general
partner and limited partner”. The principles have certainly lent
some weight to LPs’ calls for changes in areas such as management
fees, transaction fees, GP fund contributions, key-man and nofault
clauses, and transparency, especially in carry distribution.
While the general shift in power has certainly precipitated some
notable concessions in Ts&Cs (note Apollo and Blackstone as
cases in point), there are those that suggest the principles are a
knee jerk reaction to issues endemic at the top end of the scale and
represent too simplistic a solution for the industry as a whole.
A good example of this, according to one mid-market specialist,
is the practice of GPs taking a large slice of the transaction fees
they earn, rather than passing it all to the fund: “Larger funds
will never get away with this again – it is such a conflict of
interests. But, the issue is nowhere near as clear for much smaller
funds, whose operational
costs are disproportionately
high in comparison to their
management fee income.
For them, the ability to
supplement income via
transaction fees can be
important in some cases.”
It is not just GPs who think it
so, and research suggests only
one in eight LPs will insist on
the full implementation of the
principles, suggesting that the
“one size fits all” approach really doesn’t work.
Whatever the rights or wrongs of ILPA’s principles, between
now and the end of 2012 virtually every private equity group
that currently invests from an external fund will have gone out
to market to raise new money, so we could be some way from
knowing exactly how far the pendulum will swing towards LPs.
A more detailed look at the fundraising environment will be covered
in the August/September issue of Private Equity Europe.
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 11
www.unquote.com/france

France watch period to end June 2010
unquote
PERIOD TO END
JUNE 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 13
YTD 2010 Value
€89.7m
0
0
Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Source: unquote”
Number and total value in m of French early-stage deals per quarter.
Q2 2009
Q4 2009
Early-stage
Q2 2010
100
80
60
40
20
Value (€m)
Volume
40
35
30
25
20
15
10
5
YTD 2010 Volume 48
YTD 2010 Value
388.2m
0
0
Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Expansion
Q2 2010
Source: unquote”
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
500
400
300
200
100
Value (m)
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 Volume 15
YTD 2010 Value 3.1bn
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
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Buyouts
Value (bn)
Volume
European buyouts
YTD 2010 Volume 121
YTD 2010 Value 19bn
250
80
70
200
60
150
50
40
100
30
20
50
10
0
0
Q2 2005 Q4 2005 Q2 2006 Q4 2006 Q2 2007 Q4 2007 Q2 2008 Q4 2008 Q2 2009 Q4 2009 Q2 2010
Q2 2005
Q4 2005
Q2 2006
Q4 2006
Q2 2007
Q4 2007
Q2 2008
Q4 2008
Q2 2009
Q4 2009
Q2 2010
Value (bn)
Source: unquote”
Number and total value of 10m+ French buyouts per quarter.
Source: unquote”
Number and total value of European 10m+ buyouts per quarter
12 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
www.unquote.com/france

Financial
3/25/09 5:53:18 PM
fxweek.com
countries”.
Sales head quits BarCap 2
Athanasopoulos resigns
FX bonuses down 60% 3
Napier Sco t releases latest
remuneration report
Rabobank reshuffle 4
Changes in structured products
Cognotec tackles liquidity 6
New liquidity management
module launched
Saxo Bank results 9
Forex b osts income
StreamBase 6.3 a rives 11
Improved FX o fering from new
CEP software
May 2 09
start of April.
WWW.FINANCIALDIRECTOR.CO.UK
declaration said.
9
8
3/4/09 18:51:03
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watersonline.com
APRIL 2009
APRIL 2009 BUY VS. BUILD | FIX FOR FX | EXCEL RISK | ALGO TRADING | WATERS DEBATE
Drastic
Cutbacks
Severely slashed IT budgets and headcounts
force a shift in the buy-vs.-build argument.
WATERS DEBATE
Hire American?
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Technology
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The global business o foreign exchange April 6 2009 v.20 n.14
G-20 plans global systemic risk regime
LONDON – A declaration by the Group of of the financial sector. They wi l also submi
to regulatory peer reviews. No details large hedge funds, which wi l be required
impact on systemic risk. This includes
20 leading economies (G-20) fleshed out
plans for a global regime of systemic risk have emerged on when the FSB wi l be to register and supply information to
regulation, “covering regulated banks, established, what its exact responsibilities national regulators on questions such as
shadow banks and private pools of capital
the amount of leverage they employ. Any
to limit the build-up of systemic risk”.
counterparties to trades with hedge funds
A communiqué i sued after the group’s
wi l be required to have e fective risk management,
se ting limits for single counter-
London summit on April 2 said the plans
would establish “much greater consistency
and systemi co-operation betw en
monitor the leverage of the funds.
party exposures and using mechanisms to
To prevent regulatory arbitrage, the FSB
At the centre of the proposals lay plans
wi l draw up guidelines to help national
to increase the role of the Financial Stability
Forum, which would be given
stitutes a systemica ly-important financial
authorities determine exactly what con-
greater powers and renamed the Financial
institution, market or instrument. “These
Stability Board (FSB). Participating are and who it senior sta f wi l be. guidelines should focus on what institutions
do rather than their legal form,” the
countries – comprising the FSB’s cu rent Participating countries agr ed to amend
members, plus Spain – wi l commit to thei regulatory systems to encompass a l
maintaining financial stability, and regulated banks, shadow banks and private
pools of capital that might have an for co-operation between
The FSB wi l also develop mechanisms
enhancing the openne s and transparency
national
SEOUL – The International rates su fered significant
Swaps and Derivatives A sociation
(Isda) has a tacked tri lion won ($1.2 bi lion),
losses, estimated to reach 1.7
South Korean court rulings prompting them to sue the
on FX ba rier options, for banks to have the contracts
undermining the contractual cance led, also a cusing them
commitments of the over-thecounter
derivatives market. won has dropped 24% since
of unfairness and fraud. The
The cases involve FX knockin/knock-out
(Kiko) options against the US do lar at the
September 15 to reach 1,379
contracts that Korean investors
bought between 2007 Decisions have been made in
customers to stop-lo s.
and last year, to protect them 11 cases, including four cases
against won appreciation, where the Seoul Central District
Court ruled in favour of
with many opting for the
cheaper ba rier options. However,
when the US do lar made a preliminary injunction due
the companies, granting them
a turnaround last year, corpo-
to “changed circumstances”. the favourable decision.
In reviewing the cases, the
courts considered whether the
banks had fu ly disclosed the
risks to customers, the suitability
of the products, the
magnitude of losses incurred
– relative to the financial
strength of the company – and
whether the banks had performed
their duties to advise
Citibank and Woori Bank
have won the cases brought
against them over advice to
clients about stop lo ses, but
Isda last Wednesday (April 1)
attacked the reasoning behind
NEW YORK
Ceci on +1 212 457 7860 or email
ceci.recalde@incisivemedia.com
Inside
The G-20 countries agreed
to amend thei regulatory
systems to encompass a l
regulated banks, shadow
banks and private pools of
capital that might have an
impact on systemic risk
Isda pans Korean courts over options rulings
CCE S: FTSE-1 0 FDs AND THEIR INSTITUTES GR EN SHOOTS? OR PUSHING UP DAISIES? STOCK PRICES UP, RETAIL PRICES DOWN THANK YOU, DARLING
FINANCIALDIRECTOR
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HOW TO SEE THE PICTURE
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incisivemedia.com
incisive-events.com

European round-up
unquote
Benelux unquote”
June may have been rather sedate, but the Benelux region could soon witness its biggest deal in years. TPG and Goldman Sachs’
private equity wing are closing in on a 1.2bn deal to buy Belgian nappy maker Ontex from Candover. The bid originally
stumbled when Goldman Sachs’ initial partner withdrew from the sale. However, TPG’s involvement put it back on track and the
sale should be completed in the coming weeks.
News was otherwise scarce on the buyout front; Apax Partners agreed to acquire BNP Paribas’s Belgian personal finance arm for
an undisclosed amount. Meanwhile, Barclays Private Equity bought MPS Meat Processing Systems in a secondary buyout from
Steadfast Capital.
In the Netherlands, Gilde Buyout Partners closed its Gilde Buyout Fund IV on 800m. Launched in March 2009, the vehicle
will make equity investments of 25-200m in mid-market companies across a wide range of industries, with a core focus on the
Benelux, German-speaking and French economies.
Last but not least, all eyes could turn to Amsterdam if reports of an AlpInvest sale were to materialise. Owned by Dutch pension
funds ABP and PGGM, AlpInvest is one of the largest European private equity firms. With more than 40bn under management,
it specialises in fund investments, secondary investments, co-investments and mezzanine transactions.
Deutsche unquote”
The DACH region has seen a steady increase in activity across the board. Fundraising has seen its first recorded activity in a
few months with Swiss-based SAM Private Equity holding a first close on its cleantech fund-of-funds. Buyout activity has been
reasonably prevalent, with a number of deals being closed in the last few weeks. HgCapital’s acquisition of Teufel Speakers from
Riverside is a recent significant transaction.
Another secondary buyout, Nordic Capital’s acquisition of German company SiC Processing, was one of the more prominent
investments for the region. The value of the deal was not disclosed, but the acquisition gave exiting investor Frog Capital a 3x
return on investment. Other deals of note include NORD Holding’s MBO of Uhlig Rohrbogen GmbH and Chequers Capital’s
66m acquisition of Versatel Kabel.
Early-stage and expansion deals in the DACH region have been highly active, with Earlybird accounting for three investments,
in CrowdPark, B2X Care Solutions and ubitricity. Additionally, WHEB Ventures provided 4.4m in expansion funding for
VIA Optronics.
The exit window, which seems to have opened lately, has seen a few more deals close. Apart from the two exits included in the
secondary buyouts already mentioned, Permira, Goldman Sachs Capital Partners and SV Life Sciences exited Cognis in a trade
sale to BASF. The exit gave a reported 3x return on investment for Permira.
Nordic unquote”
The Nordic market has once again proven to be a strong source for private equity activity. The number of deals has continuously
grown in the first half of the year, as the Nordic region prepares for the summer holidays. There have been two fund closures in
the last few weeks, with CapMan Buyout IX and the secondaries fund Cubera V reaching final close. Both funds will focus on the
Nordic region.
Chalmers Innovation led the increase in early-stage and expansion investments recorded by unquote”. A total of five investments
have been reported by the investor in recent month. Other early-stage deals include Vækstfonden’s investment in biotech company
EntomoPharm and Norinnova’s backing of VIVision Roller. The largest expansion deal was for NOK 52m in resort operator
14 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
www.unquote.com/france

unquote
European round-up
Målselv Utvikling. Other deals of note included two investments by Fouriertransform and Almi’s backing of Videofy.me.
Buyout activity in the Nordic region has seen a large increase over the last few weeks. A total of eight buyouts were recorded,
including Triton’s SEK 1.3bn MCS acquisition and Ratos’ DKK 1.09bn Stofa buyout. CapMan’s acquisition of INR and Aspen
was another high profile buyout.
Exits have also seen an increase, with five having been recorded. One IPO has taken place, with CapMan’s partial exit of MQ.
However, with the cancellation of EPiServer’s IPO, things haven’t been entirely rosy for the IPO market. It will be interesting to
see if the increasing activity will be maintained after summer.
Southern Europe unquote”
The number of deal completions in the Southern European buyout segment remains subdued, but there are signs that the debt
market is open for business: although not yet a done deal, reports early in July suggested that the multi-billion-euro package
of debt needed to support CVC’s buyout bid for Spanish infrastructure business Albertis had been approved. If the deal goes
through it will value Albertis at around 25bn. Only two other buyouts – both smaller mid-cap acquisitions – are known to have
been completed since early June.
In further bad news for buyout investors in the region, the large banking syndicate holding debt in Spanish bakery business
Panrico reached an agreement over a debt-for-equity swap, which sees backer Apax Partners losing the majority of its holding in
the business.
Outside of the buyout area, dealflow has also been scarce with just a handful of expansion and early-stage transactions being
confirmed across the region. The most significant transaction came in the form of Ambienta’s 30m expansion capital investment
in the Italian industrial cooling systems producer Spig SpA.
Despite the gloomy deal conditions there is clearly some cause for optimism as Madrid-based law firm Gómez-Acebo & Pombo
recently announced its intention to create a new stand-alone private equity practice. The new group will provide a multidisciplinary
offering, encompassing M&A, tax, fiscal, fund structuring and regulatory advice.
UK & Ireland unquote”
Although activity in the UK continued to be concentrated around the lower- to mid-market region, the market saw at least one
deal exceed the £250m mark. The largest of the 14 deals in the buyout segment was TPG Capital’s £300m purchase of UK
fashion retailer Republic from Change Capital Partners. This marked the third time the company had been backed by a private
equity group, as investors continue to view the fashion segment with high-growth expectations.
Indeed fashion and entertainment seemed to be the flavour of the month, with Gala Coral finally completing its restructuring, as
Apollo Management, Cerberus, Park Square and York Capital Management took over as equity investors – replacing Candover,
Cinven and Permira. The previous investors are estimated to have lost about £670m on their original investment in the gaming
company, after the mezzanine investors swapped £558m of debt for equity, and injected £200m in new cash.
The entertainment sector also saw CVC take a 28% stake in Merlin, boosting the expansion segment, which saw about 12 deals.
Fashion was also en vogue in expansion, with Balderton Capital investing $9m in UK online fashion retailer my-wardrobe.com;
Advent Venture Partners investing $4.5m in online fashion company farfetch.com; and Key Capital Partners backing UK fashion
company Fly53 with a £1m investment.
Venture deal-making remained relatively subdued, seeing only two deals. The larger of the two was Finance Wales’s investment
in software and computer services company, Altech Software. The company received funding to market its newly developed food
processing software.
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 15
www.unquote.com/france

deal sector index
unquote
DEALS
VALUE
(M)
TYPE NAME LEAD BACKERS REGION PAGE
AUTO PARTS n/d MBO Groupe ACR EQUITY: Nextstage
DEBT: LCL, SocGen
Gennevilliers 27
BIOTECHNOLOGY 16m Early-stage Poxel EQUITY: EdRIP Lyon 17
BUILDING
MATERIALS AND
FIXTURES
CLOTHING
ACCESSORIES
CONTAINERS AND
PACKAGING
FINANCIAL
ADMINISTRATION
INDUSTRIAL
SUPPLIERS

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.
EdRIP et al. invest 16m in Poxel
Transaction
Edmond de Rothschild Investment Partners (EdRIP), CDC Entreprises and Crédit Agricole Private
Equity have provided drugs developer Poxel with a 16m series-A round of financing.
EdRIP contributed 8m to the round via its Biodiscovery 3 FCPR, Partenariat & Innovation 2 FCPI
and Partenariat & Innovation 3 FCPI funds. CDC invested 5m via the InnoBio fund, a vehicle it is
managing on behalf of the state-backed Fonds Stratégique d’Investissement.
EARLY-STAGE
Poxel
16m
Location Lyon
Sector Biotechnology
Founded 2009
Staff 7
The remaining 3m was provided by Crédit Agricole PE. This transaction is the largest French series-A
round of funding since 2005.
Poxel will use the new funds to accelerate the development and clinical testing of its most advanced
product, Imeglimine, designed to treat type-2 diabetes.
Company
Poxel span out from Merck Serono in 2009. It develops anti-diabetic molecules, focusing particularly on
treatment for type-2 diabetes. Poxel’s pipeline consists of innovative products with original mechanism
of action, with an improved safety profile compared to currently available therapies. Based in Lyon,
Poxel currently employs seven people.
People
Raphael Wisniewski led the deal for EdRIP. CDC was represented by Thibaut Roulon. Bruno Montanari
handled the transaction for Crédit Agricole. Wisniewski and Montanari will join Poxel’s board, along
with Olivier Martinez from the InnoBio fund. Thomas Kuhn is CEO of Poxel.
Advisers
Equity – Orsay, Frédéric Lerner, Louis d’Urzo (Legal); HBC Avocats, Jonathan Burnham (Legal);
Adwelsen, Florent Béliard (Financial due diligence); Régimbeau, Isabelle Mendelsohn (Intellectual
property due diligence).
Company – Bignon Lebray, Guy de Foresta (Legal); Bionest (Other due diligence).
Sofinnova et al. back McPhy with 13.7m
Transaction
Sofinnova Partners, Gimv and Amundi Private Equity have backed McPhy Energy with a 13.7m
second round of funding, alongside historic investors.
The company had already raised a 1.6m first round of financing in January 2009 from Emertec and
Areva. The new funds will be used for the global expansion of McPhy and the further industrialisation
and commercialisation of its products. Already present in Spain and Italy, the company also plans to
expand into Germany, northern Europe, the Middle East and Japan.
EARLY-STAGE
McPhy Energy
13.7m
Location La Motte-Fanjas
Sector Renewable
energy
equipment
Founded 2008
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 17
www.unquote.com/france

early-stage
unquote
McPhy’s cleantech focus was a major attraction for the investors. The deal marks Sofinnova’s fourth
investment in this sector, following its funding of DNP Green, Revolt Technology and Neosens.
All contributors to this round believe solid state hydrogen storage will address the crucial issue of
sustainable energy storage.
Company
McPhy is a French company founded in January 2008 to industrialise and commercialise a new
technology for the solid storage of hydrogen, in the form of magnesium hydride. The technology
addresses the merchant hydrogen and renewable energy markets.
McPhy owns exclusive rights on a portfolio of unique patents, which results from more than eight years
of research at the CNRS and CEA, in partnership with Joseph Fourier University.
People
Alessio Beverina led the deal for Sofinnova. Bart Diels handled the transaction for Gimv. Florent
Thomann represented Amundi PEF. Pascal Mauberger is CEO of McPhy.
Advisers
Company – Clipperton Finance, Nicolas von Bulow, Thomas Neveux (M&A).
EARLY-STAGE
EyeTechCare
7.5m
Location
Sector
Founded 2008
Staff 7
Rillieux-la-Pape
Medical
equipment
Crédit Agricole et al. in 7.5m EyeTechCare deal
Transaction
Crédit Agricole Private Equity and insurance company SHAM have provided medical devices developer
EyeTechCare with a 7.5m round of funding.
Crédit Agricole led the round with 4.5m, while SHAM invested 3m. EyeTechCare had already
raised 1.2m in 2008 from Crédit Agricole and CEA-Investissement. The new funds will be used to
complete the initial clinical trials on humans, as well as to establish the manufacturing facilities and sales
and marketing force required for the company’s first product.
The investors believe EyeTechCare’s solution will respond to unmet needs in the treatment of glaucoma.
Crédit Agricole, which has been following the company since its inception, was particularly impressed
with the management team’s progress over the last two years.
Company
EyeTechCare was founded in 2008 and is based in Rillieux-la-Pape, near Lyon. With a staff of seven
researchers, it specialises in non-invasive therapeutic medical devices using ultrasound technology. The
company is currently developing an ultrasound-based medical device for the treatment of glaucoma; its
market launch is scheduled for early 2011.
People
Alexia Perouse handled the transaction for Crédit Agricole. Olivier Szymkowiak represented SHAM.
Fabrice Romano is the chairman of EyeTechCare.
Advisers
Equity – Morgan Lewis Bockius (Legal).
Company – MAGS (Legal); Aelios Finance (Corporate finance).
18 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
www.unquote.com/france

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.
Butler invests 15m in Christian Bernard
Transaction
Butler Capital has invested 15m in French jeweller Groupe Christian Bernard, acquiring slightly less
than 50% of the company.
The company’s founding shareholders retain the remaining stake. Butler was attracted by Christian
Bernard’s position in the French jewellery market. The fresh capital will be used to accelerate the
company’s international expansion.
Company
Christian Bernard was founded in 1973 and launched its first collection in 1976. The company
designs, manufactures and distributes watches and jewellery under its own name and through licensing
partnerships. In 2005, the company purchased the retail chain Oro Vivo to directly sell its products in
Germany, Switzerland, Spain and Portugal. Christian Bernard has also expanded to Asia to manufacture
some of its products and distribute them in local markets.
EXPANSION
Groupe Christian
Bernard
15m
Location Paris
Sector Clothing &
accessories
Founded 1973
Turnover 150m (2009)
Staff c4,000
The group currently employs 4,000 staff and posted a 150m turnover in 2009, 60% of which was
generated outside of France. More than half of its sales are made through wholesale, while 45% is
through the retail market.
People
Pierre Costes and Frédéric Favreau led the deal for Butler. Damien Verrier is chief executive of Christian
Bernard.
Advisers
Equity – CGR Legal, Philippe Raybaud (Legal); Duff & Phelps, Sophie Moreau, Cédric Hetzel
(Financial due diligence).
Company – Murène, Dinah Emsalem (M&A); UGGC, Charles-Emmanuel Prieur, Laura Malach
(Legal).
123Venture invests in Redman Promotion
Transaction
123Venture has provided real estate company Redman Promotion with a first round of fundraising.
The size of the investment has not been disclosed, but has been confirmed as less than 10m. The
funds will be used to create two new subsidiaries for Redman – one focused on office buildings and
the other on residential housing – with the ambition of launching 10 additional real estate operations.
123Venture saw potential in Redman’s project due to a shortage of housing in France.
EXPANSION
Redman Promotion

expansion
unquote
marketing and negotiation assistance. While this is done for external promoters, Redman also manages
its own portfolio through its Promotion branch. Operating out of Paris and Aix-en-Provence, Redman
employs 12 people and generated a turnover of 5m in 2009.
People
Eric Philippon handled the investment for 123Venture. Nicolas Ponson is founding partner and
manager of Redman.
Advisers
Equity – Reed Smith, Stéphane Illouz (Legal).
EXPANSION
Oxatis
4m
Location Marseilles
Sector Internet
Founded 2001
Staff 40
Crédit Agricole PE et al. invest 4m in Oxatis
Transaction
Crédit Agricole Private Equity and A Plus Finance have provided 4m for e-commerce solutions
provider Oxatis. Crédit Agricole PE will provide 2.5m, while previous investor A Plus Finance will
give a further 1.5m. A Plus previously invested 1.33m in the company in 2008.
The new funds will be used to enhance Oxatis’ software platform and offer its programme to other
relevant businesses. The company also plans to quickly bolster its team, from 40 staff to more than
100. The Crédit Agricole team was attracted by Oxatis’ product and the robustness of its business
model. It also believes Oxatis caters to a growing need among French SMEs to set up their own
merchant sites.
Company
Established in 2001 by Marc Schillaci, Oxatis provides cloud-computing e-commerce platforms
for around 6,500 clients. Its technology enables SMEs, craftsmen and merchants to incorporate e-
commerce software into their websites. The company also enables businesses to get started on the
internet and sell more without large set-up costs and long-term contracts. One in three e-commerce
websites in France uses the Oxatis platform.
People
Renaud Poulard and Francois-Xavier Dedde led the deal for Crédit Agricole. A Plus was represented
by Niels Court-Payen, Jean-Michel Pimont and Alexandre Villet. Marc Schillaci is chairman of Oxatis’
executive board.
EXPANSION
Nuxeo
$3.3m
Location Paris
Sector Software
Founded 2000
Turnover 3m
Advisers
Equity – Gide Loyrette Nouel, Pierre Karpik (Legal); Ernst & Young, Emmanuel Picard, Francois
Poncet (Financial due diligence).
Company – Kahn & Associés, Marie-Laure de Cordovez (Legal); Global Equities, Pascal Mercier,
Guillaume Teboul (Corporate finance).
OTC injects $3.3m into Nuxeo
Transaction
OTC Asset Management has provided content management solutions provider Nuxeo with $3.3m.
OTC previously invested $2.6m in late 2008, for a 41% stake in the company. The private equity house
20 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
expansion
renewed its backing after a successful launch in North America and says it is convinced by Nuxeo’s
business model and positioning.
The new capital will support a range of partner activities, such as funding co-development of thirdparty
packaged applications, sharing Nuxeo’s engineering and services resources, and joint marketing
and product launch activities. Nuxeo also plans to continue its expansion in North America with the
hire of staff responsible for managing and expanding the Nuxeo Galaxy partner programme.
Company
Nuxeo is a provider of open-source content management solutions. It is headquartered in Paris, with
offices in Boston, Madrid, Rome, Moscow and Dubai, and used by hundreds of companies worldwide,
including the Press Association, Agence France Presse (AFP), EllisDon and Cengage. The company
generates revenue from its Nuxeo Galaxy partner programme, comprised of systems integrators,
consultants and application solution providers who build content-centric applications on the company’s
open-source technology. Founded in 2000, Nuxeo posted a 3m turnover for 2009.
People
Patrick de Roquemaurel led the transaction for OTC and sits on the Nuxeo board. Eric Barroca is the
CEO of Nuxeo.
Advisers
Equity – Gide Loyrette Nouel, Pierre Karpik (Legal).
Company – Cabinet Joffe et Associés, Virginie Belle (Legal).
BNP Paribas backs Acropolis with 1.8m
Transaction
BNP Paribas Private Equity has invested a further 1.8m in French telecoms operator Acropolis
Telecom. This is the second time BNP Paribas has backed the company, having initially invested
700,000 in May 2009.
EXPANSION
Acropolis Telecom
1.8m
Location Bagnolet
Sector Internet
Founded 2001
Turnover 5m
Staff 42
The equity was drawn from Antin Proximité 1, Antin Proximité 2 and Antin Proximité 3 funds.
The fresh capital will allow the company to continue its growth plans, including acquisitions in the
French market in order to increase its national presence. Additionally, Acropolis will look to grow
organically by focusing on its offerings in the field of fixed and mobile telephony convergence and IT,
as well as unified mail services.
Company
Established in 2001 by Samie Koleilat, Acropolis is a private network operator that focuses on corporate
VPN MPLS and voice-over IP services.
The company also offers internet access via both LAN and WAN, as well as security applications including
firewalls, filters and anti-virus detectors. The business has partnerships with the likes of Cegetel, T Systems
and France Telecom, and customers in London, Amsterdam and Frankfurt. With a workforce of 42
people, the company generated a turnover of 5m in 2009 – an increase of 25% on the previous year.
People
Managing partner Brice Lionnet and associate Laurent Bodino handled the investment for BNP Paribas.
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Advisers
Equity – CPNC Avocats, Nicolas Chaigneau (Legal)
EXPANSION
Novapost
1.7m
Location
Sector
Founded 2007
Staff 20
Paris
Financial
administration
Alven Capital et al. back Novapost with 1.7m
Transaction
Alven Capital, Fa Dièse and four individual investors have injected 1.7m into electronic HR solutions
provider Novapost.
The stakes taken by each contributor remain undisclosed. It is the first investment Alven has made in
Novapost, while business angels Gérard Pluvinet, Pierre Kosciusko-Morizet, Bruno Gueninand and
Jean-Paul Villot are all existing shareholders.
Alven Capital was attracted by Novapost’s recent commercial achievements and its position in a
growing market. The company has taken advantage of a recently-introduced French law that legalised
the dematerialisation of administrative documents. Following the investment, Novapost will look to
diversify its activity.
Company
Novapost, created in 2007, offers companies and individuals an alternative to paper mail and paper
archives through a 100% electronic mailing system, guaranteeing the legal value of HR documents. By
using the latest SaaS (Software as a Service) platform technologies, Novapost guarantees the security,
traceability and 24/7 access to the clients’ key documents.
The company has recently signed contracts with businesses such as M6, Athome, Canal+, Officeo,
Groupe Batigère, Ubisoft, PriceMinister and Veolia Propreté, as well as set up partnerships with e-Paye,
HR Path and De Gamma.
People
Charles Letourneur was in charge of the investment for Alven. Jonathan Benamou is the chairman and
founder of Novapost.
Advisers
Equity – Didier & Levy, Thierry Levy-Mannheim (Legal); Oderis Consulting, Guillaume Lauilhé,
Vincent Texier (Financial due diligence).
Company – FTPA, Nathalie Younan (Legal).
EXPANSION
Devederm
1.4m
Location
Charbonnièresles-Bains
Personal products
Sector
Founded 2008
Turnover 1m (2009)
Staff 30
Viveris et al. inject 1.4m into Devederm
Transaction
Viveris Management and Promelys Participations have co-led a 1.4m round of fundraising for
cosmetics company Devederm. Viveris and Promelys contributed 500,000 each, while Vatel Capital
provided 107,000. The remainder of the round was funded by business angels.
The new funds will be used to fuel the company’s organic growth by expanding the range
of products on offer and by targeting more retailers. Devederm is also looking to expand its
operations across Europe in the near future. By implementing this strategy, the company is aiming
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expansion
for its products to be distributed by 350 retailers (up from 250) and to become profitable by the
end of the year.
Company
Devederm was co-founded in 2008 by two former employees of rival cosmetics company Bioderma.
The company manufactures and distributes the Terra Humana brand of cosmetic products across 250
pharmacies in France. Devederm sources organic and fair-trade ingredients to manufacture more than
20 different products.
Based in Charbonnières-les-Bains, near Lyon, Devederm currently employs 30 people and has posted
a 1m turnover for 2009.
People
Elisabeth Bertelli, Bruno Paglia and Sophie Gaddacha led the deal for Viveris. Hervé Letoublon and
Luc Chermette handled the transaction for Promelys. Francois Gerber and Antoine Herbinet were in
charge of the deal at Vatel. Thierry Le Morvan is CEO of Devederm.
Advisers
Company & Equity – Cabinet Colbert, Denis Simon, Cécile Dessapt (Legal); Canny Cap, Jean
de la Rochebrochard, Guillaume Anselin (Corporate finance); Avvens, Jean-Pierre Lazaro (Financial
due diligence).
ISAI et al. invest 1.25m in Covoiturage.fr
Transaction
ISAI and a Spanish individual investor have backed Comuto, which runs carpooling website Covoiturage.
fr, with 1.25m. ISAI provided the majority of the equity.
This is the maiden investment from ISAI’s first fund, ISAI Developpement. The vehicle reached its first
close at 24m in April 2010. It was mainly backed by internet and software entrepreneurs, as well as
some institutional investors. ISAI aims to make 12 investments over a four-year period.
EXPANSION
Comuto (editor of
Covoiturage.fr)
1.25m
Location Paris
Sector Internet
Founded 2006
Staff 15
The new capital combined with ISAI’s involvement will help the company grow in France and Spain.
Covoiturage.fr is also looking into various expansion opportunities, including further international
deployment, diversification of its online services and strengthening of its B2B activities.
Company
Launched in 2004, Covoiturage.fr is a website that connects users looking for carpooling opportunities.
Initially a side-project for its founders, the website became a corporate entity called Comuto in 2006.
Travellers can input the details of their planned trip and contact drivers available for car-sharing who
match those requirements.
The website also acts as a social network where users can share their carpooling stories, post pictures
and rate each other. Covoiturage.fr recently launched a mobile application, and today represents 80%
of all online carpooling ads in France with 600,000 registered users.
People
Didier Kuhn and Pierre-Kosciusko-Morizet led the deal for ISAI. They are joining the company’s
strategic committee. Frédéric Mazzella is the founder of Covoiturage.fr.
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EXPANSION
FInteractive
500,000
Location Lyon
Sector Media agencies
Founded 2007
Turnover 600,000 (2008)
Staff 11
Advisers
Equity – Gide Loyrette Nouel, Annabelle Raguenet de Saint Albin (Legal); 2C Finance, Frank
Chuffard (Financial due diligence); Proskauer, Etienne Mathey (Tax).
Company – Moisand Boutin & Associés, Jean-Philippe Jacob, Harold Forestier (Legal); Carbonnier
Lamaze Rasle & Associés, Charles Delavenne (Legal).
Vatel supports FLInteractive with 500,000
Transaction
Vatel Capital has injected 500,000 of equity into French online marketing agency FLInteractive. The
company’s founder and management retain a majority stake, and Vatel’s stake has not been disclosed.
The funds will be used to sustain the business’s growth by acquiring new clients and studying possible
acquisition opportunities, with the aim of becoming a strong player in the free online gaming market.
The deal was initiated through Canny Cap on behalf of the company.
Company
FLInteractive focuses its core activity on website publishing and online marketing. It offers a range of
solutions for qualified database acquisition, co-registration services, emailing campaigns and cost-perclick
marketing. Founded in 2007 by Frédéric Lampin and Guillaume Ferrand, the company currently
employs 11 staff and is based in Lyon.
People
Francois Gerber and Antoine Herbinet handled the transaction for Vatel. Frédéric Lampin and
Guillaume Ferrand are the founders and managers of FLInteractive.
EXPANSION
Intégral Système

unquote
expansion
The company is based in Emerainville and employs 20 staff. It posted a 4.2m turnover in 2009, up
2% from the previous year.
People
Isabelle Galamand-Patard represented Avenir on the transaction. Stéphane Mélinand-Jégou is CEO of
Intégral Système.
Advisers
Equity – PDGB, Roy Arakelian, Madia Iliopoulos (Legal).
Company – Cabinet Quesnel-Hesters, Nicole Quesnel-Hesters (Legal).
AXA’s Kallista Energy acquires four windfarms
Transaction
Kallista Energy has acquired the Brittany wind farm assets of Neoelectra, with the support of AXA
Private Equity. The amount of expansion capital provided by AXA remains confidential.
AXA wholly acquired Kallista Energy (formerly Holding Energies Renouvelables) from Babcock &
Brown in 2009, for an estimated value of 100-250m. The acquisition consolidates Kallista’s position in
the French market, by increasing the number of its wind farms from 15 to 19 and its installed capacity to
194.5 MW. It also allows the company to be present in Brittany, a region with a particularly high potential
for wind-produced energy.
ACQUISITION FINANCE
Kallista Energy
Location Paris
Sector Renewable
energy
equipment
Founded 2009
Turnover 26.1m (2009)
Staff 10
Company
Kallista Energy was founded in 2009 when AXA wholly acquired Kallista Energies Renouvelables
(formerly Enersis Energies Renouvelables) and Kallista France (formerly Enersis France). The two
companies were held through Holding Energies Renouvelables, which was renamed Kallista Energy in
November 2009. The company manufactures and operates wind farms.
Based in Paris, the business has a significant presence in the Aisne/Picardie, Beauce and Seine-Maritime
regions. With a 10-strong workforce, Kallista Energy posted a 26.1m turnover in 2009.
People
Mathias Burghardt led the deal for AXA. Frédéric Roche is the CEO of Kallista Energy.
Advisers
Acquirer – CGR Legal, Florence Trognon-Dumain (Legal); Linklaters, Edouard Chapellier
(Financial due diligence); Exco A2A, Franck Huyghe (Tax).
Vendor – Freshfields Bruckhaus Deringer, Bertrand Pellet, Gabriel Flandin, Basma Paradin (Legal);
Natixis Finance, Emmanuel Antmann (M&A).
www.unquote.com/france
The new home of private equity news, data and analysis
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Leveraged buyouts and buy-ins involving equity investments by formalised private equity investors through the formation of a newco based
in France.
SECONDARY BUYOUT
Thermocoax
Location Flers
Sector Industrial
suppliers
Founded 1957
Turnover 35m
Staff 200
Chequers buys Thermocoax back from TCR
Transaction
Chequers Capital has purchased a 60% stake in heating technology specialist Thermocoax from TCR
Capital for an undisclosed amount.
TCR retains a 30% stake in the business through its TCR Capital Partners II fund. The remaining 10%
of the shares are now owned by the management team, led by CEO Claude Capron.
This represents the fourth time the company has been acquired by a private equity investor.
Debt
A 35m senior debt was co-led by CIC and LCL, with the support of BCME and Banques Populaires
de l’Ouest. Indigo arranged the 11m mezzanine facility.
Previous funding
In 1998, Thermocoax was initially sold to Advent International by Phillips Electronics as part of the
divestiture of a larger division. Chequers backed the management buyout of the company in 2000 to
gain a 75% shareholding. TCR then acquired 85% of the firm in 2005 for an estimated 35m. The
latest sale sees TCR reap an estimated 5x on its 2005 investment.
Under TCR’s ownership, the company has expanded internationally and now operates out of Germany,
the UK, the Netherlands and the US. It has also diversified its product offering to generate growth
across a range of different industries.
Company
Thermocoax span out from Philips Electronics in 1957 under the name of SODERN (Société Anonyme
d’Etudes & Réalisations Nucléaires) to market Thermocoax branded products to the nuclear industry.
In 1982, the company opened a plant in Planquivon, Normandy, and was renamed Thermocoax.
It currently designs and manufactures heating systems and temperature sensors, targeting nuclear
energy and aeronautical applications, as well as semi-conductor and medical equipment manufacturers.
With a 200-strong staff, Thermocoax posted a 35m turnover for 2009, 80% of which comes from
international markets.
People
Guillaume Planchon and Aurélien Klein led the deal for Chequers. David Robin, Christian Dorléac and
Fabien Bernez represented TCR on the transaction. David Robin will keep his seat on the company’s
board. Claude Capron is the CEO of Thermocoax.
Advisers
Acquirer – Mayer Brown, Guillaume Kuperfils, Pascal Druhen-Chanaux, Laure Canu (Legal);
Laurent Borey, Jérémie Thézée, Julie Barbier (Tax); Jean-Philippe Lambert, Patrick Teboul (Debt);
CMI, Lubomir Mortchev (Commercial due diligence); Oderis, Guillaume Lauilhé, Julien Passerat
(Financial due diligence); Fidal, Jean-Pascal Amoros, Caroline Ackermann (Legal, financial and social
due diligence).
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buyouts
Vendors – UBS, Fabrice Scheer, Arnaud Fauqueur, Erwan Meurzec (Corporate finance); Paul
Hastings, Olivier Deren, Mathias Roth, Mounir Letayf (Legal); Allard de Waal, Laurent Ragot
(Tax); Ernst & Young, Emmanuel Picard (Financial due diligence); ADL, Vincent Bamberger
(Market due diligence).
Debt – Gide Loyrette Nouel, Chucri Serhal (Legal).
ERCP backs Hyper Embal and Valeurdis MBO
Transaction
Edmond de Rothschild Capital Partners (ERCP) has taken a 60% stake in Financière HEVD, the
holding company of merged French firms Hyper Embal and Valeurdis.
The remaining 40% is now owned by the companies’ management teams. The overall value of the MBO
has not been disclosed, but ERCP provided close to 10m of equity. This is the fifth investment from
ERCP’s ERLF II fund.
MBO
Hyper Embal/Valeurdis
Founded 1990/1994
Location Seclin/Gravigny
Sector Containers and
packaging
Turnover 100m
(combined)
The involvement of ERCP is hoped to accelerate the merger of the two companies and lead to a strengthened
position in the French market. The consolidated structure will generate a turnover of around 100m.
Debt
Senior debt was co-led by Société Générale and Crédit du Nord, with the support of Banque
Populaire du Nord and LCL. The precise amount was not disclosed but is around 3x the companies’
consolidated EBITDA.
Company
Hyper Embal and Valeurdis both specialise in packaging for large food retailers. Hyper Embal is based
in the north of France and focuses on breadbags and packaging for fresh products, of which it currently
stocks more than 2,600.
Normandy-based Valeurdis distributes shopping bags and disposable cutlery, sourced in Europe and
Asia. Both companies generated a 2009 turnover close to 50m.
People
Erick Fouque, Olivier Dubs and Marie Londero led the deal for ERCP. Alain Flitz is the CEO of Hyper
Embal. Daniel Guibert is the CEO of Valeurdis.
Advisers
Equity – Hoche Société d’Avocats, Jean-Luc Blein, Laurent Bensaid, Marie Peyréga (Legal and
tax); KPMG, Axel Rebaudières, Guillaume Monin (Financial due diligence); Diligence Partners,
Delphine Mathez, Nicolas Moulin-Fournier (Strategic due diligence).
Vendor – Fidac, Frédéric Frésiers (Legal).
NextStage backs Groupe ACR MBO with 8.2m
Transaction
NextStage has provided 8.2m to back the partial buyout of spare auto parts distributor Groupe
ACR. The investment – effectively part buyout and part growth funding – was performed mostly
MBO
Groupe ACR
Location Gennevilliers
Sector Auto parts
Founded 1993
Turnover 40m
Staff 115
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through the FCPR NextStage PME Championnes II fund, in conjunction with four other NextStage
FIP funds.
It allows the private equity firm to secure a significant minority stake in the company (30-50%). The
remainder of the shares are now owned by ACR’s management. One of the company’s founders has
exited the business.
NextStage was attracted by the company’s focus on innovation, as well as its record of sustained growth
throughout the past decade (+20% per annum since 2001). The new funds and the presence of a
recognised financial backer will help ACR finance its expansion across France and develop its “H+4”
rapid delivery service.
Debt
LCL and Société Générale provided banking facilities, which account for a small amount of the overall
investment.
Company
Founded in 1993, Groupe ACR specialises in the distribution of spare auto parts. It comprises two
branches: ACR, which focuses on braking and general chassis parts; and Autec, which specialises in
starters and alternators. Based in Gennevilliers, the group employs 115 people and posted a 40m
turnover for 2009.
People
Nicolas de Saint Etienne and Aloys de Fontaines led the deal for NextStage. Jean Rousseau is co-founder
and chairman of ACR, while Samuel Denos is CEO of the company. Vincent Tornamorell and Karine
Bruggeman represented LCL, while Adrien Bagard was in charge of the transaction for Société Générale.
Advisers
Equity – CMS Bureau Francis Lefebvre, Arnaud Hugot, Virginie Corbet-Picard (Legal); CDA,
Fabrice Capotosto (Tax); Mazars, Pierre Tchertoff, Luc Chambon (Financial due diligence).
Company – Cotty Vivant Marchisio & Lauzeral, Philippe Lauzeral, François Brocard, Marie Nezam
(Legal); Franck Le Mentec (Tax); Croissance Partenaires, Pierre Miallot, Julien Jeremie, Charles
Huyghes Despointes (M&A).
exits
TRADE SALE
PriceMinister
c200m
Location Paris
Sector Internet
Founded 2001
Turnover 40m
EBIT 7m
Staff >200
Atlas Venture et al. sell shares in PriceMinister
Transaction
Japanese e-commerce specialist Rakuten has acquired a 100% stake in the PriceMinister group from
Atlas Venture, Phillimore, Technocap, Quilvest and individual shareholders.
The company was acquired by Rakuten’s European branch and is valued at around 200m. Private equity
funds owned slightly more than 20% of the company prior to the sale. Atlas was the major private equity
shareholder, closely followed by Quilvest, while Phillimore and Technocap (who had invested in the early
stages) retained smaller stakes. Individual shareholdings and returns remain undisclosed.
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exits
The major factor in the sale’s timing was to allow private equity funds to exit. PriceMinister was
originally on track for a successful IPO in early 2008 but, in the face of market turmoil, the owners
chose to postpone and look for another means of exit.
Rakuten, a Japanese e-commerce specialist, hopes the acquisition will help it establish itself in Europe
after similar acquisitions in China (Badoo) and the US (LinkShare). It was also attracted by France’s
significant e-commerce growth rate of more than 25% per annum, compared to 15% for Japan. The new
owner expects the company to expand its business in Spain and the UK, create subsidiaries and perform
several acquisitions in the future.
Previous funding
Technocap led a 1.8m first round of funding for the firm in 2001, alongside a syndicate of corporate
and private investors. 3i then led a 7m investment in PriceMinister back in 2005, alongside a syndicate
comprising Quilvest and private investors. After the PriceMinister acquisition of Mixad in 2007, Mixad
backer Atlas Venture entered the equity syndicate through a share swap. 3i sold its stake to Quilvest, Atlas
Ventures and the founders in November 2009, making Atlas the largest private equity shareholder.
Company
Founded in 2001, PriceMinister started as an e-commerce website dedicated to linking buyers and sellers
online and assuring the safety of the transaction for both parties. Since then, the group has expanded with
several acquisitions and today comprises www.priceminister.com, travel price comparison website www.
voyagermoinscher.com and real-estate platform www.avendrealouer.fr, among other specialist websites.
PriceMinister has more than 12 million registered users. The group posted a 40m turnover and 7m
EBIT for 2009 and employs more than 200 people.
People
Fred Destin led the deal for Atlas. Pierre Kosciusko-Morizet is the founder and CEO of PriceMinister;
he will stay at his post for a further five years, along with the rest of the management. Hiroshi Mikitani
is the founder and CEO of Rakuten.
Advisers
Company – Gide Loyrette Nouel, Pierre Karpik (Legal); Arma Partners, Eric Lawson-Smith
(Corporate finance).
Truffle Capital floats Carmat for 15.5m
Transaction
Artificial heart developer Carmat has completed its IPO on the Alternext of NYSE-Euronext Paris,
raising 15.5m. A total of 800,000 new shares have been issued, representing 22.15% of the company’s
capital. Shares were priced at 18.75. The IPO values Carmat at more than 75m.
Truffle Capital now retains a 31.8% stake in Carmat. It is currently not considering a complete exit
from the company, even after the 180-day lock-up period expires. The capital increase will be used to
finance the finalisation of pre-clinical testing, as well as the first clinical trials of Carmat’s artificial heart
on humans. Carmat aims to complete these tests by 2011.
IPO
Carmat SAS
75m
Location
Sector
Founded 2008
Staff 36
Vélizy-
Villacoublay
Medical
equipment
Previous funding
Truffle Capital co-founded Carmat and led its first round of financing with 5m in 2008. Aerospace
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company EADS and the Fondation Alain Carpentier provided an additional 2.5m. French national
agency for industrial innovation Oséo awarded the company with 33m in grants and loans.
Company
Carmat was created in 2008 as a spinout of the collaboration between Alain Carpentier and EADS.
Its artificial human heart prototype has been patented and is undergoing pre-clinical testing. It is
functionally similar to the human heart in both anatomic and functional terms – notably via automatic
regulation of heart rate and blood flow according to the patient’s physiological needs. Meeting the
human body’s biocompatibility criteria, Carmat’s device virtually eliminates the rejection issues
associated with traditional heart transplants.
People
Dr Philippe Pouletty led the IPO for Truffle Capital and sits on Carmat’s board. Marcello Conviti is
CEO of Carmat.
EXIT
Groupe Keria
6-9m
Location Echirolles
Sector Durable
household
products
Founded 1982
Turnover 110m (2009)
Siparex exits Keria
Transaction
Siparex has sold its entire minority stake in lighting products retailer Keria to the founding family.
Previous funding
Siparex invested 3m in 2000 through its SPF II fund and its listed vehicle Siparex Croissance, in
exchange for less than 10% of the company’s shares. The private equity firm has announced a return on
its initial investment of slightly more than 2x, which would value the sale at 6-9m.
Keria has experienced sustained growth since Siparex’s initial investment; the company’s turnover has
doubled and it now operates three times more outlets following a bolt-on acquisition in 2008. It is the
first lighting products retailer in France and is looking at a possible international expansion.
Company
Founded in 1982, Keria is a lighting fixtures retailer based in Echirolles. Following the acquisition of
Laurie Lumière in 2008, the group now operates 140 stores, mainly located on the outskirts of various
French cities. Keria posted a 110m turnover for 2009.
People
Benoit Métais led the Siparex team, which also comprised Thierry Candelier and Emmanuel Botzung.
Marcel Barbe is the founder and chairman of the supervisory board of Keria.
EXIT
Trecobat
Location Lannilis
Sector Home
construction
Founded 1972
Turnover c100m (2009)
Staff 250
Advisers
Equity and company – Mes Louvat Vincent Cach Giraud Vancleemput Plottin, Ludovic
Giraud (Legal).
AXA Private Equity sells Trecobat stake
Transaction
AXA Private Equity has sold its 46.5% stake in home-building group Trecobat to the company’s
management team. The amount of the sale remains confidential, but allowed AXA to reap a 3x multiple
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exits
on its original investment, equating to an IRR of 45% per annum. The management team is now the
new majority shareholder.
AXA bought the company in 2007 for a price estimated to be in the 50-100m range. The private equity
firm was satisfied with the company’s performance despite the downturn; Trecobat’s gross margin has
improved by seven points and the group has increased its market share from 10% to 15%. AXA also helped the
management introduce a new corporate governance scheme and implement stronger financial reporting.
Company
Trecobat is a home-building group founded in 1972 by Marcel Treguer. Building more than 1,000 homes
per year, the group is also present in the high-growth segment of timber housing under the “Maisons Nature
et Bois” brand, with more than 15% of its revenue earned from this segment. It has recently focused part of
its activity on low consumption housing. Based in Lannilis, Trecobat employs 250 people and operates in
Brittany, as well as the Loire-Atlantique and the Toulouse regions. It posted a 100m turnover for 2009.
People
Baudouin d’Hérouville, Alexis Lavaillote and Caroline Pihan represented AXA on the deal. Alban Boyé
is the managing director of Trecobat.
Advisers
Equity – De Pardieu Brocas Mafféi, Thibaut Caharel, Jean-François Pourdieu (Legal).
Management – SCM Juripro, Marcel Hascoet (Legal); Sofico, Michel Gouriten (Financial due
diligence).
EUROPEAN
BUYOUT
REVIEW 2010
VALIDATED BUYOUT DATA.
COMPREHENSIVE OVERVIEW
OF THE BUYOUT MARKET.
The 21st edition of the European Buyout Review provides you with a detailed
analysis of the European buyout market from 2005-2009.
Visit europeanbuyoutreview.com or call +44 (0)20 7484 9884 now for more
information & to order your copy.
unquotebooks.com

funds raising
unquote
A Austria
BE Belgium
CH Switzerland
D
DEN
EE
Germany
Denmark
Estonia
EI
ES
F
Ireland
Spain
France
FIN Finland
I Italy
LT Lithuania
Group Fund name Base Target (m) Close Closed on (m)
123Venture 123Expansion II F n/d FA c20
123Venture 123Multivova IV F n/d FA c15
21 Centrale Partners 21 Centrale Partners IV F 500 2nd 300
A Plus Finance A Plus Innovation 6 F n/d 1st 35
Agro Invest Agro Plus F 150 1st 80
Arcano Capital Global Opportunity Fund II ES 250 FA 0
Argos Soditic Argos Expansion F 120 1st 45
Ashmore Ashmore Global Special Situations Fund Five UK c$2,000 FA 0
Aurel NextStage Aurel NextStage FCPR Champion Small Cap II F 120 1st 61
Baigo Capital Baigo Capital D 300 1st 100
BlackFin Capital Partners BlackFin Financial Services Fund F 300 1st 60
Cathay Capital Cathay Capital I F 70 1st 50
CEL Partners China Equity Links F 70 1st 43
CIC LBO Partners CIC LBO Fund II F 250 1st 157
DN Capital Global Venture Capital II UK 100 1st 50
Efigestioni Efilog Private Equity I 50 FA 0
Environmental Technologies Fund Environmental Technologies Fund UK 50 FA 0
Finint & Partners NEIP II LX 120 1st 62
Foundations Capital Foundations Capital F n/d 1st 150
Fountain Healthcare Fountain Healthcare Partners 1 EI n/d 1st 75
Gilde Buyout Partners Gilde Buyout Fund IV NL n/a FC 800
Grand Ouest Gestion Ouest Ventures II F 30-50 1st 21
I2BF Venture Fund II UK $100 FA 0
Irdi-Icso IcsoII F 100 1st 64
Kurma Life Science Partners Kurma Biofund F 75 1st 50
LBO France Altercap F 150 FA 0
LBO France Hexagone III F 180 1st n/d
LFPI LFPI Mezzanine LX 300 FA 0
Matignon Investissement & Gestion MT II F 100 1st 60
Montefiore Investment Montefiore Investment II F n/d 2nd 250
NBGI Private Equity France NBGI Private Equity France I F n/d 1st 50
NBGI Ventures NBGI Technology Fund II UK 60 1st 30
Oakley Capital Oakley Capital Private Equity Bermuda 550 1st n/d
Occam Capital Occam I F 150 1st 35
Ofi Private Equity Ofi Europa I F 100 1st 30
SGAM AI Private Equity PME France Investissement II F 60 1st 15
Siparex Siparex proximite III F 40 1st 15
The Carlyle Group Carlyle Global Financial Services Partners US n/d FC 1,100
UFG Private Equity Diadème Innovation III F 50 FA 0
UFG Private Equity / Schroders Diadème Global Selection F 100 FA 0
UI Gestion MI5 F 80-100 1st 50
Unigestion Unigestion Environmental Sustainability CH $250 FA 0
Unigestion Unigestion Secondary Opportunity Fund II CH $150 FA 0
Vermeer Capital Vermeer Capital F 90 1st 75
Vespa Capital Vespa 1 UK/F 100 1st 50
WHEB Ventures Private Equity WHEB Ventures Private Equity 2 LP UK 150 4th 114
32 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
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.
Feb-07 Expansion EU Olivier Goy +33 1 49 26 98 00
Feb-07 Expansion EU Olivier Goy +33 1 49 26 98 00
Mar-10 Buyout EU Gerard Pluvinet +33 1 56 88 33
Feb-07 Early-stage F Niels Court-Payen +33 1 40 08 03 40
Jul-07 Buyout, expansion F Jean-Louis Ruatti +33 1 40 69 48 15
May-08 Fund-of-funds Europe,Asia,US Ignacio Sarría +34 917 00 38 80
Jul-10 Expansion - SMEs France Constance Jay +33 1 53 67 20 50
Jul-08 Buyout, distressed debt Western Europe, US Mark Coombs, Jerome Booth +44 20 3077 6000
Feb-09 Expansion EU Gregoire Sentilhes 33 1 53 93 49 40
Nov-07 Buyout – mid-market Europe Marcus Bracklo +49 69 17 39 26 00
Feb-10 Buyout, expansion Europe Laurent Bouyoux +33 1 75 00 02 32
Jul-07 Expansion EU, China Mingpo Cai +33 1 42 25 28 00
Apr-07 Expansion EU, China André Loesekrug-Pietri +33 6 85 31 51 59
Nov-08 Buyout F Bertrand Fesneau +33 1 42 66 70 57
May-08 Early-stage EU, US, CEE Nenad Marovac +44 20 7340 1600
Mar-08 Buyout, expansion EU, Middle East, Asia Fabrizio Vettosi +39 02 85 86 99 00
Feb-07 Early-stage, expansion EU Peter Horsburgh +44 207 734 1368
Jul-07 Infrastructure EU Matteo Patrone +39 04 38 36 04 05
May-08 Buyout – upper mid-market F Xavier Marin +33 1 55 35 55 00
Jun-08 Early-stage – life sciences Europe Aisling Garvey +35 31 66 33 60 7
Jun-10 Buyout – mid-market Europe Koos Teule +31 30 219 2508
Nov-08 Expansion F Eric Cozanet + 33 0 2 99 35 04 00
Apr-10 Cleantech Global Ilya Golubovich
May-08 Buyout, expansion F Renaud du Lac +33 5 34 41 74 17
Nov-09 Early-stage EU Alain Maiore, Thierry Laugel +33 1 58 19 20 53
Apr-09 Distressed debt F Elizabeth O’Reilly +33 1 40 62 76 06
Feb-10 Buyout – Small-cap F Elizabeth O’Reilly +33 1 40 62 7606
Jun-07 Mezzanine F, Western Europe Aimeric Ouaknine +33 1 58 36 44 90
Oct-06 Early-stage, expansion EU, US Guillaume Connan +33 1 53 53 98 12
Dec-08 Buyout, Expansion F Eric Bismuth +33 1 58 18 68 68
Jul-09 Buyout, expansion F Laurent Allegot +33 1 58 56 18 95
Nov-07 Early-stage Europe Aris Constantinides +44 207 661 5656
Nov-07 Buyout – mid-market Europe Peter Dubens, David Boyd +44 207 766 6900
Apr-07 Expansion F, D, CH Laurent Cadieu +33 1 44 58 92 10
Jul-06 Fund-of-funds EU Olivier Millet +33 1 40 68 17 56
Dec-08 Expansion, buyout F Amar Douhane +33 1 56 37 74 94
Nov-08 Expansion F Denis Rodarie +33 4 72 83 23 23
Mar-10 Financial services Global +1 212 813 4900
Jul-07 Buyout, expansion F, EU Patrick Lissague +33 1 43 12 01 04
Jul-07 Buyout EU, US Patrick Lissague +33 1 43 12 01 04
Jun-09 Buyout, expansion F Aymeric Balmont +33 1 42 56 66 00
Feb-09 Fund-of-funds US, Europe, Asia Hanspeter Bader +41 22 704 41 11
Feb-09 Fund-of-funds Global Hanspeter Bader +41 22 704 41 11
Apr-08 Turnaround F Jean-Louis Detry +33 1 44 20 02 02
Feb-09 Buyout UK, F Nigel Hammond +44 1892 531 373
Apr-10 Venture, growth, cleantech Europe, Israel Joerg Sperling +44 20 7299 41
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 33
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funds-of-funds
unquote
Group Fund name Base Size (m) Closed
Access Capital Partners ACF III Technology F 100 Oct-06
Access Capital Partners Capital Fund IV Growth F 413 May-08
Allianz Private Equity Partners APEP Dachfonds GmbH & Co KG D 750 Mar-06
F&C F&C European Capital Partners LP UK 173 Jul-08
HRJ Capital HRJ Special oppertunities fund I US $195 Apr-08
König & Cie Private Equity Management GmbH König & Cie II International Private Equity D 42 Apr-07
LGT Capital Partner CROWN Premium III LX, D 600 May-07
Lombard Odier Darier Hentsch PE Euro Choice IV CH CHF 776 Jan-09
MPC Münchmeyer Petersen Portfolio Advisors GmbH Elfte MPC Private Equity GmbH & Co KG D 21.52 Dec-09
Nordcapital Private Equity Nordcapital Private Equity Fonds 8 D 20 Dec-07
Pantheon Ventures Pantheon Europe Fund V UK 1,200 Jun-07
Partners Group Partners Group European Buyout 2005 CH 650 Oct-06
Partners Group Secondary 2008 Partners Group CH 2,500 Dec-09
SGAM AI Private Equity SGAM Private Value Fund F 267 Jul-07
Swiss Re Private Equity Advisers SRPEP III D 564.3 Mar-06
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
Group Fund name Base Raised (m)
21 Centrale Partners 21 Centrale Partners III F/I 330
3i Eurofund V UK 5,000
Abénex Capital AAC France 2005 F 250
Activa Capital Activa Capital II F 320
Advent International Advent International GPE VI UK 6,600
Alchemy Partners Alchemy Investment Plan UK £1,600
Apax Partners SA Apax France VII F 700
Apollo Management Apollo Investment Fund VII US 14,800
Argan Capital Argan Capital Fund UK 425
Argos Soditic Euroknights V F, I,CH 275
ARGUS Capital Ltd ARGUS Capital Partners II UK 262.73
Astorg Partners Astorg IV F 800.5
AtriA Private Equity AtriA Private Equity III F 300
Aurel NextStage Aurel NextStage FCPR Champion Small Cap I F 100
Avenir Entreprises Gestion Avenir Entreprises Développement F 160
Avenir Entreprises Gestion Avenir Entreprises Mezzanine F 60
AXA Private Equity AXA Expansion II F 353
AXA Private Equity AXA LBO Fund IV F 1,600
AXA Private Equity AXA Secondary Fund IV F 2,900
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 European Fund III UK 2,400
BC Partners BC European Capital VIII UK 5,500
Blackstone Capital Partners Blackstone Capital Partners V UK $21,700
Bridgepoint Bridgepoint Development Capital I UK 300
Bridgepoint Bridgepoint European Fund IV UK 5,800
34 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
Type Region Contact Telephone No.
Venture UK, F, D Dominique Peninon +33 1 56 43 61 00
Venture Europe Dominique Peninon +33 1 56 43 61 00
Buyout, venture Global Antje Weykopf +49 89 38 00 17790
Buyout Europe Hamish Mair +44 20 768 8000
Distressed assets Global Duran Curis +1 650 327 50 23
Buyout Europe, US Ralph Günther +49 30 20 30 51 00
Buyout Europe, US Maximilian Brönner +41 55 415 96 00
Fund-of-funds Europe Thomas Frei +41 44 214 1342
Buyout Europe Jens Hochbrunn +49 40 380224128
Fund-of-funds Europe, US Meike Reckling +49 40 37 48 3415
Fund-of-funds Europe Helen Steers +44 20 7484 6200
Buyout - small-mid-large cap Europe Dr Cyrill Wipfli +41 41 768 85 85
Secondary fund positions Europe Dr Cyrill Wipfli +41 41 768 85 85
Fund-of-funds Europe,US Richard Dalaud +33 1 56 37 88 87
Buyout Europe, US Harold Weiss +41 43 285 21 21
Closed Stage Region
Sep-06 Buyout F
Nov-06 Buyout – mid-market Europe, Asia
Dec-05 Buyout F
Mar-07 Buyout F
Mar-08 Buyout Western Europe/US
n/a Buyout UK, Western Europe
Jun-09 Buyout F
Feb-09 Buyout Global
0ct-06 Buyout Nordic, Western Europe, CEE
May-06 Buyout Europe
Jan-07 Buyout Central & Eastern Europe
May-08 Buyout F
Jan-07 Buyout F
Nov-05 Buyout F, Europe
Mar-08 Buyout, expansion F
Feb-08 Buyout – small-/mid-cap F
Sep-07 Buyout – small-/mid-cap F, D, IT
Jun-08 Buyout F, D, IT
Sep-07 Buyout US, Europe
2006 Buyout Global
2008 Buyout Europe
2007 Buyout UK, Europe
Nov-07 Buyout Europe
May-05 Buyout Europe
Aug-07 Buyout Europe, UK, US
Jul-07 Buyout UK, Europe
Oct-08 Buyout Europe
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 35
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funds investing
unquote
BUYOUT FUNDS
Group Fund name Base Raised (m)
Butler Capital Partners France Private Equity III F 325
Candover Candover 2005 Fund UK 3,500
Carlyle Group Carlyle Europe Partners III US 5,350
CCMP Capital Investors CCMP II US $3,400
Charterhouse Charterhouse Capital Partners IX UK 4,000
Cinven The Fourth Cinven fund UK 6,500
Climate Change Capital Ltd Climate Change Capital Private Equity fund UK 200
Cobalt Capital Cobalt Investment F 150
Cognetas Cognetas Fund II UK 1,260
CVC Capital Partners CVC European Equity Partners IV UK 6,000
Doughty Hanson Doughty Hanson & Co Fund V UK 3,000
Edmond de Rothschild Capital Partners ERLF II F 300
Electra Partners LLP Electra Partners Club 2007 fund UK £100
Englefield Capital Englefield Capital II UK 1,060
Fidelity Equity Partners FEP 1 UK/US £350
Finadavance Finadvance Capital III F 82
First Reserve Corporation First Reserve Fund XI US $7,800
GI Partners GI Partners Fund III US $1,900
GMT Communications Partners GMT Communications Partners III UK 350
Goldman Sachs GS Capital Partners VI US $20,300
H.I.G. Europe H.I.G. European Partners UK 600
Hellman & Friedman Hellman & Friedman Capital Partners VII US $8,800
HgCapital HgCapital V LP UK £830
IK Investment Partners IK 2007 UK 1,675
Investcorp Technology Partners Investcorp Technology Partners III LP US/UK $500
iXEN Partners iXEN III F 500
Kohlberg Kravis Robert KKR European Fund III US 6,000
L Capital Management L Capital FCPR 2 F 325
LBO France Hexagone II F 152
LBO France White Knights VIII F c1,000
MBO Partenaires FCPR MBO II F 150
Montagu Private Equity Montagu III LP UK £2,260
NBGI Private Equity France NBGI Private Equity French Fund I F 100
PAI partners PAI Europe V F 5,400
Palamon Capital Partners Palamon European Equity II LP UK 670
Pamplona Capital Management Pamplona Capital Parnters II LP UK 1,300
Patron Capital Patron Capital LP III UK 895
Pechel Industries Partenaires Pechel Industries III F 165
Permira Permira IV UK 11,000
Pragma Capital Pragma II F 345
Sagard Sagard II F 1,000
Siparex Group Siparex Middle Market II F 150
Summit Partners Summit Partners Europe Private Equity Fund US 1,000
TA Associates TA XI LP US $4000
TCR Capital Partners TCR Capital Partners III F 161
TDR Capital TDR Capital II UK 1,750
Terra Firma Terra Firma Capital Partners III UK 5,400
The Riverside Company Riverside Europe Fund III BE 315
TowerBrook Capital Partners LP TowerBrook Investors II LP UK 1,300
Vespa Capital Vespa Capital UK 80
Vitruvian Partners Vitruvian Partners I UK 925
Warburg Pincus Warburg Pincus Private Equity X LP US $15,000
Weinberg Capital Partners WCP I F 4
36 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
Closed Stage Region
Sep-05 Buyout F
Nov-05 Buyout Europe, US
Sep-07 Buyout US, Europe
Jan-08 Buyout, expansion US, Europe, Asia
Arpil-09 Buyout Europe, UK
Jun-06 Buyout Europe, UK
Sep-07 Buyout, expansion – cleantech Europe
Jan-07 Buyout Europe
Jul-05 Buyout Western Europe
Aug-05 Buyout Europe
May-07 Buyout Europe
Feb-08 Buyout F
Jun-08 Buyouts, expansion, mezzanine UK, Europe
Jan-07 Buyout UK, Europe
Apr-07 Buyout UK, Europe
Jun-06 Buyout F
Jul-06 Buyout, expansion – energy US, UK, Europe
Nov-08 Buyout US, UK, Europe
Jul-07 Buyout UK, Europe
Jun-07 Buyout Global
Jul-07 Buyout UK, Europe
Nov-08 Buyout US, UK, Europe
Feb-06 Buyout Europe, UK
Oct-07 Buyout Europe
Jan-08 Buyout – technology US, Europe
Nov-08 Buyout F
May-08 Buyout Europe
Mar-06 Buyout Europe, US
Jul-06 Buyout Europe
Mar-09 Buyout Western Europe
Jun-06 Buyout F
Jun-05 Buyout Europe, UK
Jan-09 Buyout, expansion F
May-08 Buyout Europe
Jun-06 Buyout, expansion Europe
Sep-07 Butout, expansion Europe, North America
Mar-07 Buyout, expansion Europe
Oct-08 Buyout, expansion F
Sep-06 Buyout Europe, US, Japan
Apr-08 Buyout F
Dec-06 Buyout F
May-08 Buyout – small-mid-cap F
May-08 Buyout Europe
Sep-09 Buyout, expansion US, Europe, India
May-08 Buyout F
Jun-06 Buyout – mid-market Western Europe
May-07 Buyout UK, Europe
Jul-07 Buyout UK, Europe
Mar-06 Buyout – mid-market US, UK, Europe
Mar-10 Buyout F, UK
Feb-08 Buyout UK, Northern Europe
May-08 Buyout Global
Jan-06 Buyout F, Southern Europe
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 37
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funds investing
unquote
EARLY-STAGE/EXPANSION FUNDS
Fund name Group Base Raised (m)
360º Capital Partners 360º Capital Partners F/I 100
3i Growth Capital fund UK 1,200
Accel Partners Accel London III UK $525
Access Capital Partners ACF III Technology F 307
Advent Venture Partners Advent Private Equity Fund IV UK £129
Alven Capital Alven Capital III F 100
Amadeus Capital Partners Amadeus III UK £160
Atlas Venture Atlas Venture Fund VIII UK $283
Balderton Capital Benchmark Europe III UK $550
Bellevue Group BB Biotechventures CH 104
Capricorn Venture Partners Capricorn Cleantech Fund BE 100
Credit Agricole Private Equity Capenergie F 109
Demeter Partners 2 Demeter 2 F 203
DFJ Esprit Prelude Trust Plc UK £50
Earlybird Earlybird IV D 127
Edmond de Rothschild Investment Partners Winch Capital 2 F 250
Emerald Technology Ventures SAM Private Equity Sustainability Fund II CH 135
Emertec Gestion Emertec IV F 60
Environmental Technologies Fund Environmental Technologies Fund UK 100
Epi-V Epi-V UK 50
Frontiers Capital Frontiers Capital III UK £25
Hasso Plattner Ventures Hasso Plattner Ventures Europe UK 100
Index Ventures Index Ventures Growth I LP UK 400
Index Ventures Index Ventures V CH 350
Innovacom Innovacom 6 F 150
I-Source Gestion I-Source 3 F 60
Kennet Partners Kennet III UK 200
Lime Rock Partners Lime Rock Fund V US $1,400
Milk Capital Milk Capital F 20
NanoDimension AG NanoDimension LP Cayman Islands 45
NBGI Ventures NBGI Technology Fund II UK 30
NeoMed NeoMed Innovation IV N 104
Newfund Newfund 1 F 72
Partech International Partech Funds V US/F $250
Perusa Partners Perusa Partners I UK 155
Platina Finance Ltd European Renewable Energy Fund 1 LP UK £75
Serena Capital Serena Capital F 100
Sofinnova Parnters Sofinnova Capital VI F 260
SV Life Sciences SV Life Sciences Fund IV US $572
Ventech Ventech Capital III F 150
Wellington Partners Wellington Partners Ventures IV Technology UK 265
XAnge Xpansion F 50
OTHER FUNDS
Fund name Group Base Raised (m)
Acto Mezzanine Acto Mezzanine F 187
Babson Capital Europe Almack Mezzanine I UK 800
CIC Mezzanine CIC Mezzanine II F 107
ARCIS Group ESD Fund IV UK 354
Intermediate Capital Group Plc European Mezzanine Fund IV UK £1,250
IFE Conseil IFE Conseil II LX 300
Indigo Capital Indigo Capital V UK 550
Kreos Capital Kreos III UK 200
Park Square Capital Park Square Capital Partners LP UK 1,050
Partners Group Partners Group Global Mezzanine 2007 CH 447
Summit Partners Summit Partners Subordinated Debt Fund IV US $825
38 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
Closed Stage Region
Apr-08 Early-stage F, I
Mar-10 Expansion UK, Europe
Dec-08 Early-stage, expansion Europe, Israel
Oct-06 Early-stage UK, Europe
Dec-05 Early-stage Europe, US
Mar-08 Early-stage, expansion F
Mar-07 Early-stage UK, Europe
Feb-09 Early-stage Europe, US
Nov-06 Early-stage UK, Europe
Jan-06 Early-stage Europe, US
Jun-08 Early-stage Europe
Sep-07 Early-stage, buyout F, UK, I, D
Dec-09 Early-stage, expansion F,D, ES
Apr-00 Early-stage UK, Europe
Sep-08 Early-stage, expansion Western Europe
Nov-09 Expansion F
Apr-07 Early-stage – cleantech US, UK, Western Europe
Jan-09 Early-stage F
Oct-07 Early-stage – cleantech UK, Europe
Aug-07 Early-stage – energy UK, Europe, US
Jun-06 Early-stage UK, Europe
Jul-08 Early-stage Europe, Isreal
Jan-08 Expansion Europe
Mar-09 Early-stage UK, Europe, Israel
Nov-07 Early-stage, expansion F, Europe, US
Mar-08 Early-stage, expansion Western Europe
Jul-08 Expansion, technology US, Europe
Jun-08 Expansion – energy US, UK, Europe
Jul-08 Early-stage, expansion Global
Mar-07 Early-stage – nanotechnology Europe, North America
Aug-07 Early-stage – medical technology Europe/US
Jan-06 Early-stage N, SWE, F, CH
Jul-09 Early-stage, Expansion F
Jun-08 Early-stage, expansion US, Europe
Apr-08 Early-stage DACH, Europe
Jan-08 Early-stage, expansion – renewable energy Europe
Jul-09 Early-stage, expansion F, Western Europe
Feb-10 Early-stage, expansion Europe
Feb-07 Early-stage – life sciences US, UK, Europe
Nov-07 Early-stage Europe
Jan-08 Early-stage, expansion Europe
Apr-08 Expansion F
Closed Stage Region
Mar-08 Mezzanine F
Jun-06 Mezzanine UK, Europe
May-09 Mezzanine France
Oct-08 Secondaries Europe
Apr-07 Mezzanine UK, Europe
Nov-06 Mezzanine BE, NL, LX, D, F, ES, I
Jul-07 Mezzanine Europe
Apr-07 Venture debt UK, Europe, Israel
Jan-05 Mezzanine UK, Europe
May-08 Mezzanine Europe
May-08 Mezzanine US, EU
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 39
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IPO tracker
unquote
The table below tracks the performance of previously private equity-backed French companies as listed stock
Company ICB Subsector Name Original deal Equity Syndicate
Buyouts
Bureau Veritas Business Support Services n/d, 1995 Wendel Investissement
Fountaine Pajot Commercial Vehicles & Trucks n/d, 2002 21 Centrale Partners
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 7.25m, 2008 Truffle Venture
Celectis 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 Telecommunications Equipment 0.55m, 2005 Sofinnova Partners, EPF Partners, Spef Ventures,
SGAM, CIC
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
40 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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unquote
IPO date
Prime
Exchange
Issue price
Market cap
at IPO
P/E Ratio
Industry
benchmark P/E
ratio*
Share price
14/07/2010
Price change
since IPO
Oct-07 Euronext Paris 37.75 4.38bn 19.27 n/a 48.60 29%
Jun-07 Euronext Paris 30 46m n/a 19.29 10.35 -66%
Jun-07 Euronext Paris 5.1 65m 19.66 n/a 2.96 -42%
Apr-06 Euronext Paris 19.75 5.35bn 21.62 13.11 25.15 27%
Feb-10 Euronext Paris 13 623m n/a 15.1 14.27 10%
Apr-07 Euronext Paris 17 360m n/a 16.36 4.30 -75%
Apr-07 Euronext Paris 16.5 4.22bn 29.04 13.11 12.19 -26% —
Jan-07 Euronext Paris 22.5 375m 27.14 n/a 30.10 34% —
3-month
trend
Jul-07 Euronext Paris 4.61 21m n/a n/a 1.37 -70% —
Mar-07 Euronext Paris 5.53 29m n/a n/a 2.40 -57%
Jun-10 Euronext Paris 18.75 75m n/a n/a 22.15 18% —
Feb-07 Euronext Paris 10.25 94m n/a 13.98 8.40 -18%
Apr-07 Euronext Paris 16.73 72m 16.4 n/a 9.93 -41%
Jun-07 Euronext Paris 15.5 315m 11.26 n/a 5.01 -68%
Dec-06 Euronext Paris 4.5 112m n/a 13.98 1.80 -60%
Aug-06 Euronext Paris 9.2 31m 22.33 n/a 23.00 150%
May-07 Euronext Paris 8.4 170m n/a n/a 5.43 -35%
Jul-06 Euronext Paris 23.5 306m 18.32 16.36 12.25 -48%
Aug-07 Euronext Paris 13.85 86m n/a 19.29 4.44 -68%
Jan-07 Euronext Paris 21 237m 15.1 n/a 24.47 17% —
Jun-07 Euronext Paris 10.51 151m n/a n/a 6.94 -34%
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 41
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diary dates
unquote
15-17 September 2010
Capital Creation 2010
Le Meridien Beach Plaza, Monte Carlo
www.capitalcreationeurope.com
12-13 October 2010
EVCA Buyout Forum
Copenhagen, Denmark
www.evca.eu/buyoutforum2010/home.html
13 October 2010
The AFME/EHYA 5th Annual EHYA Leveraged Finance Conference
The Lancaster London Hotel
Lancaster Terrace
London, W2
Tel: +44 20 7262 6737
www.lancasterlondon.com
14 October 2010
unquote” Deutsche Private Equity Congress
Munich, Germany
Tel: +44 20 7484 9884
Email: nicola.tillin@incisivemedia.com
www.deutschepecongress.com
14-15 October 2010
EVCA Venture Capital Forum
Copenhagen, Denmark
www.evca.eu/venturecapitalforum2010/home.html
4 November 2010
The unquote” British Private Equity Awards 2010
The Northumberland
London, UK
Tel: +44 20 7004 7453
Email: helen.longhurst@incisivemedia.com
www.britishprivateequityawards.com
11 November 2010
unquote” Italia Private Equity Congress
Milan, Italy
Tel: +44 20 7484 9884
Email: nicola.tillin@incisivemedia.com
www.italiapecongress.com
16-19 November 2010
SuperInvestor 2010
Westin Hotel
Paris, France
www.icbi-events.com/superinvestor
10 December 2010
The PE Investor Relations Conference
London, UK
www.bieevents.com/peir-details
42 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD
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equity and mezzanine providers and
major deals completed.
£1,195
European Fundraising Review
www.unquote.com/research
The annual source for fundraising in
Europe. Analyses trends in capital
raised and sought, fund sizes and
fundraising cycles.
£995
unquote.com
For more information or to order any of the products listed, please contact
Nicola Tillin on +44 (0)20 7484 9884 or nicola.tillin@incisivemedia.com

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Deals Intelligence
Global Portfolio Company Performance Data
Fundraising & LP Information
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GLOBAL PORTFOLIO COMPANY PERFORMANCE DATA FREE TRIAL OFFER
Private Equity Insight’s unique Performance Analyser provides the only way to: Compare forecast performance models with aggregated actual data;
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For more information or to arrange your no obligation FREE TRIAL visit www.privateequityinsight.com or email nicola.tillin@incisivemedia.com
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