FCPI and FIP funds raise less in 2010 - Unquote

unquote 

France 

LA RÉFÉRENCE PAR EXCELLENCE DU PRIVATE EQUITY EN FRANCE 

Issue 119 MARCH 2011 

PAI partners sells Yoplait stake to General Mills 

PAI PARTNERS HAS sold its 51% stake in French yoghurt maker 

Yoplait to General Mills, in a deal that values the company at €1.6bn. 

The French private equity firm should reap a little over €800m for 

its stake, according to media reports. It acquired the stake in 2001, in 

a deal valued in the €250-500m range. Morgan Stanley and Société 

Générale were hired last September to run the sale process, which drew 

considerable attention from industry observers and the mainstream 

press alike given Yoplait’s high profile as a French “national champion”. 

As the race narrowed to six bidders earlier this month, Chinese 

group Bright Food was said to have made the largest offer, which 

would have valued Yoplait at €1.7bn. Despite this more generous 

offer, General Mills got the nod in the end, being able to capitalise on 

its ties with the French yoghurt maker – it is Yoplait’s largest licensee 

having licensed the brand since 1977. 

This divestment closely follows the trade sale of another sizable 

PAI portfolio company: the buyout house sold British car repair 

business Kwik-Fit – which also operates in France under the Speedy 

brand – to Japanese corporation Itochu for £637m at the beginning 

of the month. PAI acquired Kwik-Fit from CVC in 2005 for £800m. 

Having previously sold both the loss-making German operations of 

Kwik-Fit and its insurance branch, the firm stated it reaped an IRR 

“in the high teens” on its overall investment in Kwik-Fit. 

PAI is also taking bids for French mortgage insurance services 

company CEP. Rival buyout houses Apax Partners and Bridgepoint 

Capital are said to be making a joint bid for the business, which could 

fetch in excess of €800m. 

PAI is reportedly looking to return money to its LPs so as to launch 

a new fundraising effort later in the year. 

FCPI and FIP funds raise less in 2010 

FCPI AND FIP retail vehicles have been a major source of funding 

for innovative French SMEs in recent years. But according to a study 

carried by French trade-body AFIC, these funds attracted fewer 

commitments in 2010. 

FIP and FCPI vehicles attracted 125,000 investors in 2010, down 

8% from 135,000 the previous year. In addition, total commitments 

decreased by 7%, from €963m to €894m. On a positive note, the 

average commitment remained relatively stable at €6,700 per investor. 

France’s FCPI and FIP retail funds were introduced in 1997 

and 2003 respectively, to encourage investments from individuals 

in French small and medium enterprises (SMEs). FCPIs focus on 

innovative companies, while FIPs are dedicated to local businesses 

(located in the four regions surrounding the fund’s base). Both offer 

investors a tax rebate on either their income tax (IR vehicles) or 

France’s wealth tax, which only applies to individuals owning more 

than €800,000 worth of assets (ISF vehicles). 

The decrease in total commitments is concentrated on ISF vehicles, 

which only attracted €322m in 2010 – a 20% fall from 2009 levels. By 

contrast, fundraising for IR vehicles remained stable. While the tough 

economic environment might have discouraged private investors from 

locking their savings for a 10-year period, it would seem that retail 

funds also suffered from more appealing tax rebates linked to direct 

investments in SMEs. 

(Read the full analysis on page 08) 

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Quick view 

Funds 04 

News in brief 04 

People 06 

Financial modelling 07 

FCPI/FCP focus 08 

Secondaries market 09 

Regulation 10 

European round-up 12 

Deal sector index 14 

Buyouts 22 

Watch 27 

Funds raising 28 

Funds investing 30 

IPO tracker 36 

Diary dates 38 

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contents 

04 

07 

News 

Funds 04 

News in brief 04 

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Deals 

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funds 

unquote 

Name 

21 Centrale Partners IV 

Launched 

2008 

Target 

€500m 

Final close 

€380m, February 2011 

Focus 

Mid-cap buyouts in France 

Contact 

Gérard Pluvinet 

21 Centrale Partners 

9 Avenue Hoche 

75008 Paris 

France 

Tel: +33 (0)1 56 88 33 00 

Advisers 

Salans (Legal) 

21 Partners closes fourth fund on €380m 

Fund 

21 Partners has held the final close of its European mid-market vehicle, 21 Centrale Partners IV, on 

€380m. 

Launched in 2008, it reached its first close on €210m in early 2009. 21 Centrale Partners IV is the 

successor to 21 Centrale Partners III, which closed on €330m in 2006. 

This latest vehicle has a 10-year lifetime, with a five-year investment period. The fee structure was said 

to be following the “2-8-20” industry standard. No placement agent was mandated for the fundraising 

effort.Paul Morel from Salans acted as legal adviser to the fund. 

Investors 

21 Centrale stated that a large number of previous backers chose to invest in this vehicle. LPs in 21 

Centrale Partners IV include funds-of-funds, insurance companies, family offices, banks and pension 

funds from Italy, Switzerland, Luxembourg, the Netherlands, the UK, Finland, Denmark, the US and 

Japan, alongside French investors. Overall, 75% of commitments came from international LPs. 

Investments 

The fund will make 10-15 investments of €20-50m in buyouts of France-based international companies. 

The targets will typically have an enterprise value of €50-300m. The fund will seek majority stakes and 

would consider leading co-investments. 

Centrale Partners IV has already made two investments: it acquired French GPS alert systems 

manufacturer Coyote System in 2009, and led a €50m financing round for Switzerland-based Ethical 

Coffee Company in 2010. 

People 

The fund will be managed by 21 Centrale Partners’ team of 10 investment professionals, led by founding 

managing partner Gérard Pluvinet. 

news in brief 

OpenGate Capital acquires Norampac-Avot-Vallée 

OPENGATE CAPITAL HAS acquired French specialty paper 

manufacturer Norampac-Avot-Vallée from parent company 

Cascades, for an undisclosed amount. 

Canadian corporation Cascades decided to divest its French 

subsidiary to better focus on North American operations. 

OpenGate Capital was attracted by the company’s market 

position and underlying value, in addition to its potential for 

expansion – both through acquisitions and organic growth. 

OpenGate also believes the investment will strategically 

complement its other wood and paper industry holding, 

Kotkamills. 

Blendecques-based Norampac-Avot-Vallée manufactures 

White Testliner, a specialty paper made entirely from recycled 

fibers and used for a variety of packaging products. With an 

annual production in excess of 145,000 tons, the company 

posted a €49m turnover in 2009. It was established in 1971 

and currently employs 160 staff. 

04 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD 


unquote 

BC Partners raises €4bn 

for its ninth fund 

BC PARTNERS HAS raised €4bn at the first close of its ninth 

buyout fund, according to media reports. The company started 

the fundraising process in September 2010. The vehicle has a 

target of €6bn. 

Late last year, BC Partners-backed gym chain Fitness First sold 

the Dutch arm of its business to fitness club operator HealthCity 

International. BC Partners bought the health club group as 

part of a management buyout from Cinven in October 2005. 

The private equity firm injected £300m of equity, while £500m 

of leverage was provided from Mizuho Corporate Bank. 

news in brief 

Coller to buy €500m 

Crédit Agricole secondaries 

COLLER CAPITAL IS in talks with Crédit Agricole to buy 

€500m worth of stakes in buyout funds, according to reports. 

The portfolio is said to comprise undrawn and drawn 

commitments in French mid-sized buyout funds. 

The French bank is not alone in looking to dispose of private 

equity commitments, as tighter regulation imposes stricter 

capital requirements to balance risky assets. Citigroup and 

Barclays are also said to have put part of their private equity 

allocations on the secondaries market. 

PAI partners 

sells Kwik-Fit 

for £637m 

PAI PARTNERS HAS sold car 

repair business Kwik-Fit to Japanese 

corporation Itochu for £637m. 

PAI partners had already sold the 

insurance branch of Kwik-Fit to 

Fortis UK in 2010 for £215m. 

The sale allowed Kwik-Fit to reduce its 

net debt, which stood at £811m at the 

end of 2009, to the current £457m. 

The French private equity house 

acquired Kwik-Fit from CVC in 2005 

for £800m. It also injected £20m into 

the business in 2009 to avoid a breach 

of the company’s banking covenants. 

PAI nevertheless reaped an IRR 

“in the high teens” on its original 

investment. 

PAI will keep busy on the exit front, 

as it just sold its 50% stake in yoghurt 

maker Yoplait – valued at €1.6bn – 

and recently put French mortgage 

insurance services company CEP on 

the block, a deal that could be worth 

up to €1bn. 

Apax and Bridgepoint team up 

again on CEP buyout 

APAX PARTNERS AND Bridgepoint Capital are teaming up to buy French mortgage 

insurance services company Compagnie Européenne de Prévoyance (CEP) from PAI 

partners, according to media reports. 

The two private equity houses already made a joint purchase last year with the €600m 

acquisition of French jewellery retailers Histoire d’Or and Marc Orian. They now face 

competition from AnaCap and JC Flowers to snatch the insurance services company, 

which could be worth more than €800m. 

PAI partners took a majority stake in CEP in 2005, with management holding 

the remainder of the shares. The company posted a €90m EBITDA for 2010 and 

employs 300 people. 

Demeter et al. in Fermentalg deal 

A CONSORTIUM OF investors led by Demeter Partners has provided French 

biotechnology company Fermentalg with a €5.3m round of funding. 

Founded in 2009, Fermentalg is a biotechnology start-up specialising in the research 

and production of micro-algae. Its products are designed for applications in healthcare 

and cosmetics, as well as the agrofood and biofuel industries. The Libourne-based 

company currently employs 15 staff. 

This latest round of funding was led by Demeter Partners, which contributed around 

half of the round and was joined by ACE Management. Existing investor Emertec 

also took part in the transaction. 

Fermentalg will use the fresh funds to bolster its R&D efforts, in order to accelerate 

the industrialisation process of its products. 



Q&A: LPEQ 

Listed private equity 

Page 17 

COMMENT 

PLACING AGENTS IPOS 

Pension fund liabilities Back in demand 

Much ado about nothing? 

Page 24 

Page 18 

Page 20 

www.unquote.com Issue 114 March 2010 

people moves 

Bernard Bourigeaud joins 

Advent International 

Advent International has appointed Bernard Bourigeaud as 

an operating partner. He will advise the firm on investment 

opportunities and supporting portfolio companies in the 

business and financial services sector. 

Bourigeaud’s experience includes restructurings, bolt-on 

acquisitions and building global businesses – the largest of 

which was Atos Origin, which he founded. 

In 2008, Bourigeaud established a consultancy business 

under the name of BJB Consulting. He is also a private 

investor in technology companies across Europe. 

unquote 

CalPERS appoints CRO 

The California Public Employees’ Retirement System (CalPERS) 

has hired Larry Jensen as chief risk officer, a new position. 

The appointment comes after a rocky few weeks for CalPERS 

in which it saw two of its top fund managers leave the business: 

Joncarlo Mark, with the firm since 1999, and Mike Dutton, 

who looked after CalPERS’ large buyout remit since 2006, 

both left last month. 

Jensen served as interim chief risk officer since October, 

when he was appointed to head the office of enterprise risk 

management and to assess risk independently for CalPERS. 

Previously Jensen was the assistant executive officer for the 

administrative services branch since January 2010. 

Big Deals 

Monthly feature-led editorial covering the 

European private equity market 

A wealth of information on European deals 

over 20M sourced by the unquote” 

team so you can be assured of the accuracy 

of the data 

Details of all private equity funds currently 

raising and investing in Europe 

Forward thinking comment and analysis of 

recent events 

Breaking private equity news from 

unquote.com, the leading source of 

private equity information 

unquote 

PRIVATE 

EQUITY 

EUROPE 

Taking aim at P2Ps 

Despite the stock market rally, European investors have 

kept publicly listed companies in their sights, Page 14 

in fine detail 

For more information and to sign up for a free trial, visit 

www.privateequityeurope.com 



unquote 

financial modelling 

Financial modelling: 

Looking into the future 

As banks are now more selective when providing debt financing, the ability to 

predict the future finance trends is now more important. Today a high-quality 

forecast model can be key to winning banks over. Viktor Lundvall investigates 

Being able to model the effects of different economic and 

environmental scenarios on a company’s performance and 

cashflow is often an important part of any due diligence 

process. A rigorous model can improve the confidence 

among banks and is often a requirement in guaranteeing 

bank financing. “Forecast modelling is extremely important 

in securing funding, especially for long-term, project finance 

type, deals,” says Luigi Pettinicchio of the renewable 

power team at HgCapital. “Forecasting has always been 

important; however, we see that banks have now become 

more demanding.” 

Stephen Aldridge, managing director at financial modelling 

consultancy firm Numeritas, agrees that it can be difficult to 

get financing if a forecast model isn’t available. “Banks are 

becoming more used to seeing 

robust forecast models and it is 

important that GPs and their 

advisers keep up.” Aldridge 

also adds that banks are now 

more interested in worst-case 

scenarios than they were a 

few years ago, meaning that 

it is vital to be able to show a 

robust business. 

Investments in projects such as 

wind or solar farms in particular 

have been subjected to the 

need for accurate modelling. The physical restriction in the 

infrastructure of a wind farm sets it aside from a retail firm, for 

example. While a retail firm can open new shops in attractive 

areas in an attempt to improve its revenues, this is not possible 

with a wind farm as changes to costs or increases in demand 

cannot be made. This means that there is a greater need to 

ensure that the business case is correct prior to an investment. 

To ensure the business case is just right, it is important to get 

the forecast model correct. There are a number of considerations 

that need to be made when creating one: “A forecast needs to be 

tidy so that banks can confidently rely on the model. It also needs 

to be simple enough to keep it auditable without detracting from 

the need to be accurate,” says Pettinicchio. 

When making predictions about the future, assumptions 

about the key drivers of a business have to be made. Aldridge 

stresses the need for these assumptions to be defensible: “If 

you don’t challenge your assumptions, someone else will.” A 

thorough commercial due diligence process can be one way 

to test and challenge assumptions, such as if current trends in 

demand will continue. 

It is also important to have 

adjustable parameters that meet 

the needs of the different parties 

involved in a deal: “A GP will 

look at the returns a specific 

investment can make while also 

providing risk management. 

The bank will be focusing on 

risk and on setting covenants 

and repayment schedules that 

are achievable,” says Aldridge. 

“A forecast is an important 

focal point of communication; 

it is a common tool that each 

party can view independently.” 

Being able to predict the effects of different scenarios on 

cashflows of a company, and therefore ability to pay interest on 

debt, has become vital for financiers. Using forecast models can 

increase banks’ confidence in a transaction and help GPs get the 

funding desired. 



FCPI/FIP focus 

unquote 

French retail funds: 

Feeling the strain 

FCPI and FIP retail vehicles have been a major source of funding for innovative 

French SMEs in recent years. But according to a study carried out by French trade 

body AFIC, these funds attracted fewer commitments in 2010. Greg Gille reports 

France’s FCPI and FIP retail funds were introduced in 1997 and 

2003 respectively, to encourage investments from individuals 

in French SMEs. FCPIs focus on innovative companies, while 

FIPs are dedicated to local businesses (located in the four 

regions surrounding the fund’s base). Both offer investors a 

tax rebate on either their income tax (IR vehicles) or France’s 

wealth tax, which only applies to individuals owning more than 

€800,000 worth of assets (ISF vehicles). 

While these funds have proven 

very popular since their 

inception, it would seem that 

the downturn took its toll on 

both structures. According to 

a study carried by AFIC, FIP 

and FCPI vehicles attracted 

125,000 investors in 2010, 

down 8% from 135,000 the 

previous year. In addition, total 

commitments decreased by 7%, 

from €963m to €894m. On 

a positive note, the average 

commitment remained relatively stable at €6,700 per investor. 

It would seem logical to blame this lacklustre performance on 

a tougher economic environment, which saw individuals less 

inclined to lock up their hard-earned cash for a 10-year period. 

But, as AFIC delegate general Paul Perpère points out, a closer 

look at the study results reveals a disparity between IR and ISF 

vehicles which calls for a different explanation. 

The decrease in total commitments is indeed concentrated on 

ISF vehicles, which only attracted €322m in 2010 – a 20% 

fall from 2009 levels. By contrast, fundraising for IR vehicles 

remained stable. According to Perpère, ISF vehicles suffered 

from the tax rebates offered on other forms of investments: 

“The ISF tax rebate on FCPI/FIP vehicles is less than the one 

private investors would get by investing directly in a SME or a 

holding company; the rebate for retail funds is set at 50%, while 

it goes up to 75% for direct investments.” Some might call this 

unfair competition, but it is easy to see how direct investments 

seemed a much more attractive proposition to private investors. 

Nevertheless, Perpère remains optimistic about the situation: 

“Of course, it would have been good to see more money being 

raised – but the fact that fundraising for IR (income tax) vehicles 

remained stable is a positive sign. 

It shows that this type of vehicle 

has established itself as a reliable 

source of funding for innovative 

companies,” he notes. 

Perpère also believes that 

fundraising could pick up in 

2011, as the recently voted 

budget brought tax rebates 

for direct investments in SMEs 

and holdings down to 50% as 

well – which would mean less 

competition for ISF funds. But, on the other hand, the same 

budget cut the tax rebate on IR vehicles from 25% to 22%... 

While this measure was widely criticised by the venture industry, 

Perpère hopes the current political agenda will push the legislator 

to review its position: “Another important factor on the industry 

radar is a potential reform of the ISF tax, which is currently being 

considered by the government. If this tax was to be abolished – 

along with the rebates – we would welcome stronger incentives 

on the IR vehicles to encourage fundraising.” 

The dip in fundraising for retail vehicles is far from catastrophic, 

but it highlights the negative impact of an unpredictable fiscal 

framework on these structures as Perpère notes: “FCPI and 

FIP fundraising would definitely benefit from a more stable 

fiscal environment”. 



unquote 

secondaries market 

Secondaries move into 

pole position 

At long last, secondaries have made the noise the industry has been awaiting for years, 

with 2010 seeing secondaries activity break the $20bn barrier for the first time. 

Kimberly Romaine investigates 

The peak – more than 2.5x 2009’s $7.5bn – was reached as 

primary fundraising for private equity funds hit a six-year low 

of $200m for 2010. The figure was comprised of a number 

of transactions worth over $1bn each, according to research 

from specialists Cogent Partners and Triago. 

Increased pricing may have 

driven activity, with Cogent 

putting buyout fund pricing at 

89.8% of NAV for the second 

half of last year, up from 86.4% 

in the first six months of the 

year. Triago recorded a climb 

of 31.3% since a Q1 2009 low. 

The actual transaction prices 

may be a bit higher, since the 

data comes from first-round 

bids Cogent received on 

funds between last July and 

December, rather than actual selling prices, which are often 

higher. 

According to Triago, the pricing increase is more to do with 

increased productivity and low wage growth than it is down 

to any major expansion in sales. Cogent also suggests the 20% 

increase in the S&P index during the second half of last year 

was a contributing factor. 

Whatever the reason, the rise in pricing could top out or 

decline if prospects for economic growth don’t improve, since 

a buoyant economy helps boost deal multiples. Triago points 

out that multiples on mega-deals averaged 9.1x EBITDA in 

Q9 2009, an 18% premium on the ten-year average, according 

to S&P’s LCD, and last seen during the boom years of 2007 

and 2008. 

Assets being sold are increasingly funded, according to 

Cogent: the average fund marketed in the second half of last 

year was 76.8% called, up a bit 

from the previous six months. 

The number of unfunded 

positions, on the other hand, 

has fallen steeply, with only 

6.6% less than 25% funded, 

against 26% in H2 2009. 

Still growing 

Last year’s record is unlikely 

to be the last: Triago estimates 

that 2011 will see $25bn 

recorded since new regulation 

will incentivise certain owners 

to offload their private equity assets. Among them are banks, 

insurers and other regulated financial institutions which find 

themselves impacted by the Volker Rule and Solvency II. 

Sellers are also positively encouraged: according to Triago, 

many sellers in 2010 did so to actively manage their portfolios, 

not to alleviate liquidity issues. 

This was because they owned (and sold) positions in large 

buyout funds, which benefited from strong pricing increases, 

thereby allowing the limited partners (particularly pension 

funds) to benefit from selling at a minimal discount to NAV 

so as to accelerate their shift in allocations. 



egulation 

unquote 

Private equity: 

If it isn’t broken... 

Speaking in front of a student audience at the London School of Economics last 

month, Blackstone president and COO Tony James addressed the potential need 

for further regulation of the industry. Greg Gille reports 

“Which problems do you want to fix?” was James’ candid 

answer when asked about the need for further private equity 

regulation. Having systematically rebutted Poul Nyrup 

Rasmussen’s jabs at the industry, the Blackstone COO implied 

that further regulation would not only be unnecessary, but also 

counter-productive: “You would be trying to superimpose the 

will of a government bureaucrat over the judgement of much 

more talented people.” 

James spent the best part of 90 minutes 

highlighting the “necessity” of private 

equity and its positive impact on the 

economy. Regarding job losses, he 

reminded the audience that the main 

goal of an investor was to grow its 

portfolio companies, which most of the 

time results in more jobs being created 

down the line. 

“Who shed jobs and went under during 

the crisis? General Motors, airlines, steel 

producers... none of them were owned 

by private equity,” noted James. 

He was just as unapologetic on debt levels, stressing that it was 

in the interest of industry players – investors, banks and bond 

buyers alike – to regulate over-leverage by themselves. 

According to James, the image of companies saddled with too 

much debt is a thing of the past, as most of the value creation is 

now derived from operational improvements: “Lots of available 

cheap credit is ultimately bad for private equity returns: the 

bonus goes to the seller since the price gets pushed up.” 

Leaving the debate on external regulation aside, James also 

addressed an issue voiced from within the industry itself: 

should larger funds discount their management fees to attract 

investors? The Blackstone executive dismissed the idea and 

instead noted that such funds performed better than the rest 

of the industry: “Why pay more for a Tiffany’s ring than a 

ring from M&S? What industry can you name where the best 

provider charges the same as the average?” 

James did not mince words when 

questioning LP allocations, criticising 

those who make what he perceives as 

poor investment decisions. “Why do 

LPs back firms that are not top quartile? 

Investors perpetuate hundreds of 

mediocre GPs and I don’t know why. 

I suspect it is because of relationships,” 

he said. 

Having defended the industry in 

unequivocal terms, James however 

admitted that private equity wasn’t the 

most attractive asset within the wider Blackstone Group: “Private 

equity is not our largest, most profitable or fastest growing 

business, but it is a good business.” He conceded that real estate 

was a much more profitable division – with less competition, 

a much broader pool of assets to invest in, and less downsides 

compared to corporate securities. 

Private equity has nevertheless been kind to the asset 

management group, even amidst the recent economic turmoil: 

according to James, Blackstone didn’t realise any losses during 

the financial crisis, with all of its funds remaining above costs. 



unquote 

IPO comeback 

PE-backed IPOs: Set for 

a comeback? 

The difficulties encountered by private equity-backed IPOs in 2010 

reignited the debate on the public markets’ cautious attitude towards 

such assets. Greg Gille reports 

Hearing that the global financial crisis dealt a crushing blow to 

private equity-backed IPOs will not be a surprise. According 

to unquote” data, flotations of PE-backed European companies 

fell by 93% between 2007 and 2008, from 62 to just four. The 

situation has somewhat improved since then, with unquote” 

recording 22 listings last year. 

Nevertheless, this figure remains a far cry from the one 

witnessed during the market heyday. What is more, a number 

of 2010 listings saw share prices tumble on public markets 

in the months following their IPO. 

The worst performing private equitybacked 

listings took place in the UK, 

with companies such as Cambria 

Automobiles Holdings, Promethian 

Technologies Group and Ocado 

experiencing sustained price falls 

throughout the year. 

This phenomenon led many observers 

to comment on a lack of appetite for 

PE-backed assets, partly rooted in the 

image of private equity funds taking 

a company private, saddling it with debt and re-listing it to 

make a swift exit. William Belcher, capital markets partner at 

Taylor Wessing, indeed advised PE shareholders to consider 

longer lock-in periods to attract public investors, as they are 

generally seen as an incentive for management to stay involved 

and ensure a smooth transition process. 

Panellists at the seminar however dismissed the idea of a general 

mistrust of PE-backed assets. “I wouldn’t single out the PE 

community for the breakdown of trust with public markets” 

said one participant, before pointing at pricing issues as a factor 

in the counter performance of many recent IPOs: “Ocado 

constitutes a pivotal event – pragmatism on pricing is key.” 

The share price range suggested by Ocado’s management was 

indeed widely criticised for being unrealistic prior to the IPO, 

given that the company had yet to post a profit. 

Craig Fraser, head of research at Arbuthnot Banking Group, 

highlighted the importance of carefully assessing the value of 

a business before listing it: “Don’t even think about an IPO 

before you have undergone a full and proper valuation based 

on forecast earnings and use of funds.” 

Pricing is not the only key to investors’ 

hearts though, with a strong business 

model being equally important: 

“Premiums can also be obtained 

if you can demonstrate attractive 

characteristics such as a dynamic 

growth story, a market leading 

position and a strong management 

team. Consider these points carefully; 

otherwise you may not get value for 

money,” Fraser continued. 

The recent listing of US-based hospital 

operator HCA – the largest private equity-backed IPO since 

the financial crisis – apparently ticked all the boxes, and might 

encourage GPs to consider the public markets as a viable exit 

route in the coming months. Panellists however pointed at a 

sustained period of instability for global markets in 2011 in 

light of the ongoing events in the Arab world and Japan, and 

the negative effect this could have on IPOs. 

At a time when most GPs are rushing to return money to 

investors before going fundraising again, it remains to be 

seen whether exiting via the public markets will be a bet 

worth making – especially as corporate buyers are currently 

displaying a strong appetite for M&A opportunities. 



European round-up 

unquote 

■ Benelux unquote” 

Carlyle Group’s takeover of AlpInvest Partners, a joint venture with AlpInvest’s management team, was a significant development in 

the Benelux market in January. Former AlpInvest owners APG and PGGM agreed to commit an additional €10bn of investment to 

AlpInvest’s programmes over the next five years. 

The take private of Gamma Holding by Gilde Buy Out Partners and Parcom Capital Management neared completion. The offer of €29 

per share gave the company a market capitalisation of €218m. Including net debt of €174m at the end of 2010, this gives Gamma an 

enterprise value of €392m. One Equity Partners completed another take private, this time of Netherlands-based Smartrac NV. The offer 

gave the company an enterprise value of approximately €350m. 

Early-stage and expansionary deal activity was at a low, with only one deal being announced over the last few weeks. Icos Capital 

backed Rotterdam-based Greenclouds, who aggregates and distributes excess cloud-computing capacity and offers this capacity on 

demand on a pay-per-use basis. 

A number of exits were also announced, including Axcel’s sale of EskoArtwork and Gimv’s sale of Liquavista. 

■ Deutsche unquote” 

This month saw two buyouts in Germany and the first investment of an Austrian private equity firm in the DACH region 

this year. The investments took place in the consumer and industrial sector. The German company buyouts included Change 

Capital acquiring cereal product producer Schneekoppe for an estimated amount between €20-50m, Riverside company taking 

an 80% stake in tow bar manufacturer and supplier Rameder and Global Equity Partners buying fibre producers Hahl Filaments 

and Pedex from Austrian chemical producer Lenzing Group. 

One secondary buyout was made by buy-out firm Halder acquiring AXA Private Equity’s portfolio company Gealan for a 

reported amount around €170m. 

The venture market remained very active with many small expansion investments in young companies. Most finance rounds 

were made in the medical appliance sector but also in the consumer and internet technology sector. NRW.Bank, Sirius and 

Astutia invested in accessory retailer Fashionette, Scottish Equity Partners backed hotel management software developer Hetras 

together with Target Partners and CFP&Founders Investments funded digital service provider zuuka. 

The exit market is also starting to moveup a gear. Barclays Private Equity and HBM BioVentures together with Enterprise 

Investors realized the highest returns in the DACH region this month. BPE sold by selling Siteco for an amount thought to 

be around €300m while HBN and EI exited PharmaSwiss for €350m. Two smaller divestments were made by Ventizz Capital 

Partners selling ersol Thin Film to Bosch and Equitrust achieved a 10x return on the sale of Telerob for €78m. 

■ Nordic unquote” 

Deal activity in the Nordic region increased in February and early March. A number of buyouts were made, the largest being Altor’s 

acquisition of Norwegian environmental service provider Veolia Miljø AS. The company was bought from Veolia Propreté in France 

and although the value was not disclosed, it was said to be more than €100m in equity value. Altor is looking to grow the company 

organically and through acquisitions. 



unquote 

European round-up 

Accent Equity announced two buyouts in quick succession, that of Hööks Hästsport and Autotube. Equity for both was provided 

by the Accent Equity 2008 fund that raised €380m at final close in 2007. Procuritas was also active, acquiring Norwegian education 

service provider Sonans AS. Earlier buyouts include Fagerberg & Dellby’s purchase of BIG BAG and APELNS and CapMan’s buyout 

of Pohjolan Design-Talo. 

In terms of early-stage and expansion deals, the last weeks have seen a steady stream of activity. Nokia Growth Partners led a funding 

round for Voddler, Industrifonden and SEB Venture Capital invested in InDex Pharmaceuticals and Lundbeckfond Ventures et al. 

backed Nexstim with €11.4m. ALMI Invest continued to be an active investor. 

A number of exits have also been recorded over the last weeks. Axcel announced the sale of Danish outsourcing firm Netcompany, which 

generated an annual IRR of more than 50%. Altor’s sale of Ferrosan Consumer Health was another notable disposal. 

■ Southern Europe unquote” 

February saw a continuation of Southern Europe’s positive start to the year. Unquote” recorded 15 buyout, expansion and earlystage 

deals in the region, with the bulk of these transactions taking place in Spain. Indeed, only one expansion investment was 

completed in Italy, Idea Capital’s £7.5m contribution to a wider £19m capital increase for Rome-based telecoms business Telit 

Communications. The habitually inert Portuguese market, meanwhile, witnessed Investing Profit Wisely’s acquisition of 45% of 

technology firm Altitude Software as part of a deal valued at €24m. 

Spain, however, was once again comparably active, particularly in the expansion and early-stage arenas. Technology investor 

Atomico Ventures signed off modestly-sized early-stage deals with FON and Siine, while another technology backer, Inveready, 

began the year as it means to go on, announcing seed investments in a string of local start-ups. 

At the upper end of the scale, AXA Private Equity completed the sequel to last summer’s buyout of Autopista Trados 45, with 

the acquisition of a 10% stake in CLH Group valuing the company at €3.6bn. The only February buyout involved the creation 

of steel manufacturing business Bloqmarine by Mediterrània Capital (advised by Riva y García), to which the fund will commit 

€15-20m over the next five years. 

■ UK & Ireland unquote” 

UK private equity news was dominated by what could be the final chapter of the EMI saga. Citigroup has agreed to reduce the 

music publisher’s debt burden in exchange for Terra Firma’s stake in the company. The deal is thought to have lost £1.75bn for 

Terra Firma, and many are now questioning the future of its outspoken chief, Guy Hands. 

Though the UK & Ireland was one of the most active regions in January, private equity activity was subdued by the usual standards 

of this leading market. However, this is broadly in line with market expectations for this time of year, and follows a busy December 

for the industry in the UK. The sale of Office was one of the most high-profile deals in January. Silverfleet bought the footwear 

retailer from West Coast Capital for around £150m. West Coast saw the firm’s EBI increase by almost 150% during the holding 

period, but declined to comment further on the performance of its investment. 

By far the largest deal in the UK was the acquisition of The Priory, a mental health and specialist care services provider. The 

firm, which was made famous by treating various celebrity patients, was bought by Advent International from The Royal Bank of 

Scotland for an estimated £925m. 



deal sector index 

unquote 

DEALS VALUE TYPE NAME LEAD BACKERS REGION PAGE 

BUILDING MATERIALS 

& FIXTURES 

CLOTHING & 

ACCESSORIES 

HEALTHCARE 

PROVIDERS 

NON-DURABLE 

HOUSEHOLD 

PRODUCTS 

RECREATIONAL 

SERVICES 

c€500m 

Secondary 

buyout 

Gerflor 

Intermediate Capital 

Group 

€32m Expansion Sergent Major Edmond de Rothschild 

Investment Partners, 

Siparex 

Villeurbanne 22 

Montreuil 16 

€25-50m Capital Shark Perceva Capital Marseille 16 

replacement 

€3m Expansion Happyview.fr Alven Capital et al. Paris 18 

n/d (c€200- 

300m) 

n/d (c€50- 

100m) 

n/d (€25- 

50m) 

Owner buyout Médipôle Sud Santé Bridgepoint Capital Cabestany 23 

Buyout 

Secondary 

buyout 

Compagnie 

Stéphanoise de Santé 

Assistances 

Médicales 

Spécialisées 

Bridgepoint Development 

Capital 

CIC LBO Partners et al. 

Saint Etienne 24 

Champigny sur 

Marne 

n/d (

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. 

AXA PE and Permira buy Opodo for €450m 

Transaction 

AXA Private Equity and Permira have wholly acquired online travel agent Opodo from its parent 

company Amadeus in a deal valued at €450m. Both private equity houses invested via their existing 

portfolio companies Go Voyages and eDreams, with a view to later merge the entities. 

Amadeus decided to dispose of Opodo as the business only represented 4% of the group’s total revenues. 

The auction process, launched in September 2010, was run by JP Morgan. The Carlyle Group, Google 

and Expedia were also said to be making a bid for the company. 

The planned merger with eDreams and Go Voyages will lead to the creation of a large European online 

travel agent generating revenues in excess of €1bn. Permira acquired a significant majority stake in 

Spanish online travel agent eDreams from TA Associates in 2010. The deal was valued at more than 

€250m. AXA Private Equity bought French online travel agent Go Voyages in 2010 as well, for an 

enterprise valuation of around €400m. 

EXPANSION 

eDreams/Go Voyages 

Sector 

Travel & tourism 

Opodo 

€450m 

Location London 

Sector Travel & tourism 

Founded 2000 

Turnover €111.7m 

EBITDA €38.5m 

Staff c400 

Permira provided equity to finance this latest transaction through Permira IV, an €11bn vehicle closed 

in 2006. Senior debt was also used to leverage the investment. AXA Private Equity has so far declined 

to comment on the transaction. 

While Opodo was valued at €450m – equivalent to 11.7x EBITDA – Amadeus will reap €500m from 

the sale, as it also secured a 10-year commercial agreement to provide GDS (global distribution system) 

services to the newly merged entity. 

The agreement is still subject to the approval of the competition authorities. 

Company 

Established in 2000, Opodo is a London-based online provider of travel services. Its website enables 

users to book flights and hotel accommodation, arrange car rentals and consult a range of travel 

information. Opodo posted revenues of €111.7m and a €38.5m EBITDA for 2010; it employs around 

400 staff. 

Founded in 1997, Paris-based Go Voyages is also a travel website that sells flight, hotel and car booking 

information. It reported sales of €843m in the 2009/2010 financial year. Offering the same type of 

services, online travel agent eDreams was established in 1999 and is based in Barcelona, Spain. 

People 

Benoit Vauchy and Carlos Mallo represented Permira on the transaction. 

Advisers 

Equity – Linklaters (Legal); Goldman Sachs (M&A); UBS (M&A); PricewaterhouseCoopers 

(Financial due diligence); KPMG (Financial due diligence); Bain (Commercial due diligence); 

Roland Berger (Commercial due diligence). 

Vendor – JP Morgan (M&A). 



expansion 

unquote 

EXPANSION 

Sergent Major 

€32m 

Location 

Sector 

Montreuil 

Clothing & 

accessories 

Founded 1987 

Turnover €150m 

Staff 700 

EdRIP et al. invest €32m in Sergent Major 

Transaction 

Edmond de Rothschild Investment Partners (EdRIP) and Siparex have provided French children’s 

clothing distributor Sergent Major with €32m of growth capital funding. EdRIP invested €20m 

through the Winch Capital 2 fund, a €250m venture vehicle raised in 2009. Siparex contributed €12m 

via the Siparex Mid Market II fund, which closed on €150m in 2008. Both investors secured minority 

stakes in the business. 

Siparex had already been backing the company for more than 15 years. This latest round of fundraising 

was organised as a non-intermediated competitive process EdRIP had been following Sergent Major 

for some time and was also in contact with Siparex prior to the deal being completed. 

Sergent Major will use the fresh funding to finance its expansion plans; the company aims to double its 

turnover over the next five years, notably by opening new stores both in France and abroad. 

Company 

Sergent Major is a distributor of children’s clothing founded in 1987. Natalys, part of the group since 

2006, focuses specifically on baby-related products – including furniture and toys. 

Operating through 315 stores in France and 90 international stores, the company posted a €150m 

turnover for 2010. It currently employs 700 staff (full-time equivalent). 

People 

Pierre-Michel Passy, Pierre-Yves Poirier and François-Xavier Mauron worked on the deal for EdRIP. 

Siparex was represented by Benoit Metais, Antoine Krug and Mathieu Marc. Paul Zemmour is president 

and majority shareholder of Sergent Major. 

Advisers 

Equity – Frieh & Associés, Xavier Norlain, Claire Gamain (Legal); KPMG, Axel Rebaudieres, Jack 

Rupchandani (Financial due diligence); Arsene Taxand, Frédéric Teper (Tax); Advention, Alban 

Neveux, Michael Amouyal (Commercial due diligence); IFM, Patricia Romatet (Commercial due 

diligence); JAL, Pierre Boudignon (IT due diligence). 

Company – Cabinet Guillaume Binder, Guillaume Binder, Hughes d’Haussonville (Legal). 

CAPITAL 

REPLACEMENT 

Shark 

€25-50m 

Location 

Sector 

Marseille 

Clothing and 

accessories 

Founded 1929 


Staff 670 

Vendor 

AtriA Capital 

Partenaires 

Perceva Capital recapitalises Shark 

Transaction 

Perceva Capital has recapitalised French motorcycle helmets manufacturer Shark, in a deal that values 

the company in the €25-50m range. The French private equity firm invested through its first vehicle, 

France Special Situations Fund I, which closed on €150m at the beginning of 2011. This is the fund’s 

third investment to date. 

Perceva Capital is now the sole shareholder in the business. AtriA Capital Partenaires led the buyout of 

Shark in 2005 and was looking to divest its stake through a replacement capital operation. It introduced 

Perceva Capital to the deal directly. 

The new owner stated that Shark fits its investment strategy given its size, market position, focus on 



unquote 

expansion 

innovation and international dimension. The fresh capital structure will allow the company to step up 

investments in its product range, with the upcoming introduction of two new models. Shark will also 

look to expand its market share outside of France, first in neighbouring countries and later on a larger 

scale. 

Debt 

Perceva Capital didn’t require any senior debt to leverage its investment. 

Company 

Shark was founded in 1929 and is headquartered in Marseille. The firm manufactures motorbike 

helmets and has been commercialising its own line of products since 1992. It generates 60% of its 

turnover outside of France and sells its products in more than 35 countries. Shark employs 670 people 

and posted a €30m turnover in 2010. 

People 

Xavier Lépine led the deal for Perceva Capital. Patrick Bertiaux represented AtriA Capital Partenaires. 

Patrick François is chairman of Shark. 

Advisers 

Equity – Veil Jourde, Pierre-François Veil, Géraud Saint Guilhem, Sylvain Clérambourg, Anne 

Guillemin, Christophe Delrieu (Legal); Ernst & Young, Guillaume Cornu, Améziane Abdat, Etienne 

Morlier, Anne-Elisabeth Combes, Tahé Bando-Delaunay, Lionel Benant, Matthieu Autret (Financial 

due diligence and tax). 

Vendor – Ayache Salama & Associés, Bernard Ayache, Marie-Christine Combes (Legal). 

Company – Brémond & Associés, Guilhem Brémond, Hélène Carpentier (Legal). 

21 Partners’ Club Med Gym buys Silhouette 

Transaction 

Club Med Gym, a portfolio company of 21 Centrale Partners, has acquired Swiss gym operator 

Silhouette. 

Local player SEC Partners joined 21 Partners to finance the bolt-on acquisition. The two companies 

will aim to open new fitness clubs in both France and Switzerland in the future. 21 Partners will also 

look for further bolt-on opportunities for Club Med Gym in the future. 

21 Partners took an 80% stake in Club Mediterranée’s subsidiary Club Med Gym, alongside 

management, for €74m in 2008. The firm provided equity for the original buyout, as well as this latest 

purchase, through 21 Centrale Partners III – a mid-market vehicle that closed on €330m in 2006. 

It was mainly attracted by the synergies between the two entities, and notably plans to develop the 

“corporate clubs” concept initiated with Club Med Gym in Switzerland. 

ACQUISITION FINANCE 

Club Med Gym 

expansion 

unquote 

operates 22 clubs in Paris, 32 “corporate clubs” in large companies and luxury hotels, and currently has 

approximately 70,000 members. Silhouette operates 22 clubs in Geneva, Zuricha and Brussels, and has 

37.000 registered members. The enlarged entity is expected to generate aggregated revenue of €80m 

this year and employs around 500 staff. 

People 

21 Partners was represented by Cédric Abitbol, François Tranié, Vincent Menudier and Nicolas Marien. 

Jean-Guillaume Benoit and Cédric Anthonioz worked on the deal for SEC Partners. Franck Gueguen is 

CEO of Club Med Gym and will act as Silhouette chairman following the acquisition. 

Advisers 

Equity – KPMG Switzerland, Giordano Rezzonico, Sébastien Moret, Jean-Philippe Bindschedler 

(Legal); KPMG Transaction Services, James Carter, Mickael Bezagut (M&A). 

EXPANSION 

Mobile Tag 

€6.6m 

Location Neuilly-sur-Seine 

Sector Software 

Founded 2006 

Staff 55 

SEB Ventures et al. invest €6.6m in Mobile Tag 

Transaction 

New investor SEB Ventures has joined existing backers Alven Capital and XAnge Private Equity in a 

€6.6m funding round for French marketing software company Mobile Tag. 

SEB Ventures invested through its €240m evergreen fund, which is focusing on technology and 

healthcare investments. The company will use the fresh funds to develop its marketing offering and to 

bolster its sales team. 

The new backer believes Mobile Tag’s solutions will attract network operators, advertisers and direct 

marketing firms alike. Both Alven Capital and XAnge were convinced by the company’s progress since 

their initial investment and chose to renew their support to finance Mobile Tag’s further development. 

Company 

Neuilly-sur-Seine-based Mobile Tag was established in 2006 and employs 55 staff, both in France and 

the US. It develops direct marketing tools for mobile applications, notably in relation to the scanning 

of barcodes via mobile devices. 

People 

Frank Kelcz led the deal for SEB Ventures; he will join the company’s board following the investment. 

Nicolas Rose and Nicolas Celier handled the transaction for XAnge and Alven Capital respectively. 

Domenico Surace is CEO of Mobile Tag. 

Advisers 

Company – Q Advisors, Michael Quinn, Andy Monroe (Corporate finance). 

EXPANSION 

Happyview.fr 

€3m 

Location 

Sector 

Founded 2009 

Staff 12 

Paris 

Healthcare 

providers 

Alven Capital et al. in €3m Happyview.fr deal 

Transaction 

Alven Capital and a consortium of private investors have provided French online optician Happyview.fr 

with €3m of growth capital funding. The venture firm provided equity through the Alven Capital III 

fund, a €100m FCPR vehicle raised in 2007. 



unquote 

expansion 

It sourced the deal through direct contact with the company’s management. 

Alven was particularly attracted to the online optical market, which allows the significant number of 

French people wearing glasses – 63% of the population – to purchase them at a substantial discount. It 

also believes the company’s business model compensates for lower margins by generating higher sales 

volumes, less inventories and lower fixed costs. 

Happyview.fr will use the funds to reinforce its team, launch new functionality and improve its 

prominence, with the global aim of strengthening its market position. 

Company 

Founded in 2009, Happyview.fr is an online optician based in Paris. It allows consumers to purchase 

prescription glasses at prices three to four times lower than those applied by “brick-and-mortar” 

opticians. The company employs 12 staff, including four state-certified opticians. 

While Happyview.fr’s turnover was not disclosed, Alven stated it was equivalent to the revenues 

generated by a network of 20 traditional opticians. 

People 

Nicolas Celier led the deal for Alven Capital. Marc Adamowicz is chairman of Happyview.fr. 

Advisers 

Equity – CVML, François Brocard, Matthieu de Valois (Legal); Audixia, Aimery de la Rochefoucauld 

(Financial due diligence). 

Company – Hugot Avocats, Olivier Hugot, Julie Amiel (Legal). 

Alven Capital injects €2.5m into Entropysoft 

Transaction 

Alven Capital has provided French software company Entropysoft with €2.5m of growth capital 

funding. 

The venture firm provided equity through the Alven Capital III fund, a €100m FCPR vehicle raised 

in 2007. Although Alven had previously met the company’s management a few years ago, it was 

introduced to the deal by corporate finance advisory firm Aelios Finance. 

EXPANSION 

Entropysft 

€2.5m 

Location 

Boulogne- 

Billancourt 

Software 

Sector 

Founded 2005 


Staff 15 

Alven was attracted by the company’s innovative products, the experience of its management team and 

the growth prospects of its market. The fresh funds will notably finance further recruitments as well as 

research and development efforts. 

Company 

Founded in 2005, Entropysoft designs connectivity and content transfer software solutions. Its products 

enable large companies to increase content interoperability and facilitate content transfers. 

The company posted a €1m turnover for 2010 – 85% of which was generated in the US – but expects 

strong growth in 2011. Entropysoft is based in Boulogne-Billancourt and employs around 15 staff. 

People 

Guillaume Aubin led the deal for Alven Capital. Nicolas Maquaire is CEO of Entropysoft. 



expansion 

unquote 

Advisers 

Equity – Gide Loyrette Nouel, Pierre Karpik, Emilie Leygonie (Legal); Ernst & Young, Emmanuel 

Picard, Renaud Regner (Financial due diligence); Pierre Audoin Consultants, Vincent Gelineau, 

Olivier Rafal (Commercial due diligence). 

Company – Aelios Finance, Veronique Roth, Pierre Dropsy (Corporate finance); Nixon Peabody, 

Douglas Glucroft, Emmanuelle Porte, Sylvie Hamel (Legal). 

EXPANSION 

Adents 

€1m 

Location Palaiseau 


Founded 2007 

Turnover €400,000 

Staff 10 

Naxicap invests €1m in Adents 

Transaction 

Naxicap Partners has provided French software company Adents with €1m of growth capital funding. 

The private equity firm invested from its €8.4m BP Création fund. It sourced the deal through strategic 

consultancy firm Tykya Consulting. 

Naxicap believes Advent is the only software solution addressing the increasingly strict traceability 

requirements faced by most industries. The company will now look to expand across three main 

markets: pharmaceutical, food production and cosmetics. 

Company 

Established in 2007, Adents edits a software enabling complete computerised traceabilty on production 

lines. It mainly targets the pharmaceutical and food production industries. 

The Palaiseau-based company employs 10 staff and posted a €400,000 turnover for 2010. 

People 

Antoine Le Masson and Nicolas Sebille handled the deal for Naxicap Partners. Christophe Devins is 

CEO of Adents. 

Advisers 

Equity – Edge Avocats, Claire Baufine Ducrocq, Matthieu Lochardet (Legal). 

Company – Tykya Consulting, Sébastien Cledes (Corporate finance). 

EXPANSION 

Vision 360 Degrés 

€1m 

Location Lyon 


Founded 2006 

Staff 3 

Siparex et al. support V3D with €1m 

Transaction 

Siparex Venture and Rhône-Alpes Création have invested €1m in French software developer Vision 

360 Degrés (V3D). 

Siparex invested through Siparex Innovation 2010 and Siparex Innovation 2011, two FCPI venture 

funds. It sourced the deal through direct contact with the company’s founders: Siparex investment 

manager Sébastien Touvron had already worked with V3D founders on their previous venture, 

Swapcom. V3D will use the funds to expand its team and penetrate international markets. 

The investor was attracted by the management team’s expertise in the telecoms market, a sector in 

which Siparex has also invested in the past. It believes V3D’s technology fills a gap in the mobile 

network performance measurement market – while telephone communications are increasingly shifting 



unquote 

expansion 

from landlines to mobiles, V3D’s software would be the first to measure quality directly from the enduser’s 

perspective. 

Company 

Founded in 2006, V3D is an editor of measurement software for smartphones. Its products enable 

network operators to extract real-time performance information directly from their customers’ 

smartphones and 3G SIM cards. It allows operators to monitor and improve the quality of their 

network service, and to gain in-depth knowledge of their customers’ smartphone usage. The Lyonbased 

company has already secured contracts with French operators and currently employs three staff. 

People 

Sébastien Touvron led the deal for Siparex Ventures. Philippe Vial-Grelier is CEO of V3D. 

ISAI injects €715,000 into Evaneos 

Transaction 

ISAI has invested €715,000 in French internet start-up Evaneos. Funds were drawn from ISAI’s 

maiden vehicle, a €35m fund raised in 2010 and dedicated to French internet start-ups. This is the 

fund’s fourth investment, in line with its strategy of completing a deal every three months. 

EXPANSION 

Evaneos 

€715,000 

Location Paris 

Sector Travel & tourism 

Founded 2009 

Staff 6 

ISAI was attracted by Evaneos’ concept and believes it is well-positioned to benefit from the growing 

bespoke holidays market. The fresh funds will be used to broaden Evaneos’ network of local agents, 

strengthen its team and develop new offerings such as honeymoon trips. 

Company 

Founded in 2009, Evaneos is a website allowing travellers to organise a bespoke trip in the country of 

their choice by directly getting in touch with local travel agents. The Paris-based company currently 

employs six staff, and plans to hire four new recruits in 2011. 

People 

Jean-David Chamboredon led the deal for ISAI. Jean-Fabrice Mathieu and Geoffroy Roux de Bezieux 

will represent ISAI on the company’s board. Eric La Bonnardiere is CEO of Evaneos. 

Advisers 

Equity – Gide Loyrette Nouel, Pierre Karpik, Savéria Laforce (Legal); 2C Finance, Frank Chuffart 

(Corporate finance). 

Company – Orsay, Samira Friggeri, David Sitruk (Legal). 

EdRIP takes 25% of Inventia 

Transaction 

Edmond de Rothschild Investment Partners (EdRIP) has acquired 25% of Inventia, the holding company 

of French cosmetics and cleaning products manufacturer Novamex, for an undisclosed amount. 

The growth capital firm was introduced to the deal by M&A adviser Transaction R, which had been 

mandated by Inventia for the fundraising effort. The company’s founder and manager retains a majority 

stake in the business. 

EXPANSION 

Inventia 

n/d (c€1-5m) 

Location Les Taillades 

Sector Non-durable 

household 

products 

Founded 2000 


Staff 110 



expansion 

unquote 

EdRIP – which invested through several vehicles from the Partenariat range of small-cap funds – expects 

stronger demand for eco-friendly products and a broadened product range to be the main drivers of 

growth within the next five years. 

Company 

Founded in 2000, the Novamex group designs and produces both cleaning products and toiletries 

under the L’Arbre Vert brand. With a focus on environmentally friendly production methods, the Les 

Taillades-based company currently employs 110 people and generates a turnover in excess of €30m. 

People 

Pierre-Michel Passy, André Renaison and Sabrina Bazire represented EdRIP on the deal. Michel Leuthy 

is CEO and main shareholder of Inventia. 

Advisers 

Equity – Quadratur, Gilles Fresel, Frédéric Chaillet (Legal); Advention Business Partners, Alban 

Neveux (Commercial due diligence); Constantin-Deloitte, Benoit Pimont (Financial due diligence). 

Company – Transaction R, Pierpaolo Carpinelli, Manuel Lasry, Anthony Benichou (Corporate 

finance); Juris Vendôme, Thierry Gateau, Cécile Rousset-Gallea (Legal). 

buyouts 

Leveraged buyouts and buy-ins involving equity investments by formalised private equity investors through the formation of a newco based 

in France. 

SECONDARY BUYOUT 

Gerflor 

c€500m 

Location 

Sector 

Villeurbanne 

Building 

materials and 

fixtures 

Founded 1937 


Staff 2,000 

Vendor 

AXA PE, Barclays 

PE, NiXEN 

ICG acquires Gerflor from AXA PE 

Transaction 

Intermediate Capital Group (ICG) has agreed to acquire French flooring business Gerflor from AXA 

Private Equity, in a deal estimated to be worth around €500m. The management team will take a stake 

in the company. Other minority shareholders, including Barclays Private Equity and NiXEN Partners, 

will also sell their stake in Gerflor. 

ICG was already familiar with the business, having been invested in Gerflor since 1992 with a mix of 

equity and mezzanine. On this occasion, it invested through ICG plc’s balance sheet as well as two of 

its funds. 

ICG was attracted by Gerflor’s performance over the past few years and notably plans to develop the 

company through further international expansion, both organically and via acquisitions. 

Debt 

No senior debt was used to finance the acquisition; ICG will leverage its investment by issuing crossover 

bonds. 

Previous funding 

AXA Private Equity led a consortium of investors to acquire Gerflor for €310m in 2006. Other private 



unquote 

buyouts 

equity backers included Barclays Private Equity, NiXEN Partners and ICG – which also contributed 

mezzanine financing. BNP Paribas underwrote a debt package worth 5.7x EBITDA to finance the buyout. 

AXA Private Equity stated that, under its ownership, Gerflor accelerated its diversification into high 

value-added areas and broadened its geographical footprint. The company increased its sales from 

€359m in 2006 to €448m in 2010. 

The private equity firm declined to comment on the return multiple generated in the sale. 

Company 

Villeurbanne-headquartered Gerflor manufactures and distributes vinyl flooring for professional and 

residential applications. Founded in 1937, the group employs around 2,000 people across its 12 

manufacturing plants and logistic hubs worldwide. 

People 

François de Mitry, Benoît Durteste, Pascal Borello, Benjamin Persyn and Pénélope Dietsch worked on 

the deal for ICG. AXA Private Equity was represented by Dominique Gaillard, Thibault Basquin and 

Daniel Setton. Bertrand Chammas is CEO of Gerflor. 

Advisers 

Equity – Rothschild & Cie, Laurent Baril, Arnaud Joubert (M&A); Latham & Watkins, Thomas 

Forschbach, Denis Criton, Xavier Farde, Michel Houdayer, Xavier Renard, Jérôme Commerçon (Legal 

and tax); 8 Advisory, Pascal Raidron, Lionnel Gerard, Florence Khayat (Financial due diligence). 

Vendor – Société Générale CIB, François Vigne, Alexandre Courbon (M&A); Linklaters, David 

Swinburne, Marine Delaître (Legal). 

Company – Callisto, Hervé Couffin, Paul-François Lorenzoni (Corporate finance); Eric Delattre 

(Legal). 

Bridgepoint backs Médipôle Sud Santé 

Transaction 

Bridgepoint Capital has taken a majority stake in the OBO (owner buyout) of French clinics operator 

Médipôle Sud Santé. 

Enterprise value was not disclosed, but is confirmed to be in excess of €200m. Bridgepoint invested 

through Bridgepoint Europe IV, an FCPR vehicle that closed on €4.8bn in 2008; an additional €50m 

was also earmarked for further investments in the company. Bridgepoint sourced the deal directly. 

OWNER BUYOUT 

Médipôle Sud Santé 

n/d (c€200-300m) 

Location Cabestany 

Sector Healthcare 

providers 

Founded 2006 


Staff 2,140 

The firm believes the private hospital sector has proven resilient to the downturn, thanks in part to 

favourable demographic trends. It intends to turn Médipôle into a consolidating player in the South of 

France, with the aim to acquire and develop more clinics going forward. Bridgepoint expects to double 

the size of the group over the next five years. 

The London-based private equity house is no stranger to the French private healthcare sector, 

having previously backed the €330m buyout of home care company Médica in 2003 – a business it 

subsequently sold to BC Partners and AXA Private Equity in 2006. 

Debt 

Information on leverage for this transaction remains confidential. 



uyouts 

unquote 

Company 

Founded in 2006, Médipôle Sud Santé is a private clinics operator offering a range of services including 

medicine, surgery, obstetrics and gynaecology. The Cabestany-based group operates ten establishments 

and currently employs 2,140 people. It posted a €175m turnover in 2010. 

People 

Benoit Bassi led the deal for Bridgepoint. Marcel Hermann is CEO of Médipôle Sud Santé. 

Advisers 

Equity – Crédit Agricole CIB (M&A); BCG (Commercial due diligence); Ginestié (Legal); 

Accuracy (Financial due diligence); Arsène Taxand (Tax); Péchenard (Social due diligence); Marsh 

(Insurance due diligence); Adama Real Estate (Property due diligence). 

Company – BNP Paribas (Corporate finance); SJ Berwin (Legal). 

BUYOUT 

Compagnie 

Stéphanoise de Santé 

n/d (c€50-100m) 

Location Saint Etienne 


providers 

Founded 2005 


Staff 1,350 

BDC acquires C2S 

Transaction 

Bridgepoint Development Capital (BDC) has acquired a majority stake in French clinics operator 

Compagnie Stéphanoise de Santé (C2S) for an undisclosed amount. The deal was funded via 

Bridgepoint Development Capital I, a mid-market vehicle launched in 2009 with a £300m target. BDC 

secured a stake in the 50-55% range; management holds the remainder of the shares. C2S contacted 

the private equity investor directly, as it was looking for fresh funding to acquire a new establishment, 

Clinique du Parc, located in Lyon. 

BDC was attracted by the strong growth prospects of the private clinics market in France, and had 

previously been looking at other investment opportunities in the sector. It believes C2S will now be 

able to consolidate its position in the short- and medium-term stay market, and become a major player 

in the French private hospital sector. 

Debt 

The transaction was funded by equity only. 

Company 

Founded in 2005 through the formation of three clinics and the subsequent addition of further facilities 

between 2006 and 2011, C2S now operates ten clinics in the Rhônes-Alpes region. The company 

employs 1,350 staff and posted a €110m turnover in 2010. 

People 

Pierre Colasson, Olivier Binet and Jonathan Piquet represented Bridgepoint Development Capital on 

the deal. Bruno Limonne is CEO of Compagnie Stéphanoise de Santé. 

Advisers 

Equity – Frieh Bouhenic, Michel Frieh, Sarmad Haidar (Legal); Ginestié, Magellan, Paley-Vincent, 

François-Xavier Testu (Legal); Landwell, Cécile Debin, Fabien Radisic, Bernard Borrely (Legal and 

tax); LEK, Arnaud Sergent, Serge Hovsepian (Commercial due diligence); Ariane Santé Social, 

Thierry Boval, Agnès Robert (Commercial due diligence); Contantin-Deloitte, Cécile Rémy, Alban 

Cabanis (Financial due diligence); Marsh, Jean-Marie Dargaignaratz (Insurance due diligence). 

Management – CJA Avocats, Gilles Palay (Legal); BMS Francis Lefebvre, Charles-Yves Rivière, 

Renaud Bleicher (Legal). 



unquote 

buyouts 

CIC LBO Partners et al. support AMS 

Transaction 

CIC LBO Partners and CM-CIC Capital Privé have acquired French healthcare provider Assistances 

Médicales Spécialisées (AMS) from Capzanine for an undisclosed amount. 

Deal value was confirmed to be in excess of €25m. CIC LBO Partners led the transaction and provided 

equity through the CIC LBO Fund II, a buyout vehicle which reached its first close on €157m in 

2008. 

The new owner was attracted by AMS’ management team and track record of growth – the company 

has grown at an average rate of 30% per annum over the past five years. CIC LBO Partners also believes 

the homecare market to be particularly attractive, notably in terms of consolidation prospects. 

SECONDARY BUYOUT 

Assistances 

Médicales 

Spécialisées (AMS) 

n/d (c€25-50m) 

Location Champigny sur 

Marne 


providers 

Founded 1994 


Staff 140 

Vendor Capzanine 

Capzanine was looking to partially exit AMS in order to realise some of its initial investment, and also 

thought that a new majority shareholding structure would be better suited to the company’s next phase 

of development – which may include external growth projects. Leonardo Midcap CF was mandated to 

run the sale process. 

The firm however, reinvested in AMS – with a mix of equity and mezzanine funding – through its 

Capzanine II vehicle, which closed on €325m in early 2008. Management also increased its stake in 

the business. 

Debt 

Palatine and CIC co-arranged senior debt to finance the acquisition. Capzanine provided mezzanine 

financing. 

Previous funding 

Capzanine acquired a 75% stake in the €30m management buyout of AMS in 2008. A €12m senior 

debt package was provided by CIC, Banque Palatine and Crédit du Nord. Capzanine also provided 

€6m of mezzanine financing. Since then, AMS’ number of staff has doubled and it opened nine new 

agencies. The company’s turnover has also grown from €12m to €20m. 

Company 

Founded in 1994, AMS is a homecare provider based in Champigny sur Marne. It mainly provides 

respiratory assistance and insuline therapy services. The group currently employs 140 people across 12 

agencies and generates a €20m turnover. 

People 

CIC LBO Partners was represented by Bertrand Fesneau, Rémi Matuchansky and Astrid Cloarec. 

David Hoppenot, Benoit Choppin and Bruno Bonnin worked on the deal for Capzanine. Yannick 

Mercier is CEO of AMS. 

Advisers 

Equity – Orsay, Samira Friggeri, Valérie Dixneuf (Legal); Grant Thornton, Thierry Dartus, Pascal 

Pellaudin (Financial due diligence); Alcimed, Nathanaelle Cellier (Commercial due diligence). 

Vendor – Taylor Wessing, Nicolas de Witt (Legal); Leonardo Midcap CF, Bruno Stern, Mehdi El Kadiri, 

Fédéric Singer (Corporate finance); KPMG, Vincent Delmas, Antoine Viry (Financial due diligence). 

Debt – Jeantet, Alexandre Tron (Legal); Taylor Wessing, Pierre Tallot (Legal). 

Management – Licorne Finance, Etienne Keller (Corporate finance); HPML, Vincent Libaud 

(Legal). 



uyouts 

unquote 

BUYOUT 

Philogéris Résidences 

n/d (

unquote 

PERIOD TO END 

JANUARY 2011 

France watch period to end January 2011 

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 

YTD 2011 Volume 1 

YTD 2011 Value €1m 

15 

12 

9 

6 

3 

0 

100 

80 

60 

40 

20 

0 

Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 2010 Q3 2010 Q1 2011 

Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 

Q1 2010 


Q1 2011 

Early-stage 

Value (€m) 

Volume 

40 

35 

30 

25 

20 

15 

10 

5 


YTD 2011 Value €9m 

0 

0 


Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 



Q1 2011 

Expansion 

500 

400 

300 

200 

100 

Value (€m) 

Source: unquote” 

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


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

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

refinancings like the SigmaKalon €1.6bn deal in Q3 2005 

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

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

Volume 


YTD 2011 Value €0.28bn 

60 

15 

50 

12 

40 

9 

30 

6 

20 

10 

3 

0 

0 


Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 



Q1 2011 

Buyouts 

Value (€bn) 

Volume 

250 

200 

150 

100 

50 

0 


YTD 2011 Value 

€4.1bn 

European buyouts 


Q1 2005 

Q3 2005 

Q1 2006 

Q3 2006 

Q1 2007 

Q3 2007 

Q1 2008 

Q3 2008 

Q1 2009 

Q3 2009 



Q1 2011 

80 

70 

60 

50 

40 

30 

20 

10 

0 

Value (€bn) 


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


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



funds raising 

A Austria 

BE Belgium 

CH Switzerland 

D 

DEN 

EE 

Germany 

Denmark 

Estonia 

EI 

ES 

F 

Ireland 

Spain 

France 

unquote 

FIN Finland 

I Italy 

LT Lithuania 

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

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

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

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

Argos Soditic Argos Expansion F €120 1st €45 

Aster Capital Aster II F €120-150 FA n/d 

Atlantic Bridge Atlantic Bridge UK €130 1st €85 

BC Partners BC European Capital IX UK €6,000 1st €4,000 

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

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

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

Capricorn Venture Partners Capricorn Health-tech Fund BE n/d 1st €42 

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

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

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

Eurolight Ventures Eurolight Ventures Fund ES €80-90 FA n/d 

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

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

Idinvest Idinvest Private Debt F €250 1st €167 

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

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

Natixis Private Equity, Fonds Strategique Kurma Biofund F €75-100 1st €51 

d’Investissement (FSI) 

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

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

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

Perceva Capital Perceva Capital F n/d n/d €150 

Providence Equity Partners Providence Equity Partners VII US n/d FA n/d 

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

Sherpa Capital Sherpa Capital ES €30 FA n/d 

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

WestBridge WestBridge SME Fund UK €50 1st €10 

funds-of-funds 

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

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

Unigestion 

Unigestion Environmental Sustainability Fund 

of Funds 

CH €150 FA n/d (FA) 



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 

n/d 

Mid-market buyout, expansion, Europe Mariana Gajardo +33 1 56 89 59 00 

distressed 

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

Central Asia, Turkey 

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

Jul-10 Mezzanine Europe Olivier Bossan +33 153672050 

Feb-11 Early-stage – technology Europe, North America, Asia Jean-Marc Bally +33 1 45 61 34 58 

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

Mar-11 Buyout Europe Charlie Bott +44 20 7009 4800 

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

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

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

Dec-10 Earlystage, expansion – healthcare Europe n/d +32 (0)16 28 41 00 

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

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

Jan-10 

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

infrastructure 

Feb-11 Early-stage – photonic SMEs Europe Victor Sunyer n/d 

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

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

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

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

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

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

Sep-10 

Buyout – small and medium 

F n/d +33 1 53 93 49 40 

enterprises 

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

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

Jan-11 Buyout, special situations France n/d +33 (0) 1 42 97 19 90 

Jan-11 Buyout Global n/d +1 (401) 751 1700 

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

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

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

Jul-10 Buyout Europe Guy Davies +44 2920 546250 

Date Stage Geographic Contact Telephone 

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

Feb-10 Fund-of-funds US, Europe, Asia Hanspeter Bader +41 22 704 4111 



funds investing 

unquote 

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 

21 Centrale Partners 21 Centrale Partners III F 

21 Partners 21 Centrale Partners IV F 

3i Eurofund V UK 

Access Capital Partners Capital Fund IV expansion Buy-out Europe F 

Activa Capital Activa Capital II F 

Advent International Advent International Global Private Equity VI UK 

Alchemy Partners Alchemy Investment Plan UK 

Altor Equity Partners Altor Fund III SWE 

Ambienta Ambienta I I 

AnaCap Financial Partners AnaCap Financial Partners II UK 

Apax Partners Worldwide Apax Europe VII UK 

Apollo Investment Corporation Apollo Investment Fund VII US 

Argan Capital Argan Capital Fund UK 

Argos Soditic Euroknights VI F 

Bain Capital Bain Capital IX US 

Bain Capital Bain Europe III US 

Barclays Private Equity Barclays Private Equity Europe III UK 

BC Partners BC European Capital VIII UK 

Blackstone Group BCP VI US 

Bregal Capital LLP The Bregal Fund III LP UK 

Bridgepoint Bridgepoint Development Capital I UK 

Bridgepoint Bridgepoint Europe IV UK 

Carlyle Group Carlyle Europe Partners III UK 

CCMP Capital Advisors CCMP Capital Investors II US 

Charterhouse Charterhouse Capital Partners IX UK 

Cinven The Fourth Cinven Fund UK 

Clayton Dubilier & Rice Clayton Dubilier & Rice Fund VIII US 

Climate Change Capital Ltd Climate Change Capital Private Equity fund UK 

Cognetas Cognetas Fund II UK 

CVC Capital Partners CVC European Equity Partners IV UK 

Danske Private Equity Danske PEP IV DEN 

DLJ Merchant Banking Partners DLJ Merchant Banking Partners IV UK 

Doughty Hanson Doughty Hanson & Co Fund V UK 

Duke Street Capital Duke Street Capital VI UK 

Edmond de Rothschild Capital Partners ERLF II F 

Electra Partners Europe Electra Partners Club 2007 UK 

EQT EQT V SWE 

Ergon Capital Partners Ergon Capital Partners II BE 

First Reserve Corporation First Reserve Fund XII US 

Fortis Private Equity Fortis Private Equity NL, BE 

GI Partners GI Partners Fund III US 

Gilde Buy Out Partners Gilde Buy Out Fund IV NL 

GIMV GIMV BE 

GMT Communications Partners GMT Communications Partners III UK 

Goldman Sachs GS Capital Partners VI US 

H.I.G. Capital H.I.G. European Partners US 

Hellman & Friedman HFCP VII US 

Hermes Private Equity Hermes Private Equity Partners III (HPEP III) UK 

HgCapital HgCapital V LP UK 

HitecVision HitecVision V LP NOR 

Hudson Clean Energy Partners Hudson Clean Energy Partners LP UK 

Ibersuizas Ibersuizas Capital Fund II ES 

IDeA Alternative Investments SpA IDeA Co-Investment Fund I I 

Industri Kapital IK2007 UK 

Infinity Infinity III UK 

Investcorp Investcorp Technology Partners III UK 

Investindustrial Investindustrial Fund IV I 

Invision Private Equity Invision IV CH 

L Capital Management L Capital FCPR 2 F 



unquote 

Size (m) Closed Stage Region 

€330 Nov-06 Buyout F/I 

€380 Feb-11 Buyout, expansion F 

€5,000 Oct-06 Buyout Europe 

€413 Apr-08 Buyout, expansion Europe 

€320 Mar-07 Buyout F 

€6,600 Apr-08 Buyout Global 

€1,600 Evergreen Buyout UK, Western Europe 

€2,000 Aug-08 Buyout, distressed companies Global 

€218 Oct-09 Buyout, expansion Europe 

€575 May-05 Buyout, expansion Europe 

€11,200 Oct-07 Buyout Global 

$14,800 Feb-09 Buyout, distressed companies Global 

€425 0ct-06 Buyout Nordic, Western Europe, CEE 

€400 Dec-10 Buyout, small and mid-market Europe 

$8,000 (+$2,000 co-invest) Jun-05 Buyout Global 

€3,500 Jun-05 Buyout Europe 

£2,400 Sep-07 Buyout, expansion Europe 

€5,500 May-05 Buyout Europe 

$15000 Jan-11 Buyout US, Europe 

€1,000 Feb-10 Buyout UK & Europe 

€300 Jun-05 Buyout Europe 

€4,850 Nov-08 Buyout Europe 

€5,350 Sep-07 Buyout US, Europe 

$3,400 Nov-07 Buyout US, Europe, Asia 

€4,000 Apr-09 Buyout Europe 


$5,000 Jan-10 Buyout Europe, US 

€200 Sep-07 Buyout, expansion – clean energy Europe 

€1,260 Jul-05 Buyout Western Europe 

€6,000 Aug-05 Buyout Europe 

€600 Jan-05 Buyout, fund-of-funds Europe, North America 

$2,100 Oct-06 Buyout Europe, US 


€1,000 Aug-07 Buyout Europe 

€300 Jan-08 Buyout F 

£100 Jun-08 Buyout Western Europe 

€4,250 Dec-06 Buyout Europe 

€150 Feb-05 Buyout BE, F, I 

$9,000 Mar-05 Buyouts, expansion – energy Global 

€1,250 n/d Buyout, expansion Europe, US, Asia 

$1.900 Jan-10 Buyout, distressed companies Europe, North-America 

€800 Jul-10 Buyout Benelux, DACH, F 

€1,200 n/d Buyout, expansion, early-stage Europe 

€250 Jul-07 Buyout Europe 

$20,300 Jun-05 Buyout Global 


$8,800 Nov-09 Buyout Global 

n/d Jul-07 Buyout Europe 

£830 Feb-06 Buyout Europe 

$816 Feb-08 Buyout, expansion Europe, US 

$1,000 Jan-10 Buyout – renewable energy Global 


€217 Jun-05 Buyout, expansion – co-investments Europe 

€1,675 Oct-07 Buyout Europe 

$200 Mar-11 Buyout, expansion UK, Europe, North America 

$400 Jan-08 Buyout Europe 

€1,000 Feb-08 Buyout Europe 

CHF300 Oct-08 Buyout, expansion Europe 

€325 Mar-08 Buyout Europe, US 




unquote 

BUYOUT FUNDS 


LBO France White Knight VIII F 

LBO France Hexagone III F 

Lime Rock Partners Lime Rock Partners V US 

Lion Capital Lion Capital Fund II UK 

Madison Dearborn Partners Madison Capital Partners VI LP US 

Montagu Private Equity Montagu III LP UK 

Morgan Stanley Global Secondary Opportunities Fund US 

NBGI Private Equity NBGI Private Equity Fund II UK 

Neuberger Berman NB Distressed Debt Investment Fund Limited US 

Nordic Capital Nordic Capital Fund VII Jersey 

Oaktree Capital Management LP OCM European Principal Opportunities Fund II US 

PAI partners PAI Europe V F 

Palamon Capital Partners Palamon Europe Equity II UK 

Partners Group Partners Group Direct Investments 2009 CH 

Pechel Industries Partenaires Pechel Industries III F 

Perceva Capital France Special Situations Fund I F 

Permira Permira IV UK 

Perusa Partners Perusa Partners I UK 

Platinum Private Equity Partners Platinum Private Equity Partners II US 

Primary Capital Primary III UK 

Proa Capital ProA Capital Iberian Buyout Fund I ES 

Riverside Company Riverside Europe Fund IV BE 

Robeco Alternative Investments Robeco European Private Equity II NL 

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

SGAM SGAM Private Value Fund F 

Summit Partners Summit Partners Europe Private Equity Fund US 

TA Associates TA XI LP US 

TDR Capital TDR Capital II UK 

Terra Firma Terra Firma Capital Partners III UK 

The Gores Group Gores Capital Partners III US 

TowerBrook Capital Partners TowerBrook Investor LP III UK 

Triton Partners Triton Partners III D 

Vendis Capital Vendis Capital I BE 

Vespa Capital Vespa I UK/F 

Vitruvian Partners Vitruvian Investment Partnership UK 

Warburg Pincus Warburg Pincus X US 

EARLY-STAGE/EXPANSION FUNDS 


360° Capital Partners 360° Capital Fund F 

3i Growth Capital Fund UK 

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

A Plus Finance A Plus Innovation 6 F 

Acton Capital Partners Heureka Expansion Fund D 

Advent Venture Partners Advent Life Science UK 

Alliance Venture Partners Alliance Venture Polaris NOR 

Amadeus Capital Partners Amadeus III UK 

Atlas Venture Atlas Venture Fund VIII UK 

Atomico Ventures Atomico Ventures II US 

BankInvest BankInvest BioMedical Annex Funds DEN 

BB Biotech Venures BB Biotech Ventures III UK 

Brú II Venture Capital Brú II Venture Capital Fund Iceland 

CapMan CapMan Life Science IV SWE 

Demeter Partners Demeter 2 F 

Earlybird Venture Capital Earlybird IV D 

Edmond de Rothschild Investment Partners (EdRIP) Winch Capital 2 F 

Emerald Technology Ventures SAM Private Equity Sustainability Fund II UK 

Energy Ventures Energy Ventures III NOR 

Essex Woodland Health Ventures Essex Woodland Health Ventures VIII US 

Forbion Capital Partners FCF I Co-Invest Fund NL 

Hasso Plattner Ventures Hasso Plattner Ventures Europe D 

HitecVision HitecVision Asset Solutions NOR 



unquote 


€1,200 Mar-09 Buyout F 

€180 Jan-06 Buyout, small-cap F 

$1,400 Jun-08 Buyout Global 


$4,100 May-10 Buyout Global 

£2,260 Jun-05 Buyout Europe 

$585 May-10 Buyout, mid-market US, Europe 

€100 Dec-08 Buyout, expansion, turnaround UK 

$197 Jun-10 Buyout, distressed, special situations Europe 

€4,300 Nov-08 Buyout Global, focus on Europe 

€1,800 Dec-08 Buyout, expansion, distressed Global 


€670 Jun-06 Buyout, expansion Europe 

€650 Sep-10 Buyout Europe 

€165 Oct-08 Buyout, expansion F 

€150 Jan-11 Buyout, distressed, special situations F 

€9,600 Sep-06 Buyout Europe, US, Japan 

€155 Ap-08 Buyout Europe 

$2,750 Sep-08 Buyout Global 

€200 Apr-06 Buyout Europe 

€250 Apr-08 Buyout Europe 

€420 Nov-10 Buyout, small- and mid-cap Europe 

$100 Jun-05 Buyout Europe 

€245 May-05 Buy-out, small- and mid-cap DACH, Benelux, I, F 

€267 Jun-07 Buyout, expansion, early-stage Europe, US, Asia 

€1,000 Apr-08 Buyout Global 

$4000 Aug-05 Buyout, expansion US, Europe, India 

€1,750 Jun-06 Buyout – mid-market Western Europe 


$2,000 Feb-11 Buyout US, Europe 

$2,800 Nov-08 Buyout Europe, North America 

€2,250 Feb-10 Buyout Europe 

€112 Jan-11 Buyout, expansion Europe 

€75 Mar-10 Buyout UK, F 

€925 Mar-08 Buyout Europe 

$15,000 Apr-08 Buyout Global 


€100 Feb-08 Early-stage Europe 

€1,200 Mar-10 Expansion Europe, Asia, North America 

$181 Apr-07 Expansion Europe, US, Africa, Middle East 

€37 May-07 Early-stage F 

€150 May-10 Expansion – technology Europe, North America 

$120 Nov-10 Early-stage – life science Europe, US 

NOK340 Nov-06 Early-stage Global 

$310 Mar-07 Early-stage Europe 

$283 Jan-05 Early-stage Europe, US 

$165 Mar-10 Early-stage Europe 

n/d Jul-05 Early-stage Europe 

€68 Jul-05 Early-stage, expansion Global 

€65 Apr-07 Expansion Europe,US 

€54 May-07 Expansion Europe 

€203 Jan-10 Expansion – cleantech, renewable energy F, ES, D 

€127 Aug-08 Early-stage DACH, F, Benelux, Nordics, UK 

€250 Jan-10 Expansion F 

€135 Apr-07 Early-stage, expansion North America, Europe 

NOK1,340 Jan-08 Early-stage North Sea, US 

$900 Mar-05 Early-stage, expansion – healthcare Europe, Asia 

€54 Sep-10 Early-stage Europe 

€100 Jun-08 Early-stage, expansion Europe, Israel 

$420 Jun-10 Expansion – oil & gas Global 




unquote 

EARLY-STAGE/EXPANSION FUNDS 


Index Ventures Index Ventures V UK 

Innovacom Innovacom 6 F 

ISAI Développement ISAI Développement F 

Kennet Partners Kennet III UK 

Kohlberg Kravis Roberts KKR European Annex Fund UK 

Korona Invest Oy Terveysrahasto Oy FIN 

Milk Capital Milk Capital F 

NBGI Ventures NBGI Private Equity French Fund I UK 

NBGI Ventures NBGI Technology Fund II LP UK 

NeoMed NeoMed Innovation IV NOR 

Newfund Newfund I F 

Platina Partners European Renewable Energy Fund UK 

Pond Venture Partners Pond III US 

Prime Technology Ventures Prime Technology Ventures III NL 

Quest for expansion Quest for expansion NV BE 

Serena Capital Serena Capital F 

Sofinnova Partners Sofinnova Capital VI F 

SV Life Sciences (SVLS) SV Life Sciences (SVLS) Fund V US 

Wellington Partners Wellington Partners IV Technology UK 

WHEB Ventures WHEB Ventures Private Equity Fund 2 UK/D 

OTHER FUNDS 


17Capital 17Capital Fund LP UK 

Abbott Capital Management Abbott Capital Private Equity Fund VI US 

Altamar Private Equity Altamar Secondary Opportunities IV ES 

Amanda Capital Amanda III FIN 

Arcano Capital Global Opportunity Fund II ES 

Arcis Group ESD Fund IV UK, F 

ATP Private Equity Partners ATP IV K/S DEN 

Babson Capital Europe Almack Mezzanine I UK 

Cipio Partners Cipio Partners Fund VI LUX 

Coller Capital Coller International Partners V UK 

Environmental Technologies Fund Environmental Technologies Fund LP UK 

EQT EQT Credit SWE 

EQT EQT Expansion Capital II SWE 

F&C Private Equity F&C European Capital Partners UK 

F&C Private Equity Aurora Fund UK 

Goldman Sachs Asset Management GS Vintage Fund V US 

GSO Capital Partners, Blackstone Group GSO Capital Solutions Fund UK 

HarbourVest Partners Dover Street VII US 

Headway Capital Partners Headway Investment Partners II (HIP II) UK 

IDeA Alternative Investments SpA ICF II I 

IFE Conseil IFE Conseil II LX 

Indigo Capital Indigo Capital V (ICV) UK 

Intermediate Capital Group Plc European Mezzanine Fund IV UK 

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

LGT Capital Partners Crown Global Secondaries II plc CH 

LODH Private Equity AG Euro Choice IV D 

MML Capital Partners Mezzanine Management Fund IV LP UK 

Morgan Stanley AIP Morgan Stanley Private Markets Fund IV UK 

Park Square Capital Park Square Capital Partners LP UK 

Partners Group Partners Group Global Opportunities CH 

Partners Group Partners Group Secondary 2008 CH 

Pohjola Private Equity Selected Mezzanine Funds I FIN 

Pomona Capital Pomona Capital VII US 

Portfolio Advisors Portfolio Advisors Private Equity Fund V US 

Robeco Robeco Responsible Private Equity II NL 

Siemens Siemens Global Innovation Partners I (SGIP I) D 

SL Capital Partners LLP European Strategic Partners 2008 UK 

Vision Capital Vision Capital Partners VII UK 

Wiltshire Private Markets Wilshire Private Markets Fund VIII US 



unquote 


€350 Mar-09 Early-stage – technology, biotech, cleantech Europe, Global 

€150 Oct-07 Early-stage, expansion Europe 

€35 Oct-10 Early-stage – technology F 

€200 Jul-08 Expansion – technology Europe, US 

€400 Aug-09 Expansion Global 

€55 Dec-09 Early-stage – healthcare F 

€20 Jul-08 Early-stage Global 

€100 Jan-10 Early-stage Europe 

€60 Oct-07 Early-stage Europe 

€104 Dec-05 Early-stage, expansion Europe 

€72 Jun-05 Early-stage, expansion F 

€209 Mar-10 Expansion – renewable energy Europe 

$145 Feb-06 Early-stage Europe 

€150 Jan-09 Early-stage, expansion – technology Europe 

€103 Nov-05 Early-stage Europe 

€100 Jan-06 Early-stage, expansion Western Europe 

€260 Feb-10 Early-stage, expansion Europe 

$523 Jul-10 Early-stage – healthcare US, Europe 

€265 Jan-08 Expansion Europe 

€105 Jun-10 Expansion – cleantech Europe 


€88 Sep-10 Mezzanine Europe 

$1,020 Apr-05 Fund-of-funds Global 

€65 Jan-10 Secondaries Global 

€100 May-07 Fund-of-funds Europe, US, Russia, Asia 

€150 Jan-10 Fund-of-funds Europe, Asia, US 

€354 Oct-08 Secondaries Europe 

€1,000 Dec-10 Funds-of-funds Europe, US 

€800 Jun-06 Mezzanine Europe 

€137 Jan-11 Direct secondaries Western Europe, North America 

$4,500 Apr-07 Secondaries Europe, US 

£110 Mar-08 Mezzanine – clean energy Europe 

€350 Dec-10 Mezzanine, expansion Europe 

€474 Jun-07 Mezzanine, expansion Europe 

€173 Jul-08 Fund-of-funds Europe 

€45 Jul-10 Secondaries Europe 

$5,500 Mar-05 Secondaries Global 

$3250 Jul-10 Mezzanine US, Europe 

$2,900 Apr-09 Secondaries Global 

n/d Apr-08 Secondaries Global 

€281 Aug-10 Fund-of-funds Europe, US 

€300 Nov-06 Mezzanine Benelux, D, F, ES, I 

€550 Jun-07 Mezzanine Europe 

£1,250 Apr-07 Mezzanine Europe 

$93 Sep-05 Secondaries Global 

€1,200 Jun-10 Secondaries Europe, Australia, US, Asia 

€513 May-05 Fund-of-funds Europe 

€268 Jun-07 Mezzanine Western Europe, North America 

$1,140 May-09 Fund-of-funds Global 

€1,050 Jan-05 Mezzanine Europe 

€400 Oct-06 Co-investment Global 

€2,500 Dec-09 Secondaries Global 

€102 Jun-09 Fund-of-funds – mezzanine, co-investment Europe 

€1,300 Jul-08 Secondaries Global 

$1,000 Apr-09 Fund-of-funds US, Europe 

€50 May-05 Fund-of-funds Global 

n/d May-10 Fund-of-funds, early-stage Global 

€700 Sep-10 Fund-of-funds Europe 

€680 Jan-05 Direct secondaries Europe 

$615 Apr-05 Fund-of-funds Global 



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 

Bureau Veritas Business support services n/d, 1995 Wendel Investissement 

Fountaine Pajot Commercial vehicles & trucks n/d, 2002 21 Centrale Partners 

Buyouts 

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

Expansion Ouest, Grand Sud Ouest Capital 

Legrand Electrical components & equipment €3.7bn, 2002 Wendel Investissement, KKR 

Médica Healthcare equipment & services €750m, 2006 BC Partners, AXA Private Equity 

Outremer Telecom Mobile telecommunications €70m, 2004 Apax Partners 

Rexel Electrical components & equipment €3.8bn, 2005 Clayton Dublier & Rice, Eurazeo, Merrill Lunch 

Global Private Equity 

Seloger.com Real estate holding & development €50m, 2000 AXA Private Equity, Galileo Partners, Alpha 

Associes, Alven, Europ@web 

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

Entreprises, Siparex, Initiative & Finance 

Auto Escape Specialised consumer services n/d, 2005 Ofi Private Equity, Viveris Management 

Carmat Healthcare equipment & services €7.25, 2008 Truffle Venture 

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

de Rothschild Investment Parnters, KamInvest, 

Odysee Venture 

Eurogerm Food Products €5.8m, 2004 Siparex, Carvest 

Europacorp Broadcasting & entertainment n/d GCE JIC 

Venture 

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

Partners, AXA Private Equity, Gilde Pechel, Innoveris 

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

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

Equity, Viveris Management, Credit Agricole 

Private Equity, SGAM AI 

Parrot Technology hardware & equipment €12m, 2005 EPF Partners 

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

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

Sofimac Partners 

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

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

Sodero, Dahlia 

* country specific sector index. 

Source: Bloomberg 



unquote 

IPO date 

Prime 

Exchange 

Issue price 

Market cap 

at IPO 

P/E Ratio 

Industry 

benchmark P/E 

ratio* 

Share price 

24/03/2011 

Price change 

since IPO 

Oct-07 Euronext Paris €37.75 €4.38bn 20.52 n/a €54.37 44% ▼ 

Jun-07 Euronext Paris €30 €46m n/a 19.29 €11.10 -63% ▼ 

Jun-07 Euronext Paris €5.1 €65m 21.78 n/a €3.41 -33% ▲ 

Apr-06 Euronext Paris €19.75 €5.35bn 16.77 13.11 €28.67 45% ▼ 

Feb-10 Euronext Paris €13 €623m n/a 15.1 €14.11 9% ▲ 

Apr-07 Euronext Paris €17 €360m n/a 16.36 €9.85 -42% ▲ 

Apr-07 Euronext Paris €16.5 €4.22bn 18.74 13.11 €17.60 7% ▲ 

Jan-07 Euronext Paris €22.5 €375m 27.76 n/a €37.71 68% ▲ 

3-month 

trend 

Jul-07 Euronext Paris €4.61 €21m n/a n/a €1.20 -74% ▲ 

Mar-07 Euronext Paris €5.53 €29m n/a n/a €2.38 -57% ▲ 

Jun-10 Euronext Paris €18.75 €75m n/a n/a €85.69 357% ▲ 

Feb-07 Euronext Paris €10.25 €94m n/a 13.98 €8.57 -16% ▲ 

Apr-07 Euronext Paris €16.73 €72m 24.9 n/a €14.50 -13% ▲ 

Jun-07 Euronext Paris €15.5 €315m n/a n/a €3.63 -77% ▼ 

Dec-06 Euronext Paris €4.5 €112m n/a 13.98 €1.29 -71% ▲ 

Aug-06 Euronext Paris €9.2 €31m 22.33 n/a €29.50 221% ▲ 

May-07 Euronext Paris €8.4 €170m n/a n/a €6.22 -26% — 

Jun-06 Euronext Paris €23.5 €95m 23.97 n/a €24.15 3% ▼ 

Aug-07 Euronext Paris €13.85 €86m n/a 19.29 €4.97 -64% ▲ 

Jan-07 Euronext Paris €21 €237m 14.96 n/a €29.71 41% — 

Jun-07 Euronext Paris €10.51 €151m n/a n/a €7.98 -24% ▲ 



diary dates 

unquote 

5 Apr 2011 

unquote” CEE Private Equity Congress and Awards 

London 

Tel: (+44) 20 7484 9947 

Email: victoria.cozens@incisvemedia.com 

http://www.ceepecongress.com 

31st May 2011 

unquote” Nordic Private Equity Congress 

Stockholm, Sweden 

Tel: (+44) 20 7484 9947 


http://www.nordicpecongress.com 

October 2011 (date tbc) 

unquote” Deutsche Private Equity Congress 

Munich, Germany 

Tel: (+44) 20 7484 9947 


http://www.deutschepecongress.com 

November 2011 (date tbc) 

unquote” Italia Private Equity Congress 

Milan, Italy 

Tel: (+44) 20 7484 9947 


http://www.italiapecongress.com 

To book your place or to request a full programme for any of our 2011 events, 

email nicola.tillin@incisivemedia.com or call her on +44 (0)20 7484 9884. 

LPs and Funds of Funds may attend unquote” conferences free of charge, 

subject to qualification by Incisive Media. 



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