Although 2009 is certainly a year to forget - Unquote

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uyouts unquote 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). 26 UNQUOTE AUGUST/SEPTEMBER 10 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/france
unquote 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 ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE AUGUST/SEPTEMBER 10 27 www.unquote.com/france
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Although 2009 is certainly a year to forget - Unquote

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