FCPI and FIP funds raise less in 2010 - Unquote
FCPI and FIP funds raise less in 2010 - Unquote
FCPI and FIP funds raise less in 2010 - Unquote
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unquote<br />
France<br />
LA RÉFÉRENCE PAR EXCELLENCE DU PRIVATE EQUITY EN FRANCE<br />
Issue 119 MARCH 2011<br />
PAI partners sells Yoplait stake to General Mills<br />
PAI PARTNERS HAS sold its 51% stake <strong>in</strong> French yoghurt maker<br />
Yoplait to General Mills, <strong>in</strong> a deal that values the company at €1.6bn.<br />
The French private equity firm should reap a little over €800m for<br />
its stake, accord<strong>in</strong>g to media reports. It acquired the stake <strong>in</strong> 2001, <strong>in</strong><br />
a deal valued <strong>in</strong> the €250-500m range. Morgan Stanley <strong>and</strong> Société<br />
Générale were hired last September to run the sale process, which drew<br />
considerable attention from <strong>in</strong>dustry observers <strong>and</strong> the ma<strong>in</strong>stream<br />
press alike given Yoplait’s high profile as a French “national champion”.<br />
As the race narrowed to six bidders earlier this month, Ch<strong>in</strong>ese<br />
group Bright Food was said to have made the largest offer, which<br />
would have valued Yoplait at €1.7bn. Despite this more generous<br />
offer, General Mills got the nod <strong>in</strong> the end, be<strong>in</strong>g able to capitalise on<br />
its ties with the French yoghurt maker – it is Yoplait’s largest licensee<br />
hav<strong>in</strong>g licensed the br<strong>and</strong> s<strong>in</strong>ce 1977.<br />
This divestment closely follows the trade sale of another sizable<br />
PAI portfolio company: the buyout house sold British car repair<br />
bus<strong>in</strong>ess Kwik-Fit – which also operates <strong>in</strong> France under the Speedy<br />
br<strong>and</strong> – to Japanese corporation Itochu for £637m at the beg<strong>in</strong>n<strong>in</strong>g<br />
of the month. PAI acquired Kwik-Fit from CVC <strong>in</strong> 2005 for £800m.<br />
Hav<strong>in</strong>g previously sold both the loss-mak<strong>in</strong>g German operations of<br />
Kwik-Fit <strong>and</strong> its <strong>in</strong>surance branch, the firm stated it reaped an IRR<br />
“<strong>in</strong> the high teens” on its overall <strong>in</strong>vestment <strong>in</strong> Kwik-Fit.<br />
PAI is also tak<strong>in</strong>g bids for French mortgage <strong>in</strong>surance services<br />
company CEP. Rival buyout houses Apax Partners <strong>and</strong> Bridgepo<strong>in</strong>t<br />
Capital are said to be mak<strong>in</strong>g a jo<strong>in</strong>t bid for the bus<strong>in</strong>ess, which could<br />
fetch <strong>in</strong> excess of €800m.<br />
PAI is reportedly look<strong>in</strong>g to return money to its LPs so as to launch<br />
a new fundrais<strong>in</strong>g effort later <strong>in</strong> the year.<br />
<strong>FCPI</strong> <strong>and</strong> <strong>FIP</strong> <strong>funds</strong> <strong>raise</strong> <strong>less</strong> <strong>in</strong> <strong>2010</strong><br />
<strong>FCPI</strong> AND <strong>FIP</strong> retail vehicles have been a major source of fund<strong>in</strong>g<br />
for <strong>in</strong>novative French SMEs <strong>in</strong> recent years. But accord<strong>in</strong>g to a study<br />
carried by French trade-body AFIC, these <strong>funds</strong> attracted fewer<br />
commitments <strong>in</strong> <strong>2010</strong>.<br />
<strong>FIP</strong> <strong>and</strong> <strong>FCPI</strong> vehicles attracted 125,000 <strong>in</strong>vestors <strong>in</strong> <strong>2010</strong>, down<br />
8% from 135,000 the previous year. In addition, total commitments<br />
decreased by 7%, from €963m to €894m. On a positive note, the<br />
average commitment rema<strong>in</strong>ed relatively stable at €6,700 per <strong>in</strong>vestor.<br />
France’s <strong>FCPI</strong> <strong>and</strong> <strong>FIP</strong> retail <strong>funds</strong> were <strong>in</strong>troduced <strong>in</strong> 1997<br />
<strong>and</strong> 2003 respectively, to encourage <strong>in</strong>vestments from <strong>in</strong>dividuals<br />
<strong>in</strong> French small <strong>and</strong> medium enterprises (SMEs). <strong>FCPI</strong>s focus on<br />
<strong>in</strong>novative companies, while <strong>FIP</strong>s are dedicated to local bus<strong>in</strong>esses<br />
(located <strong>in</strong> the four regions surround<strong>in</strong>g the fund’s base). Both offer<br />
<strong>in</strong>vestors a tax rebate on either their <strong>in</strong>come tax (IR vehicles) or<br />
France’s wealth tax, which only applies to <strong>in</strong>dividuals own<strong>in</strong>g more<br />
than €800,000 worth of assets (ISF vehicles).<br />
The decrease <strong>in</strong> total commitments is concentrated on ISF vehicles,<br />
which only attracted €322m <strong>in</strong> <strong>2010</strong> – a 20% fall from 2009 levels. By<br />
contrast, fundrais<strong>in</strong>g for IR vehicles rema<strong>in</strong>ed stable. While the tough<br />
economic environment might have discouraged private <strong>in</strong>vestors from<br />
lock<strong>in</strong>g their sav<strong>in</strong>gs for a 10-year period, it would seem that retail<br />
<strong>funds</strong> also suffered from more appeal<strong>in</strong>g tax rebates l<strong>in</strong>ked to direct<br />
<strong>in</strong>vestments <strong>in</strong> SMEs.<br />
(Read the full analysis on page 08)<br />
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Quick view<br />
Funds 04<br />
News <strong>in</strong> brief 04<br />
People 06<br />
F<strong>in</strong>ancial modell<strong>in</strong>g 07<br />
<strong>FCPI</strong>/FCP focus 08<br />
Secondaries market 09<br />
Regulation 10<br />
European round-up 12<br />
Deal sector <strong>in</strong>dex 14<br />
Buyouts 22<br />
Watch 27<br />
Funds rais<strong>in</strong>g 28<br />
Funds <strong>in</strong>vest<strong>in</strong>g 30<br />
IPO tracker 36<br />
Diary dates 38<br />
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Reshap<strong>in</strong>g the private equity<br />
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contents<br />
04<br />
07<br />
News<br />
Funds 04<br />
News <strong>in</strong> brief 04<br />
People 06<br />
Analysis<br />
F<strong>in</strong>ancial modell<strong>in</strong>g 07<br />
<strong>FCPI</strong>/FCP focus 08<br />
Secondaries market 09<br />
Regulation 10<br />
European round-up 12<br />
Deals<br />
Deal sector <strong>in</strong>dex 14<br />
Expansion 15<br />
eDreams/Go Voyages/Opodo 15<br />
Sergent Major 16<br />
Shark 16<br />
Club Med Gym/ Silhouette 17<br />
Mobile Tag 18<br />
Happyview.fr 18<br />
Entropysft 19<br />
Adents 20<br />
Vision 360 Degrés 20<br />
Evaneos 21<br />
Inventia 21<br />
Buyouts 22<br />
Gerflor 22<br />
Médipôle Sud Santé 23<br />
Compagnie Stéphanoise de Santé 24<br />
Assistances Médicales 25<br />
Spécialisées (AMS)<br />
Philogéris Résidences 26<br />
Watch 27<br />
Funds rais<strong>in</strong>g 28<br />
Funds <strong>in</strong>vest<strong>in</strong>g 30<br />
IPO tracker 36<br />
Diary dates 38<br />
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<strong>funds</strong><br />
unquote<br />
Name<br />
21 Centrale Partners IV<br />
Launched<br />
2008<br />
Target<br />
€500m<br />
F<strong>in</strong>al close<br />
€380m, February 2011<br />
Focus<br />
Mid-cap buyouts <strong>in</strong> France<br />
Contact<br />
Gérard Pluv<strong>in</strong>et<br />
21 Centrale Partners<br />
9 Avenue Hoche<br />
75008 Paris<br />
France<br />
Tel: +33 (0)1 56 88 33 00<br />
Advisers<br />
Salans (Legal)<br />
21 Partners closes fourth fund on €380m<br />
Fund<br />
21 Partners has held the f<strong>in</strong>al close of its European mid-market vehicle, 21 Centrale Partners IV, on<br />
€380m.<br />
Launched <strong>in</strong> 2008, it reached its first close on €210m <strong>in</strong> early 2009. 21 Centrale Partners IV is the<br />
successor to 21 Centrale Partners III, which closed on €330m <strong>in</strong> 2006.<br />
This latest vehicle has a 10-year lifetime, with a five-year <strong>in</strong>vestment period. The fee structure was said<br />
to be follow<strong>in</strong>g the “2-8-20” <strong>in</strong>dustry st<strong>and</strong>ard. No placement agent was m<strong>and</strong>ated for the fundrais<strong>in</strong>g<br />
effort.Paul Morel from Salans acted as legal adviser to the fund.<br />
Investors<br />
21 Centrale stated that a large number of previous backers chose to <strong>in</strong>vest <strong>in</strong> this vehicle. LPs <strong>in</strong> 21<br />
Centrale Partners IV <strong>in</strong>clude <strong>funds</strong>-of-<strong>funds</strong>, <strong>in</strong>surance companies, family offices, banks <strong>and</strong> pension<br />
<strong>funds</strong> from Italy, Switzerl<strong>and</strong>, Luxembourg, the Netherl<strong>and</strong>s, the UK, F<strong>in</strong>l<strong>and</strong>, Denmark, the US <strong>and</strong><br />
Japan, alongside French <strong>in</strong>vestors. Overall, 75% of commitments came from <strong>in</strong>ternational LPs.<br />
Investments<br />
The fund will make 10-15 <strong>in</strong>vestments of €20-50m <strong>in</strong> buyouts of France-based <strong>in</strong>ternational companies.<br />
The targets will typically have an enterprise value of €50-300m. The fund will seek majority stakes <strong>and</strong><br />
would consider lead<strong>in</strong>g co-<strong>in</strong>vestments.<br />
Centrale Partners IV has already made two <strong>in</strong>vestments: it acquired French GPS alert systems<br />
manufacturer Coyote System <strong>in</strong> 2009, <strong>and</strong> led a €50m f<strong>in</strong>anc<strong>in</strong>g round for Switzerl<strong>and</strong>-based Ethical<br />
Coffee Company <strong>in</strong> <strong>2010</strong>.<br />
People<br />
The fund will be managed by 21 Centrale Partners’ team of 10 <strong>in</strong>vestment professionals, led by found<strong>in</strong>g<br />
manag<strong>in</strong>g partner Gérard Pluv<strong>in</strong>et.<br />
news <strong>in</strong> brief<br />
OpenGate Capital acquires Norampac-Avot-Vallée<br />
OPENGATE CAPITAL HAS acquired French specialty paper<br />
manufacturer Norampac-Avot-Vallée from parent company<br />
Cascades, for an undisclosed amount.<br />
Canadian corporation Cascades decided to divest its French<br />
subsidiary to better focus on North American operations.<br />
OpenGate Capital was attracted by the company’s market<br />
position <strong>and</strong> underly<strong>in</strong>g value, <strong>in</strong> addition to its potential for<br />
expansion – both through acquisitions <strong>and</strong> organic growth.<br />
OpenGate also believes the <strong>in</strong>vestment will strategically<br />
complement its other wood <strong>and</strong> paper <strong>in</strong>dustry hold<strong>in</strong>g,<br />
Kotkamills.<br />
Blendecques-based Norampac-Avot-Vallée manufactures<br />
White Testl<strong>in</strong>er, a specialty paper made entirely from recycled<br />
fibers <strong>and</strong> used for a variety of packag<strong>in</strong>g products. With an<br />
annual production <strong>in</strong> excess of 145,000 tons, the company<br />
posted a €49m turnover <strong>in</strong> 2009. It was established <strong>in</strong> 1971<br />
<strong>and</strong> currently employs 160 staff.<br />
04 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
BC Partners <strong>raise</strong>s €4bn<br />
for its n<strong>in</strong>th fund<br />
BC PARTNERS HAS <strong>raise</strong>d €4bn at the first close of its n<strong>in</strong>th<br />
buyout fund, accord<strong>in</strong>g to media reports. The company started<br />
the fundrais<strong>in</strong>g process <strong>in</strong> September <strong>2010</strong>. The vehicle has a<br />
target of €6bn.<br />
Late last year, BC Partners-backed gym cha<strong>in</strong> Fitness First sold<br />
the Dutch arm of its bus<strong>in</strong>ess to fitness club operator HealthCity<br />
International. BC Partners bought the health club group as<br />
part of a management buyout from C<strong>in</strong>ven <strong>in</strong> October 2005.<br />
The private equity firm <strong>in</strong>jected £300m of equity, while £500m<br />
of leverage was provided from Mizuho Corporate Bank.<br />
news <strong>in</strong> brief<br />
Coller to buy €500m<br />
Crédit Agricole secondaries<br />
COLLER CAPITAL IS <strong>in</strong> talks with Crédit Agricole to buy<br />
€500m worth of stakes <strong>in</strong> buyout <strong>funds</strong>, accord<strong>in</strong>g to reports.<br />
The portfolio is said to comprise undrawn <strong>and</strong> drawn<br />
commitments <strong>in</strong> French mid-sized buyout <strong>funds</strong>.<br />
The French bank is not alone <strong>in</strong> look<strong>in</strong>g to dispose of private<br />
equity commitments, as tighter regulation imposes stricter<br />
capital requirements to balance risky assets. Citigroup <strong>and</strong><br />
Barclays are also said to have put part of their private equity<br />
allocations on the secondaries market.<br />
PAI partners<br />
sells Kwik-Fit<br />
for £637m<br />
PAI PARTNERS HAS sold car<br />
repair bus<strong>in</strong>ess Kwik-Fit to Japanese<br />
corporation Itochu for £637m.<br />
PAI partners had already sold the<br />
<strong>in</strong>surance branch of Kwik-Fit to<br />
Fortis UK <strong>in</strong> <strong>2010</strong> for £215m.<br />
The sale allowed Kwik-Fit to reduce its<br />
net debt, which stood at £811m at the<br />
end of 2009, to the current £457m.<br />
The French private equity house<br />
acquired Kwik-Fit from CVC <strong>in</strong> 2005<br />
for £800m. It also <strong>in</strong>jected £20m <strong>in</strong>to<br />
the bus<strong>in</strong>ess <strong>in</strong> 2009 to avoid a breach<br />
of the company’s bank<strong>in</strong>g covenants.<br />
PAI neverthe<strong>less</strong> reaped an IRR<br />
“<strong>in</strong> the high teens” on its orig<strong>in</strong>al<br />
<strong>in</strong>vestment.<br />
PAI will keep busy on the exit front,<br />
as it just sold its 50% stake <strong>in</strong> yoghurt<br />
maker Yoplait – valued at €1.6bn –<br />
<strong>and</strong> recently put French mortgage<br />
<strong>in</strong>surance services company CEP on<br />
the block, a deal that could be worth<br />
up to €1bn.<br />
Apax <strong>and</strong> Bridgepo<strong>in</strong>t team up<br />
aga<strong>in</strong> on CEP buyout<br />
APAX PARTNERS AND Bridgepo<strong>in</strong>t Capital are team<strong>in</strong>g up to buy French mortgage<br />
<strong>in</strong>surance services company Compagnie Européenne de Prévoyance (CEP) from PAI<br />
partners, accord<strong>in</strong>g to media reports.<br />
The two private equity houses already made a jo<strong>in</strong>t purchase last year with the €600m<br />
acquisition of French jewellery retailers Histoire d’Or <strong>and</strong> Marc Orian. They now face<br />
competition from AnaCap <strong>and</strong> JC Flowers to snatch the <strong>in</strong>surance services company,<br />
which could be worth more than €800m.<br />
PAI partners took a majority stake <strong>in</strong> CEP <strong>in</strong> 2005, with management hold<strong>in</strong>g<br />
the rema<strong>in</strong>der of the shares. The company posted a €90m EBITDA for <strong>2010</strong> <strong>and</strong><br />
employs 300 people.<br />
Demeter et al. <strong>in</strong> Fermentalg deal<br />
A CONSORTIUM OF <strong>in</strong>vestors led by Demeter Partners has provided French<br />
biotechnology company Fermentalg with a €5.3m round of fund<strong>in</strong>g.<br />
Founded <strong>in</strong> 2009, Fermentalg is a biotechnology start-up specialis<strong>in</strong>g <strong>in</strong> the research<br />
<strong>and</strong> production of micro-algae. Its products are designed for applications <strong>in</strong> healthcare<br />
<strong>and</strong> cosmetics, as well as the agrofood <strong>and</strong> biofuel <strong>in</strong>dustries. The Libourne-based<br />
company currently employs 15 staff.<br />
This latest round of fund<strong>in</strong>g was led by Demeter Partners, which contributed around<br />
half of the round <strong>and</strong> was jo<strong>in</strong>ed by ACE Management. Exist<strong>in</strong>g <strong>in</strong>vestor Emertec<br />
also took part <strong>in</strong> the transaction.<br />
Fermentalg will use the fresh <strong>funds</strong> to bolster its R&D efforts, <strong>in</strong> order to accelerate<br />
the <strong>in</strong>dustrialisation process of its products.<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 05<br />
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Q&A: LPEQ<br />
Listed private equity<br />
Page 17<br />
COMMENT<br />
PLACING AGENTS IPOS<br />
Pension fund liabilities Back <strong>in</strong> dem<strong>and</strong><br />
Much ado about noth<strong>in</strong>g?<br />
Page 24<br />
Page 18<br />
Page 20<br />
www.unquote.com Issue 114 March <strong>2010</strong><br />
people moves<br />
Bernard Bourigeaud jo<strong>in</strong>s<br />
Advent International<br />
Advent International has appo<strong>in</strong>ted Bernard Bourigeaud as<br />
an operat<strong>in</strong>g partner. He will advise the firm on <strong>in</strong>vestment<br />
opportunities <strong>and</strong> support<strong>in</strong>g portfolio companies <strong>in</strong> the<br />
bus<strong>in</strong>ess <strong>and</strong> f<strong>in</strong>ancial services sector.<br />
Bourigeaud’s experience <strong>in</strong>cludes restructur<strong>in</strong>gs, bolt-on<br />
acquisitions <strong>and</strong> build<strong>in</strong>g global bus<strong>in</strong>esses – the largest of<br />
which was Atos Orig<strong>in</strong>, which he founded.<br />
In 2008, Bourigeaud established a consultancy bus<strong>in</strong>ess<br />
under the name of BJB Consult<strong>in</strong>g. He is also a private<br />
<strong>in</strong>vestor <strong>in</strong> technology companies across Europe.<br />
unquote<br />
CalPERS appo<strong>in</strong>ts CRO<br />
The California Public Employees’ Retirement System (CalPERS)<br />
has hired Larry Jensen as chief risk officer, a new position.<br />
The appo<strong>in</strong>tment comes after a rocky few weeks for CalPERS<br />
<strong>in</strong> which it saw two of its top fund managers leave the bus<strong>in</strong>ess:<br />
Joncarlo Mark, with the firm s<strong>in</strong>ce 1999, <strong>and</strong> Mike Dutton,<br />
who looked after CalPERS’ large buyout remit s<strong>in</strong>ce 2006,<br />
both left last month.<br />
Jensen served as <strong>in</strong>terim chief risk officer s<strong>in</strong>ce October,<br />
when he was appo<strong>in</strong>ted to head the office of enterprise risk<br />
management <strong>and</strong> to assess risk <strong>in</strong>dependently for CalPERS.<br />
Previously Jensen was the assistant executive officer for the<br />
adm<strong>in</strong>istrative services branch s<strong>in</strong>ce January <strong>2010</strong>.<br />
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PRIVATE<br />
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Tak<strong>in</strong>g aim at P2Ps<br />
Despite the stock market rally, European <strong>in</strong>vestors have<br />
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unquote<br />
f<strong>in</strong>ancial modell<strong>in</strong>g<br />
F<strong>in</strong>ancial modell<strong>in</strong>g:<br />
Look<strong>in</strong>g <strong>in</strong>to the future<br />
As banks are now more selective when provid<strong>in</strong>g debt f<strong>in</strong>anc<strong>in</strong>g, the ability to<br />
predict the future f<strong>in</strong>ance trends is now more important. Today a high-quality<br />
forecast model can be key to w<strong>in</strong>n<strong>in</strong>g banks over. Viktor Lundvall <strong>in</strong>vestigates<br />
Be<strong>in</strong>g able to model the effects of different economic <strong>and</strong><br />
environmental scenarios on a company’s performance <strong>and</strong><br />
cashflow is often an important part of any due diligence<br />
process. A rigorous model can improve the confidence<br />
among banks <strong>and</strong> is often a requirement <strong>in</strong> guarantee<strong>in</strong>g<br />
bank f<strong>in</strong>anc<strong>in</strong>g. “Forecast modell<strong>in</strong>g is extremely important<br />
<strong>in</strong> secur<strong>in</strong>g fund<strong>in</strong>g, especially for long-term, project f<strong>in</strong>ance<br />
type, deals,” says Luigi Pett<strong>in</strong>icchio of the renewable<br />
power team at HgCapital. “Forecast<strong>in</strong>g has always been<br />
important; however, we see that banks have now become<br />
more dem<strong>and</strong><strong>in</strong>g.”<br />
Stephen Aldridge, manag<strong>in</strong>g director at f<strong>in</strong>ancial modell<strong>in</strong>g<br />
consultancy firm Numeritas, agrees that it can be difficult to<br />
get f<strong>in</strong>anc<strong>in</strong>g if a forecast model isn’t available. “Banks are<br />
becom<strong>in</strong>g more used to see<strong>in</strong>g<br />
robust forecast models <strong>and</strong> it is<br />
important that GPs <strong>and</strong> their<br />
advisers keep up.” Aldridge<br />
also adds that banks are now<br />
more <strong>in</strong>terested <strong>in</strong> worst-case<br />
scenarios than they were a<br />
few years ago, mean<strong>in</strong>g that<br />
it is vital to be able to show a<br />
robust bus<strong>in</strong>ess.<br />
Investments <strong>in</strong> projects such as<br />
w<strong>in</strong>d or solar farms <strong>in</strong> particular<br />
have been subjected to the<br />
need for accurate modell<strong>in</strong>g. The physical restriction <strong>in</strong> the<br />
<strong>in</strong>frastructure of a w<strong>in</strong>d farm sets it aside from a retail firm, for<br />
example. While a retail firm can open new shops <strong>in</strong> attractive<br />
areas <strong>in</strong> an attempt to improve its revenues, this is not possible<br />
with a w<strong>in</strong>d farm as changes to costs or <strong>in</strong>creases <strong>in</strong> dem<strong>and</strong><br />
cannot be made. This means that there is a greater need to<br />
ensure that the bus<strong>in</strong>ess case is correct prior to an <strong>in</strong>vestment.<br />
To ensure the bus<strong>in</strong>ess case is just right, it is important to get<br />
the forecast model correct. There are a number of considerations<br />
that need to be made when creat<strong>in</strong>g one: “A forecast needs to be<br />
tidy so that banks can confidently rely on the model. It also needs<br />
to be simple enough to keep it auditable without detract<strong>in</strong>g from<br />
the need to be accurate,” says Pett<strong>in</strong>icchio.<br />
When mak<strong>in</strong>g predictions about the future, assumptions<br />
about the key drivers of a bus<strong>in</strong>ess have to be made. Aldridge<br />
stresses the need for these assumptions to be defensible: “If<br />
you don’t challenge your assumptions, someone else will.” A<br />
thorough commercial due diligence process can be one way<br />
to test <strong>and</strong> challenge assumptions, such as if current trends <strong>in</strong><br />
dem<strong>and</strong> will cont<strong>in</strong>ue.<br />
It is also important to have<br />
adjustable parameters that meet<br />
the needs of the different parties<br />
<strong>in</strong>volved <strong>in</strong> a deal: “A GP will<br />
look at the returns a specific<br />
<strong>in</strong>vestment can make while also<br />
provid<strong>in</strong>g risk management.<br />
The bank will be focus<strong>in</strong>g on<br />
risk <strong>and</strong> on sett<strong>in</strong>g covenants<br />
<strong>and</strong> repayment schedules that<br />
are achievable,” says Aldridge.<br />
“A forecast is an important<br />
focal po<strong>in</strong>t of communication;<br />
it is a common tool that each<br />
party can view <strong>in</strong>dependently.”<br />
Be<strong>in</strong>g able to predict the effects of different scenarios on<br />
cashflows of a company, <strong>and</strong> therefore ability to pay <strong>in</strong>terest on<br />
debt, has become vital for f<strong>in</strong>anciers. Us<strong>in</strong>g forecast models can<br />
<strong>in</strong>crease banks’ confidence <strong>in</strong> a transaction <strong>and</strong> help GPs get the<br />
fund<strong>in</strong>g desired. <br />
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<strong>FCPI</strong>/<strong>FIP</strong> focus<br />
unquote<br />
French retail <strong>funds</strong>:<br />
Feel<strong>in</strong>g the stra<strong>in</strong><br />
<strong>FCPI</strong> <strong>and</strong> <strong>FIP</strong> retail vehicles have been a major source of fund<strong>in</strong>g for <strong>in</strong>novative<br />
French SMEs <strong>in</strong> recent years. But accord<strong>in</strong>g to a study carried out by French trade<br />
body AFIC, these <strong>funds</strong> attracted fewer commitments <strong>in</strong> <strong>2010</strong>. Greg Gille reports<br />
France’s <strong>FCPI</strong> <strong>and</strong> <strong>FIP</strong> retail <strong>funds</strong> were <strong>in</strong>troduced <strong>in</strong> 1997 <strong>and</strong><br />
2003 respectively, to encourage <strong>in</strong>vestments from <strong>in</strong>dividuals<br />
<strong>in</strong> French SMEs. <strong>FCPI</strong>s focus on <strong>in</strong>novative companies, while<br />
<strong>FIP</strong>s are dedicated to local bus<strong>in</strong>esses (located <strong>in</strong> the four<br />
regions surround<strong>in</strong>g the fund’s base). Both offer <strong>in</strong>vestors a<br />
tax rebate on either their <strong>in</strong>come tax (IR vehicles) or France’s<br />
wealth tax, which only applies to <strong>in</strong>dividuals own<strong>in</strong>g more than<br />
€800,000 worth of assets (ISF vehicles).<br />
While these <strong>funds</strong> have proven<br />
very popular s<strong>in</strong>ce their<br />
<strong>in</strong>ception, it would seem that<br />
the downturn took its toll on<br />
both structures. Accord<strong>in</strong>g to<br />
a study carried by AFIC, <strong>FIP</strong><br />
<strong>and</strong> <strong>FCPI</strong> vehicles attracted<br />
125,000 <strong>in</strong>vestors <strong>in</strong> <strong>2010</strong>,<br />
down 8% from 135,000 the<br />
previous year. In addition, total<br />
commitments decreased by 7%,<br />
from €963m to €894m. On<br />
a positive note, the average<br />
commitment rema<strong>in</strong>ed relatively stable at €6,700 per <strong>in</strong>vestor.<br />
It would seem logical to blame this lacklustre performance on<br />
a tougher economic environment, which saw <strong>in</strong>dividuals <strong>less</strong><br />
<strong>in</strong>cl<strong>in</strong>ed to lock up their hard-earned cash for a 10-year period.<br />
But, as AFIC delegate general Paul Perpère po<strong>in</strong>ts out, a closer<br />
look at the study results reveals a disparity between IR <strong>and</strong> ISF<br />
vehicles which calls for a different explanation.<br />
The decrease <strong>in</strong> total commitments is <strong>in</strong>deed concentrated on<br />
ISF vehicles, which only attracted €322m <strong>in</strong> <strong>2010</strong> – a 20%<br />
fall from 2009 levels. By contrast, fundrais<strong>in</strong>g for IR vehicles<br />
rema<strong>in</strong>ed stable. Accord<strong>in</strong>g to Perpère, ISF vehicles suffered<br />
from the tax rebates offered on other forms of <strong>in</strong>vestments:<br />
“The ISF tax rebate on <strong>FCPI</strong>/<strong>FIP</strong> vehicles is <strong>less</strong> than the one<br />
private <strong>in</strong>vestors would get by <strong>in</strong>vest<strong>in</strong>g directly <strong>in</strong> a SME or a<br />
hold<strong>in</strong>g company; the rebate for retail <strong>funds</strong> is set at 50%, while<br />
it goes up to 75% for direct <strong>in</strong>vestments.” Some might call this<br />
unfair competition, but it is easy to see how direct <strong>in</strong>vestments<br />
seemed a much more attractive proposition to private <strong>in</strong>vestors.<br />
Neverthe<strong>less</strong>, Perpère rema<strong>in</strong>s optimistic about the situation:<br />
“Of course, it would have been good to see more money be<strong>in</strong>g<br />
<strong>raise</strong>d – but the fact that fundrais<strong>in</strong>g for IR (<strong>in</strong>come tax) vehicles<br />
rema<strong>in</strong>ed stable is a positive sign.<br />
It shows that this type of vehicle<br />
has established itself as a reliable<br />
source of fund<strong>in</strong>g for <strong>in</strong>novative<br />
companies,” he notes.<br />
Perpère also believes that<br />
fundrais<strong>in</strong>g could pick up <strong>in</strong><br />
2011, as the recently voted<br />
budget brought tax rebates<br />
for direct <strong>in</strong>vestments <strong>in</strong> SMEs<br />
<strong>and</strong> hold<strong>in</strong>gs down to 50% as<br />
well – which would mean <strong>less</strong><br />
competition for ISF <strong>funds</strong>. But, on the other h<strong>and</strong>, the same<br />
budget cut the tax rebate on IR vehicles from 25% to 22%...<br />
While this measure was widely criticised by the venture <strong>in</strong>dustry,<br />
Perpère hopes the current political agenda will push the legislator<br />
to review its position: “Another important factor on the <strong>in</strong>dustry<br />
radar is a potential reform of the ISF tax, which is currently be<strong>in</strong>g<br />
considered by the government. If this tax was to be abolished –<br />
along with the rebates – we would welcome stronger <strong>in</strong>centives<br />
on the IR vehicles to encourage fundrais<strong>in</strong>g.”<br />
The dip <strong>in</strong> fundrais<strong>in</strong>g for retail vehicles is far from catastrophic,<br />
but it highlights the negative impact of an unpredictable fiscal<br />
framework on these structures as Perpère notes: “<strong>FCPI</strong> <strong>and</strong><br />
<strong>FIP</strong> fundrais<strong>in</strong>g would def<strong>in</strong>itely benefit from a more stable<br />
fiscal environment”. <br />
08 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
secondaries market<br />
Secondaries move <strong>in</strong>to<br />
pole position<br />
At long last, secondaries have made the noise the <strong>in</strong>dustry has been await<strong>in</strong>g for years,<br />
with <strong>2010</strong> see<strong>in</strong>g secondaries activity break the $20bn barrier for the first time.<br />
Kimberly Roma<strong>in</strong>e <strong>in</strong>vestigates<br />
The peak – more than 2.5x 2009’s $7.5bn – was reached as<br />
primary fundrais<strong>in</strong>g for private equity <strong>funds</strong> hit a six-year low<br />
of $200m for <strong>2010</strong>. The figure was comprised of a number<br />
of transactions worth over $1bn each, accord<strong>in</strong>g to research<br />
from specialists Cogent Partners <strong>and</strong> Triago.<br />
Increased pric<strong>in</strong>g may have<br />
driven activity, with Cogent<br />
putt<strong>in</strong>g buyout fund pric<strong>in</strong>g at<br />
89.8% of NAV for the second<br />
half of last year, up from 86.4%<br />
<strong>in</strong> the first six months of the<br />
year. Triago recorded a climb<br />
of 31.3% s<strong>in</strong>ce a Q1 2009 low.<br />
The actual transaction prices<br />
may be a bit higher, s<strong>in</strong>ce the<br />
data comes from first-round<br />
bids Cogent received on<br />
<strong>funds</strong> between last July <strong>and</strong><br />
December, rather than actual sell<strong>in</strong>g prices, which are often<br />
higher.<br />
Accord<strong>in</strong>g to Triago, the pric<strong>in</strong>g <strong>in</strong>crease is more to do with<br />
<strong>in</strong>creased productivity <strong>and</strong> low wage growth than it is down<br />
to any major expansion <strong>in</strong> sales. Cogent also suggests the 20%<br />
<strong>in</strong>crease <strong>in</strong> the S&P <strong>in</strong>dex dur<strong>in</strong>g the second half of last year<br />
was a contribut<strong>in</strong>g factor.<br />
Whatever the reason, the rise <strong>in</strong> pric<strong>in</strong>g could top out or<br />
decl<strong>in</strong>e if prospects for economic growth don’t improve, s<strong>in</strong>ce<br />
a buoyant economy helps boost deal multiples. Triago po<strong>in</strong>ts<br />
out that multiples on mega-deals averaged 9.1x EBITDA <strong>in</strong><br />
Q9 2009, an 18% premium on the ten-year average, accord<strong>in</strong>g<br />
to S&P’s LCD, <strong>and</strong> last seen dur<strong>in</strong>g the boom years of 2007<br />
<strong>and</strong> 2008.<br />
Assets be<strong>in</strong>g sold are <strong>in</strong>creas<strong>in</strong>gly funded, accord<strong>in</strong>g to<br />
Cogent: the average fund marketed <strong>in</strong> the second half of last<br />
year was 76.8% called, up a bit<br />
from the previous six months.<br />
The number of unfunded<br />
positions, on the other h<strong>and</strong>,<br />
has fallen steeply, with only<br />
6.6% <strong>less</strong> than 25% funded,<br />
aga<strong>in</strong>st 26% <strong>in</strong> H2 2009.<br />
Still grow<strong>in</strong>g<br />
Last year’s record is unlikely<br />
to be the last: Triago estimates<br />
that 2011 will see $25bn<br />
recorded s<strong>in</strong>ce new regulation<br />
will <strong>in</strong>centivise certa<strong>in</strong> owners<br />
to offload their private equity assets. Among them are banks,<br />
<strong>in</strong>surers <strong>and</strong> other regulated f<strong>in</strong>ancial <strong>in</strong>stitutions which f<strong>in</strong>d<br />
themselves impacted by the Volker Rule <strong>and</strong> Solvency II.<br />
Sellers are also positively encouraged: accord<strong>in</strong>g to Triago,<br />
many sellers <strong>in</strong> <strong>2010</strong> did so to actively manage their portfolios,<br />
not to alleviate liquidity issues.<br />
This was because they owned (<strong>and</strong> sold) positions <strong>in</strong> large<br />
buyout <strong>funds</strong>, which benefited from strong pric<strong>in</strong>g <strong>in</strong>creases,<br />
thereby allow<strong>in</strong>g the limited partners (particularly pension<br />
<strong>funds</strong>) to benefit from sell<strong>in</strong>g at a m<strong>in</strong>imal discount to NAV<br />
so as to accelerate their shift <strong>in</strong> allocations. <br />
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egulation<br />
unquote<br />
Private equity:<br />
If it isn’t broken...<br />
Speak<strong>in</strong>g <strong>in</strong> front of a student audience at the London School of Economics last<br />
month, Blackstone president <strong>and</strong> COO Tony James addressed the potential need<br />
for further regulation of the <strong>in</strong>dustry. Greg Gille reports<br />
“Which problems do you want to fix?” was James’ c<strong>and</strong>id<br />
answer when asked about the need for further private equity<br />
regulation. Hav<strong>in</strong>g systematically rebutted Poul Nyrup<br />
Rasmussen’s jabs at the <strong>in</strong>dustry, the Blackstone COO implied<br />
that further regulation would not only be unnecessary, but also<br />
counter-productive: “You would be try<strong>in</strong>g to superimpose the<br />
will of a government bureaucrat over the judgement of much<br />
more talented people.”<br />
James spent the best part of 90 m<strong>in</strong>utes<br />
highlight<strong>in</strong>g the “necessity” of private<br />
equity <strong>and</strong> its positive impact on the<br />
economy. Regard<strong>in</strong>g job losses, he<br />
rem<strong>in</strong>ded the audience that the ma<strong>in</strong><br />
goal of an <strong>in</strong>vestor was to grow its<br />
portfolio companies, which most of the<br />
time results <strong>in</strong> more jobs be<strong>in</strong>g created<br />
down the l<strong>in</strong>e.<br />
“Who shed jobs <strong>and</strong> went under dur<strong>in</strong>g<br />
the crisis? General Motors, airl<strong>in</strong>es, steel<br />
producers... none of them were owned<br />
by private equity,” noted James.<br />
He was just as unapologetic on debt levels, stress<strong>in</strong>g that it was<br />
<strong>in</strong> the <strong>in</strong>terest of <strong>in</strong>dustry players – <strong>in</strong>vestors, banks <strong>and</strong> bond<br />
buyers alike – to regulate over-leverage by themselves.<br />
Accord<strong>in</strong>g to James, the image of companies saddled with too<br />
much debt is a th<strong>in</strong>g of the past, as most of the value creation is<br />
now derived from operational improvements: “Lots of available<br />
cheap credit is ultimately bad for private equity returns: the<br />
bonus goes to the seller s<strong>in</strong>ce the price gets pushed up.”<br />
Leav<strong>in</strong>g the debate on external regulation aside, James also<br />
addressed an issue voiced from with<strong>in</strong> the <strong>in</strong>dustry itself:<br />
should larger <strong>funds</strong> discount their management fees to attract<br />
<strong>in</strong>vestors? The Blackstone executive dismissed the idea <strong>and</strong><br />
<strong>in</strong>stead noted that such <strong>funds</strong> performed better than the rest<br />
of the <strong>in</strong>dustry: “Why pay more for a Tiffany’s r<strong>in</strong>g than a<br />
r<strong>in</strong>g from M&S? What <strong>in</strong>dustry can you name where the best<br />
provider charges the same as the average?”<br />
James did not m<strong>in</strong>ce words when<br />
question<strong>in</strong>g LP allocations, criticis<strong>in</strong>g<br />
those who make what he perceives as<br />
poor <strong>in</strong>vestment decisions. “Why do<br />
LPs back firms that are not top quartile?<br />
Investors perpetuate hundreds of<br />
mediocre GPs <strong>and</strong> I don’t know why.<br />
I suspect it is because of relationships,”<br />
he said.<br />
Hav<strong>in</strong>g defended the <strong>in</strong>dustry <strong>in</strong><br />
unequivocal terms, James however<br />
admitted that private equity wasn’t the<br />
most attractive asset with<strong>in</strong> the wider Blackstone Group: “Private<br />
equity is not our largest, most profitable or fastest grow<strong>in</strong>g<br />
bus<strong>in</strong>ess, but it is a good bus<strong>in</strong>ess.” He conceded that real estate<br />
was a much more profitable division – with <strong>less</strong> competition,<br />
a much broader pool of assets to <strong>in</strong>vest <strong>in</strong>, <strong>and</strong> <strong>less</strong> downsides<br />
compared to corporate securities.<br />
Private equity has neverthe<strong>less</strong> been k<strong>in</strong>d to the asset<br />
management group, even amidst the recent economic turmoil:<br />
accord<strong>in</strong>g to James, Blackstone didn’t realise any losses dur<strong>in</strong>g<br />
the f<strong>in</strong>ancial crisis, with all of its <strong>funds</strong> rema<strong>in</strong><strong>in</strong>g above costs. <br />
10 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
IPO comeback<br />
PE-backed IPOs: Set for<br />
a comeback?<br />
The difficulties encountered by private equity-backed IPOs <strong>in</strong> <strong>2010</strong><br />
reignited the debate on the public markets’ cautious attitude towards<br />
such assets. Greg Gille reports<br />
Hear<strong>in</strong>g that the global f<strong>in</strong>ancial crisis dealt a crush<strong>in</strong>g blow to<br />
private equity-backed IPOs will not be a surprise. Accord<strong>in</strong>g<br />
to unquote” data, flotations of PE-backed European companies<br />
fell by 93% between 2007 <strong>and</strong> 2008, from 62 to just four. The<br />
situation has somewhat improved s<strong>in</strong>ce then, with unquote”<br />
record<strong>in</strong>g 22 list<strong>in</strong>gs last year.<br />
Neverthe<strong>less</strong>, this figure rema<strong>in</strong>s a far cry from the one<br />
witnessed dur<strong>in</strong>g the market heyday. What is more, a number<br />
of <strong>2010</strong> list<strong>in</strong>gs saw share prices tumble on public markets<br />
<strong>in</strong> the months follow<strong>in</strong>g their IPO.<br />
The worst perform<strong>in</strong>g private equitybacked<br />
list<strong>in</strong>gs took place <strong>in</strong> the UK,<br />
with companies such as Cambria<br />
Automobiles Hold<strong>in</strong>gs, Promethian<br />
Technologies Group <strong>and</strong> Ocado<br />
experienc<strong>in</strong>g susta<strong>in</strong>ed price falls<br />
throughout the year.<br />
This phenomenon led many observers<br />
to comment on a lack of appetite for<br />
PE-backed assets, partly rooted <strong>in</strong> the<br />
image of private equity <strong>funds</strong> tak<strong>in</strong>g<br />
a company private, saddl<strong>in</strong>g it with debt <strong>and</strong> re-list<strong>in</strong>g it to<br />
make a swift exit. William Belcher, capital markets partner at<br />
Taylor Wess<strong>in</strong>g, <strong>in</strong>deed advised PE shareholders to consider<br />
longer lock-<strong>in</strong> periods to attract public <strong>in</strong>vestors, as they are<br />
generally seen as an <strong>in</strong>centive for management to stay <strong>in</strong>volved<br />
<strong>and</strong> ensure a smooth transition process.<br />
Panellists at the sem<strong>in</strong>ar however dismissed the idea of a general<br />
mistrust of PE-backed assets. “I wouldn’t s<strong>in</strong>gle out the PE<br />
community for the breakdown of trust with public markets”<br />
said one participant, before po<strong>in</strong>t<strong>in</strong>g at pric<strong>in</strong>g issues as a factor<br />
<strong>in</strong> the counter performance of many recent IPOs: “Ocado<br />
constitutes a pivotal event – pragmatism on pric<strong>in</strong>g is key.”<br />
The share price range suggested by Ocado’s management was<br />
<strong>in</strong>deed widely criticised for be<strong>in</strong>g unrealistic prior to the IPO,<br />
given that the company had yet to post a profit.<br />
Craig Fraser, head of research at Arbuthnot Bank<strong>in</strong>g Group,<br />
highlighted the importance of carefully assess<strong>in</strong>g the value of<br />
a bus<strong>in</strong>ess before list<strong>in</strong>g it: “Don’t even th<strong>in</strong>k about an IPO<br />
before you have undergone a full <strong>and</strong> proper valuation based<br />
on forecast earn<strong>in</strong>gs <strong>and</strong> use of <strong>funds</strong>.”<br />
Pric<strong>in</strong>g is not the only key to <strong>in</strong>vestors’<br />
hearts though, with a strong bus<strong>in</strong>ess<br />
model be<strong>in</strong>g equally important:<br />
“Premiums can also be obta<strong>in</strong>ed<br />
if you can demonstrate attractive<br />
characteristics such as a dynamic<br />
growth story, a market lead<strong>in</strong>g<br />
position <strong>and</strong> a strong management<br />
team. Consider these po<strong>in</strong>ts carefully;<br />
otherwise you may not get value for<br />
money,” Fraser cont<strong>in</strong>ued.<br />
The recent list<strong>in</strong>g of US-based hospital<br />
operator HCA – the largest private equity-backed IPO s<strong>in</strong>ce<br />
the f<strong>in</strong>ancial crisis – apparently ticked all the boxes, <strong>and</strong> might<br />
encourage GPs to consider the public markets as a viable exit<br />
route <strong>in</strong> the com<strong>in</strong>g months. Panellists however po<strong>in</strong>ted at a<br />
susta<strong>in</strong>ed period of <strong>in</strong>stability for global markets <strong>in</strong> 2011 <strong>in</strong><br />
light of the ongo<strong>in</strong>g events <strong>in</strong> the Arab world <strong>and</strong> Japan, <strong>and</strong><br />
the negative effect this could have on IPOs.<br />
At a time when most GPs are rush<strong>in</strong>g to return money to<br />
<strong>in</strong>vestors before go<strong>in</strong>g fundrais<strong>in</strong>g aga<strong>in</strong>, it rema<strong>in</strong>s to be<br />
seen whether exit<strong>in</strong>g via the public markets will be a bet<br />
worth mak<strong>in</strong>g – especially as corporate buyers are currently<br />
display<strong>in</strong>g a strong appetite for M&A opportunities. <br />
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European round-up<br />
unquote<br />
■ Benelux unquote”<br />
Carlyle Group’s takeover of AlpInvest Partners, a jo<strong>in</strong>t venture with AlpInvest’s management team, was a significant development <strong>in</strong><br />
the Benelux market <strong>in</strong> January. Former AlpInvest owners APG <strong>and</strong> PGGM agreed to commit an additional €10bn of <strong>in</strong>vestment to<br />
AlpInvest’s programmes over the next five years.<br />
The take private of Gamma Hold<strong>in</strong>g by Gilde Buy Out Partners <strong>and</strong> Parcom Capital Management neared completion. The offer of €29<br />
per share gave the company a market capitalisation of €218m. Includ<strong>in</strong>g net debt of €174m at the end of <strong>2010</strong>, this gives Gamma an<br />
enterprise value of €392m. One Equity Partners completed another take private, this time of Netherl<strong>and</strong>s-based Smartrac NV. The offer<br />
gave the company an enterprise value of approximately €350m.<br />
Early-stage <strong>and</strong> expansionary deal activity was at a low, with only one deal be<strong>in</strong>g announced over the last few weeks. Icos Capital<br />
backed Rotterdam-based Greenclouds, who aggregates <strong>and</strong> distributes excess cloud-comput<strong>in</strong>g capacity <strong>and</strong> offers this capacity on<br />
dem<strong>and</strong> on a pay-per-use basis.<br />
A number of exits were also announced, <strong>in</strong>clud<strong>in</strong>g Axcel’s sale of EskoArtwork <strong>and</strong> Gimv’s sale of Liquavista.<br />
■ Deutsche unquote”<br />
This month saw two buyouts <strong>in</strong> Germany <strong>and</strong> the first <strong>in</strong>vestment of an Austrian private equity firm <strong>in</strong> the DACH region<br />
this year. The <strong>in</strong>vestments took place <strong>in</strong> the consumer <strong>and</strong> <strong>in</strong>dustrial sector. The German company buyouts <strong>in</strong>cluded Change<br />
Capital acquir<strong>in</strong>g cereal product producer Schneekoppe for an estimated amount between €20-50m, Riverside company tak<strong>in</strong>g<br />
an 80% stake <strong>in</strong> tow bar manufacturer <strong>and</strong> supplier Rameder <strong>and</strong> Global Equity Partners buy<strong>in</strong>g fibre producers Hahl Filaments<br />
<strong>and</strong> Pedex from Austrian chemical producer Lenz<strong>in</strong>g Group.<br />
One secondary buyout was made by buy-out firm Halder acquir<strong>in</strong>g AXA Private Equity’s portfolio company Gealan for a<br />
reported amount around €170m.<br />
The venture market rema<strong>in</strong>ed very active with many small expansion <strong>in</strong>vestments <strong>in</strong> young companies. Most f<strong>in</strong>ance rounds<br />
were made <strong>in</strong> the medical appliance sector but also <strong>in</strong> the consumer <strong>and</strong> <strong>in</strong>ternet technology sector. NRW.Bank, Sirius <strong>and</strong><br />
Astutia <strong>in</strong>vested <strong>in</strong> accessory retailer Fashionette, Scottish Equity Partners backed hotel management software developer Hetras<br />
together with Target Partners <strong>and</strong> CFP&Founders Investments funded digital service provider zuuka.<br />
The exit market is also start<strong>in</strong>g to moveup a gear. Barclays Private Equity <strong>and</strong> HBM BioVentures together with Enterprise<br />
Investors realized the highest returns <strong>in</strong> the DACH region this month. BPE sold by sell<strong>in</strong>g Siteco for an amount thought to<br />
be around €300m while HBN <strong>and</strong> EI exited PharmaSwiss for €350m. Two smaller divestments were made by Ventizz Capital<br />
Partners sell<strong>in</strong>g ersol Th<strong>in</strong> Film to Bosch <strong>and</strong> Equitrust achieved a 10x return on the sale of Telerob for €78m.<br />
■ Nordic unquote”<br />
Deal activity <strong>in</strong> the Nordic region <strong>in</strong>creased <strong>in</strong> February <strong>and</strong> early March. A number of buyouts were made, the largest be<strong>in</strong>g Altor’s<br />
acquisition of Norwegian environmental service provider Veolia Miljø AS. The company was bought from Veolia Propreté <strong>in</strong> France<br />
<strong>and</strong> although the value was not disclosed, it was said to be more than €100m <strong>in</strong> equity value. Altor is look<strong>in</strong>g to grow the company<br />
organically <strong>and</strong> through acquisitions.<br />
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unquote<br />
European round-up<br />
Accent Equity announced two buyouts <strong>in</strong> quick succession, that of Hööks Hästsport <strong>and</strong> Autotube. Equity for both was provided<br />
by the Accent Equity 2008 fund that <strong>raise</strong>d €380m at f<strong>in</strong>al close <strong>in</strong> 2007. Procuritas was also active, acquir<strong>in</strong>g Norwegian education<br />
service provider Sonans AS. Earlier buyouts <strong>in</strong>clude Fagerberg & Dellby’s purchase of BIG BAG <strong>and</strong> APELNS <strong>and</strong> CapMan’s buyout<br />
of Pohjolan Design-Talo.<br />
In terms of early-stage <strong>and</strong> expansion deals, the last weeks have seen a steady stream of activity. Nokia Growth Partners led a fund<strong>in</strong>g<br />
round for Voddler, Industrifonden <strong>and</strong> SEB Venture Capital <strong>in</strong>vested <strong>in</strong> InDex Pharmaceuticals <strong>and</strong> Lundbeckfond Ventures et al.<br />
backed Nexstim with €11.4m. ALMI Invest cont<strong>in</strong>ued to be an active <strong>in</strong>vestor.<br />
A number of exits have also been recorded over the last weeks. Axcel announced the sale of Danish outsourc<strong>in</strong>g firm Netcompany, which<br />
generated an annual IRR of more than 50%. Altor’s sale of Ferrosan Consumer Health was another notable disposal.<br />
■ Southern Europe unquote”<br />
February saw a cont<strong>in</strong>uation of Southern Europe’s positive start to the year. <strong>Unquote</strong>” recorded 15 buyout, expansion <strong>and</strong> earlystage<br />
deals <strong>in</strong> the region, with the bulk of these transactions tak<strong>in</strong>g place <strong>in</strong> Spa<strong>in</strong>. Indeed, only one expansion <strong>in</strong>vestment was<br />
completed <strong>in</strong> Italy, Idea Capital’s £7.5m contribution to a wider £19m capital <strong>in</strong>crease for Rome-based telecoms bus<strong>in</strong>ess Telit<br />
Communications. The habitually <strong>in</strong>ert Portuguese market, meanwhile, witnessed Invest<strong>in</strong>g Profit Wisely’s acquisition of 45% of<br />
technology firm Altitude Software as part of a deal valued at €24m.<br />
Spa<strong>in</strong>, however, was once aga<strong>in</strong> comparably active, particularly <strong>in</strong> the expansion <strong>and</strong> early-stage arenas. Technology <strong>in</strong>vestor<br />
Atomico Ventures signed off modestly-sized early-stage deals with FON <strong>and</strong> Si<strong>in</strong>e, while another technology backer, Inveready,<br />
began the year as it means to go on, announc<strong>in</strong>g seed <strong>in</strong>vestments <strong>in</strong> a str<strong>in</strong>g of local start-ups.<br />
At the upper end of the scale, AXA Private Equity completed the sequel to last summer’s buyout of Autopista Trados 45, with<br />
the acquisition of a 10% stake <strong>in</strong> CLH Group valu<strong>in</strong>g the company at €3.6bn. The only February buyout <strong>in</strong>volved the creation<br />
of steel manufactur<strong>in</strong>g bus<strong>in</strong>ess Bloqmar<strong>in</strong>e by Mediterrània Capital (advised by Riva y García), to which the fund will commit<br />
€15-20m over the next five years.<br />
■ UK & Irel<strong>and</strong> unquote”<br />
UK private equity news was dom<strong>in</strong>ated by what could be the f<strong>in</strong>al chapter of the EMI saga. Citigroup has agreed to reduce the<br />
music publisher’s debt burden <strong>in</strong> exchange for Terra Firma’s stake <strong>in</strong> the company. The deal is thought to have lost £1.75bn for<br />
Terra Firma, <strong>and</strong> many are now question<strong>in</strong>g the future of its outspoken chief, Guy H<strong>and</strong>s.<br />
Though the UK & Irel<strong>and</strong> was one of the most active regions <strong>in</strong> January, private equity activity was subdued by the usual st<strong>and</strong>ards<br />
of this lead<strong>in</strong>g market. However, this is broadly <strong>in</strong> l<strong>in</strong>e with market expectations for this time of year, <strong>and</strong> follows a busy December<br />
for the <strong>in</strong>dustry <strong>in</strong> the UK. The sale of Office was one of the most high-profile deals <strong>in</strong> January. Silverfleet bought the footwear<br />
retailer from West Coast Capital for around £150m. West Coast saw the firm’s EBI <strong>in</strong>crease by almost 150% dur<strong>in</strong>g the hold<strong>in</strong>g<br />
period, but decl<strong>in</strong>ed to comment further on the performance of its <strong>in</strong>vestment.<br />
By far the largest deal <strong>in</strong> the UK was the acquisition of The Priory, a mental health <strong>and</strong> specialist care services provider. The<br />
firm, which was made famous by treat<strong>in</strong>g various celebrity patients, was bought by Advent International from The Royal Bank of<br />
Scotl<strong>and</strong> for an estimated £925m.<br />
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deal sector <strong>in</strong>dex<br />
unquote<br />
DEALS VALUE TYPE NAME LEAD BACKERS REGION PAGE<br />
BUILDING MATERIALS<br />
& FIXTURES<br />
CLOTHING &<br />
ACCESSORIES<br />
HEALTHCARE<br />
PROVIDERS<br />
NON-DURABLE<br />
HOUSEHOLD<br />
PRODUCTS<br />
RECREATIONAL<br />
SERVICES<br />
c€500m<br />
Secondary<br />
buyout<br />
Gerflor<br />
Intermediate Capital<br />
Group<br />
€32m Expansion Sergent Major Edmond de Rothschild<br />
Investment Partners,<br />
Siparex<br />
Villeurbanne 22<br />
Montreuil 16<br />
€25-50m Capital Shark Perceva Capital Marseille 16<br />
replacement<br />
€3m Expansion Happyview.fr Alven Capital et al. Paris 18<br />
n/d (c€200-<br />
300m)<br />
n/d (c€50-<br />
100m)<br />
n/d (€25-<br />
50m)<br />
Owner buyout Médipôle Sud Santé Bridgepo<strong>in</strong>t Capital Cabestany 23<br />
Buyout<br />
Secondary<br />
buyout<br />
Compagnie<br />
Stéphanoise de Santé<br />
Assistances<br />
Médicales<br />
Spécialisées<br />
Bridgepo<strong>in</strong>t Development<br />
Capital<br />
CIC LBO Partners et al.<br />
Sa<strong>in</strong>t Etienne 24<br />
Champigny sur<br />
Marne<br />
n/d (
unquote<br />
expansion<br />
Expansion capital is provided to support the growth <strong>and</strong> expansion of an established company <strong>and</strong> must <strong>in</strong>clude an element of equity f<strong>in</strong>anc<strong>in</strong>g.<br />
Funds may be used to enable <strong>in</strong>creased production capacity, market or product development <strong>and</strong>/or to provide additional work<strong>in</strong>g capital.<br />
Acquisition f<strong>in</strong>ance provided to a new or exist<strong>in</strong>g <strong>in</strong>vestee company to support its acquisition of a target or targets is also <strong>in</strong>cluded <strong>in</strong> this section.<br />
AXA PE <strong>and</strong> Permira buy Opodo for €450m<br />
Transaction<br />
AXA Private Equity <strong>and</strong> Permira have wholly acquired onl<strong>in</strong>e travel agent Opodo from its parent<br />
company Amadeus <strong>in</strong> a deal valued at €450m. Both private equity houses <strong>in</strong>vested via their exist<strong>in</strong>g<br />
portfolio companies Go Voyages <strong>and</strong> eDreams, with a view to later merge the entities.<br />
Amadeus decided to dispose of Opodo as the bus<strong>in</strong>ess only represented 4% of the group’s total revenues.<br />
The auction process, launched <strong>in</strong> September <strong>2010</strong>, was run by JP Morgan. The Carlyle Group, Google<br />
<strong>and</strong> Expedia were also said to be mak<strong>in</strong>g a bid for the company.<br />
The planned merger with eDreams <strong>and</strong> Go Voyages will lead to the creation of a large European onl<strong>in</strong>e<br />
travel agent generat<strong>in</strong>g revenues <strong>in</strong> excess of €1bn. Permira acquired a significant majority stake <strong>in</strong><br />
Spanish onl<strong>in</strong>e travel agent eDreams from TA Associates <strong>in</strong> <strong>2010</strong>. The deal was valued at more than<br />
€250m. AXA Private Equity bought French onl<strong>in</strong>e travel agent Go Voyages <strong>in</strong> <strong>2010</strong> as well, for an<br />
enterprise valuation of around €400m.<br />
EXPANSION<br />
eDreams/Go Voyages<br />
Sector<br />
Travel & tourism<br />
Opodo<br />
€450m<br />
Location London<br />
Sector Travel & tourism<br />
Founded 2000<br />
Turnover €111.7m<br />
EBITDA €38.5m<br />
Staff c400<br />
Permira provided equity to f<strong>in</strong>ance this latest transaction through Permira IV, an €11bn vehicle closed<br />
<strong>in</strong> 2006. Senior debt was also used to leverage the <strong>in</strong>vestment. AXA Private Equity has so far decl<strong>in</strong>ed<br />
to comment on the transaction.<br />
While Opodo was valued at €450m – equivalent to 11.7x EBITDA – Amadeus will reap €500m from<br />
the sale, as it also secured a 10-year commercial agreement to provide GDS (global distribution system)<br />
services to the newly merged entity.<br />
The agreement is still subject to the approval of the competition authorities.<br />
Company<br />
Established <strong>in</strong> 2000, Opodo is a London-based onl<strong>in</strong>e provider of travel services. Its website enables<br />
users to book flights <strong>and</strong> hotel accommodation, arrange car rentals <strong>and</strong> consult a range of travel<br />
<strong>in</strong>formation. Opodo posted revenues of €111.7m <strong>and</strong> a €38.5m EBITDA for <strong>2010</strong>; it employs around<br />
400 staff.<br />
Founded <strong>in</strong> 1997, Paris-based Go Voyages is also a travel website that sells flight, hotel <strong>and</strong> car book<strong>in</strong>g<br />
<strong>in</strong>formation. It reported sales of €843m <strong>in</strong> the 2009/<strong>2010</strong> f<strong>in</strong>ancial year. Offer<strong>in</strong>g the same type of<br />
services, onl<strong>in</strong>e travel agent eDreams was established <strong>in</strong> 1999 <strong>and</strong> is based <strong>in</strong> Barcelona, Spa<strong>in</strong>.<br />
People<br />
Benoit Vauchy <strong>and</strong> Carlos Mallo represented Permira on the transaction.<br />
Advisers<br />
Equity – L<strong>in</strong>klaters (Legal); Goldman Sachs (M&A); UBS (M&A); PricewaterhouseCoopers<br />
(F<strong>in</strong>ancial due diligence); KPMG (F<strong>in</strong>ancial due diligence); Ba<strong>in</strong> (Commercial due diligence);<br />
Rol<strong>and</strong> Berger (Commercial due diligence).<br />
Vendor – JP Morgan (M&A).<br />
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expansion<br />
unquote<br />
EXPANSION<br />
Sergent Major<br />
€32m<br />
Location<br />
Sector<br />
Montreuil<br />
Cloth<strong>in</strong>g &<br />
accessories<br />
Founded 1987<br />
Turnover €150m<br />
Staff 700<br />
EdRIP et al. <strong>in</strong>vest €32m <strong>in</strong> Sergent Major<br />
Transaction<br />
Edmond de Rothschild Investment Partners (EdRIP) <strong>and</strong> Siparex have provided French children’s<br />
cloth<strong>in</strong>g distributor Sergent Major with €32m of growth capital fund<strong>in</strong>g. EdRIP <strong>in</strong>vested €20m<br />
through the W<strong>in</strong>ch Capital 2 fund, a €250m venture vehicle <strong>raise</strong>d <strong>in</strong> 2009. Siparex contributed €12m<br />
via the Siparex Mid Market II fund, which closed on €150m <strong>in</strong> 2008. Both <strong>in</strong>vestors secured m<strong>in</strong>ority<br />
stakes <strong>in</strong> the bus<strong>in</strong>ess.<br />
Siparex had already been back<strong>in</strong>g the company for more than 15 years. This latest round of fundrais<strong>in</strong>g<br />
was organised as a non-<strong>in</strong>termediated competitive process EdRIP had been follow<strong>in</strong>g Sergent Major<br />
for some time <strong>and</strong> was also <strong>in</strong> contact with Siparex prior to the deal be<strong>in</strong>g completed.<br />
Sergent Major will use the fresh fund<strong>in</strong>g to f<strong>in</strong>ance its expansion plans; the company aims to double its<br />
turnover over the next five years, notably by open<strong>in</strong>g new stores both <strong>in</strong> France <strong>and</strong> abroad.<br />
Company<br />
Sergent Major is a distributor of children’s cloth<strong>in</strong>g founded <strong>in</strong> 1987. Natalys, part of the group s<strong>in</strong>ce<br />
2006, focuses specifically on baby-related products – <strong>in</strong>clud<strong>in</strong>g furniture <strong>and</strong> toys.<br />
Operat<strong>in</strong>g through 315 stores <strong>in</strong> France <strong>and</strong> 90 <strong>in</strong>ternational stores, the company posted a €150m<br />
turnover for <strong>2010</strong>. It currently employs 700 staff (full-time equivalent).<br />
People<br />
Pierre-Michel Passy, Pierre-Yves Poirier <strong>and</strong> François-Xavier Mauron worked on the deal for EdRIP.<br />
Siparex was represented by Benoit Metais, Anto<strong>in</strong>e Krug <strong>and</strong> Mathieu Marc. Paul Zemmour is president<br />
<strong>and</strong> majority shareholder of Sergent Major.<br />
Advisers<br />
Equity – Frieh & Associés, Xavier Norla<strong>in</strong>, Claire Gama<strong>in</strong> (Legal); KPMG, Axel Rebaudieres, Jack<br />
Rupch<strong>and</strong>ani (F<strong>in</strong>ancial due diligence); Arsene Tax<strong>and</strong>, Frédéric Teper (Tax); Advention, Alban<br />
Neveux, Michael Amouyal (Commercial due diligence); IFM, Patricia Romatet (Commercial due<br />
diligence); JAL, Pierre Boudignon (IT due diligence).<br />
Company – Cab<strong>in</strong>et Guillaume B<strong>in</strong>der, Guillaume B<strong>in</strong>der, Hughes d’Haussonville (Legal).<br />
CAPITAL<br />
REPLACEMENT<br />
Shark<br />
€25-50m<br />
Location<br />
Sector<br />
Marseille<br />
Cloth<strong>in</strong>g <strong>and</strong><br />
accessories<br />
Founded 1929<br />
Turnover €30m<br />
Staff 670<br />
Vendor<br />
AtriA Capital<br />
Partenaires<br />
Perceva Capital recapitalises Shark<br />
Transaction<br />
Perceva Capital has recapitalised French motorcycle helmets manufacturer Shark, <strong>in</strong> a deal that values<br />
the company <strong>in</strong> the €25-50m range. The French private equity firm <strong>in</strong>vested through its first vehicle,<br />
France Special Situations Fund I, which closed on €150m at the beg<strong>in</strong>n<strong>in</strong>g of 2011. This is the fund’s<br />
third <strong>in</strong>vestment to date.<br />
Perceva Capital is now the sole shareholder <strong>in</strong> the bus<strong>in</strong>ess. AtriA Capital Partenaires led the buyout of<br />
Shark <strong>in</strong> 2005 <strong>and</strong> was look<strong>in</strong>g to divest its stake through a replacement capital operation. It <strong>in</strong>troduced<br />
Perceva Capital to the deal directly.<br />
The new owner stated that Shark fits its <strong>in</strong>vestment strategy given its size, market position, focus on<br />
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unquote<br />
expansion<br />
<strong>in</strong>novation <strong>and</strong> <strong>in</strong>ternational dimension. The fresh capital structure will allow the company to step up<br />
<strong>in</strong>vestments <strong>in</strong> its product range, with the upcom<strong>in</strong>g <strong>in</strong>troduction of two new models. Shark will also<br />
look to exp<strong>and</strong> its market share outside of France, first <strong>in</strong> neighbour<strong>in</strong>g countries <strong>and</strong> later on a larger<br />
scale.<br />
Debt<br />
Perceva Capital didn’t require any senior debt to leverage its <strong>in</strong>vestment.<br />
Company<br />
Shark was founded <strong>in</strong> 1929 <strong>and</strong> is headquartered <strong>in</strong> Marseille. The firm manufactures motorbike<br />
helmets <strong>and</strong> has been commercialis<strong>in</strong>g its own l<strong>in</strong>e of products s<strong>in</strong>ce 1992. It generates 60% of its<br />
turnover outside of France <strong>and</strong> sells its products <strong>in</strong> more than 35 countries. Shark employs 670 people<br />
<strong>and</strong> posted a €30m turnover <strong>in</strong> <strong>2010</strong>.<br />
People<br />
Xavier Lép<strong>in</strong>e led the deal for Perceva Capital. Patrick Bertiaux represented AtriA Capital Partenaires.<br />
Patrick François is chairman of Shark.<br />
Advisers<br />
Equity – Veil Jourde, Pierre-François Veil, Géraud Sa<strong>in</strong>t Guilhem, Sylva<strong>in</strong> Clérambourg, Anne<br />
Guillem<strong>in</strong>, Christophe Delrieu (Legal); Ernst & Young, Guillaume Cornu, Améziane Abdat, Etienne<br />
Morlier, Anne-Elisabeth Combes, Tahé B<strong>and</strong>o-Delaunay, Lionel Benant, Matthieu Autret (F<strong>in</strong>ancial<br />
due diligence <strong>and</strong> tax).<br />
Vendor – Ayache Salama & Associés, Bernard Ayache, Marie-Christ<strong>in</strong>e Combes (Legal).<br />
Company – Brémond & Associés, Guilhem Brémond, Hélène Carpentier (Legal).<br />
21 Partners’ Club Med Gym buys Silhouette<br />
Transaction<br />
Club Med Gym, a portfolio company of 21 Centrale Partners, has acquired Swiss gym operator<br />
Silhouette.<br />
Local player SEC Partners jo<strong>in</strong>ed 21 Partners to f<strong>in</strong>ance the bolt-on acquisition. The two companies<br />
will aim to open new fitness clubs <strong>in</strong> both France <strong>and</strong> Switzerl<strong>and</strong> <strong>in</strong> the future. 21 Partners will also<br />
look for further bolt-on opportunities for Club Med Gym <strong>in</strong> the future.<br />
21 Partners took an 80% stake <strong>in</strong> Club Mediterranée’s subsidiary Club Med Gym, alongside<br />
management, for €74m <strong>in</strong> 2008. The firm provided equity for the orig<strong>in</strong>al buyout, as well as this latest<br />
purchase, through 21 Centrale Partners III – a mid-market vehicle that closed on €330m <strong>in</strong> 2006.<br />
It was ma<strong>in</strong>ly attracted by the synergies between the two entities, <strong>and</strong> notably plans to develop the<br />
“corporate clubs” concept <strong>in</strong>itiated with Club Med Gym <strong>in</strong> Switzerl<strong>and</strong>.<br />
ACQUISITION FINANCE<br />
Club Med Gym<br />
expansion<br />
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operates 22 clubs <strong>in</strong> Paris, 32 “corporate clubs” <strong>in</strong> large companies <strong>and</strong> luxury hotels, <strong>and</strong> currently has<br />
approximately 70,000 members. Silhouette operates 22 clubs <strong>in</strong> Geneva, Zuricha <strong>and</strong> Brussels, <strong>and</strong> has<br />
37.000 registered members. The enlarged entity is expected to generate aggregated revenue of €80m<br />
this year <strong>and</strong> employs around 500 staff.<br />
People<br />
21 Partners was represented by Cédric Abitbol, François Tranié, V<strong>in</strong>cent Menudier <strong>and</strong> Nicolas Marien.<br />
Jean-Guillaume Benoit <strong>and</strong> Cédric Anthonioz worked on the deal for SEC Partners. Franck Gueguen is<br />
CEO of Club Med Gym <strong>and</strong> will act as Silhouette chairman follow<strong>in</strong>g the acquisition.<br />
Advisers<br />
Equity – KPMG Switzerl<strong>and</strong>, Giordano Rezzonico, Sébastien Moret, Jean-Philippe B<strong>in</strong>dschedler<br />
(Legal); KPMG Transaction Services, James Carter, Mickael Bezagut (M&A).<br />
EXPANSION<br />
Mobile Tag<br />
€6.6m<br />
Location Neuilly-sur-Se<strong>in</strong>e<br />
Sector Software<br />
Founded 2006<br />
Staff 55<br />
SEB Ventures et al. <strong>in</strong>vest €6.6m <strong>in</strong> Mobile Tag<br />
Transaction<br />
New <strong>in</strong>vestor SEB Ventures has jo<strong>in</strong>ed exist<strong>in</strong>g backers Alven Capital <strong>and</strong> XAnge Private Equity <strong>in</strong> a<br />
€6.6m fund<strong>in</strong>g round for French market<strong>in</strong>g software company Mobile Tag.<br />
SEB Ventures <strong>in</strong>vested through its €240m evergreen fund, which is focus<strong>in</strong>g on technology <strong>and</strong><br />
healthcare <strong>in</strong>vestments. The company will use the fresh <strong>funds</strong> to develop its market<strong>in</strong>g offer<strong>in</strong>g <strong>and</strong> to<br />
bolster its sales team.<br />
The new backer believes Mobile Tag’s solutions will attract network operators, advertisers <strong>and</strong> direct<br />
market<strong>in</strong>g firms alike. Both Alven Capital <strong>and</strong> XAnge were conv<strong>in</strong>ced by the company’s progress s<strong>in</strong>ce<br />
their <strong>in</strong>itial <strong>in</strong>vestment <strong>and</strong> chose to renew their support to f<strong>in</strong>ance Mobile Tag’s further development.<br />
Company<br />
Neuilly-sur-Se<strong>in</strong>e-based Mobile Tag was established <strong>in</strong> 2006 <strong>and</strong> employs 55 staff, both <strong>in</strong> France <strong>and</strong><br />
the US. It develops direct market<strong>in</strong>g tools for mobile applications, notably <strong>in</strong> relation to the scann<strong>in</strong>g<br />
of barcodes via mobile devices.<br />
People<br />
Frank Kelcz led the deal for SEB Ventures; he will jo<strong>in</strong> the company’s board follow<strong>in</strong>g the <strong>in</strong>vestment.<br />
Nicolas Rose <strong>and</strong> Nicolas Celier h<strong>and</strong>led the transaction for XAnge <strong>and</strong> Alven Capital respectively.<br />
Domenico Surace is CEO of Mobile Tag.<br />
Advisers<br />
Company – Q Advisors, Michael Qu<strong>in</strong>n, Andy Monroe (Corporate f<strong>in</strong>ance).<br />
EXPANSION<br />
Happyview.fr<br />
€3m<br />
Location<br />
Sector<br />
Founded 2009<br />
Staff 12<br />
Paris<br />
Healthcare<br />
providers<br />
Alven Capital et al. <strong>in</strong> €3m Happyview.fr deal<br />
Transaction<br />
Alven Capital <strong>and</strong> a consortium of private <strong>in</strong>vestors have provided French onl<strong>in</strong>e optician Happyview.fr<br />
with €3m of growth capital fund<strong>in</strong>g. The venture firm provided equity through the Alven Capital III<br />
fund, a €100m FCPR vehicle <strong>raise</strong>d <strong>in</strong> 2007.<br />
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It sourced the deal through direct contact with the company’s management.<br />
Alven was particularly attracted to the onl<strong>in</strong>e optical market, which allows the significant number of<br />
French people wear<strong>in</strong>g glasses – 63% of the population – to purchase them at a substantial discount. It<br />
also believes the company’s bus<strong>in</strong>ess model compensates for lower marg<strong>in</strong>s by generat<strong>in</strong>g higher sales<br />
volumes, <strong>less</strong> <strong>in</strong>ventories <strong>and</strong> lower fixed costs.<br />
Happyview.fr will use the <strong>funds</strong> to re<strong>in</strong>force its team, launch new functionality <strong>and</strong> improve its<br />
prom<strong>in</strong>ence, with the global aim of strengthen<strong>in</strong>g its market position.<br />
Company<br />
Founded <strong>in</strong> 2009, Happyview.fr is an onl<strong>in</strong>e optician based <strong>in</strong> Paris. It allows consumers to purchase<br />
prescription glasses at prices three to four times lower than those applied by “brick-<strong>and</strong>-mortar”<br />
opticians. The company employs 12 staff, <strong>in</strong>clud<strong>in</strong>g four state-certified opticians.<br />
While Happyview.fr’s turnover was not disclosed, Alven stated it was equivalent to the revenues<br />
generated by a network of 20 traditional opticians.<br />
People<br />
Nicolas Celier led the deal for Alven Capital. Marc Adamowicz is chairman of Happyview.fr.<br />
Advisers<br />
Equity – CVML, François Brocard, Matthieu de Valois (Legal); Audixia, Aimery de la Rochefoucauld<br />
(F<strong>in</strong>ancial due diligence).<br />
Company – Hugot Avocats, Olivier Hugot, Julie Amiel (Legal).<br />
Alven Capital <strong>in</strong>jects €2.5m <strong>in</strong>to Entropysoft<br />
Transaction<br />
Alven Capital has provided French software company Entropysoft with €2.5m of growth capital<br />
fund<strong>in</strong>g.<br />
The venture firm provided equity through the Alven Capital III fund, a €100m FCPR vehicle <strong>raise</strong>d<br />
<strong>in</strong> 2007. Although Alven had previously met the company’s management a few years ago, it was<br />
<strong>in</strong>troduced to the deal by corporate f<strong>in</strong>ance advisory firm Aelios F<strong>in</strong>ance.<br />
EXPANSION<br />
Entropysft<br />
€2.5m<br />
Location<br />
Boulogne-<br />
Billancourt<br />
Software<br />
Sector<br />
Founded 2005<br />
Turnover €1m<br />
Staff 15<br />
Alven was attracted by the company’s <strong>in</strong>novative products, the experience of its management team <strong>and</strong><br />
the growth prospects of its market. The fresh <strong>funds</strong> will notably f<strong>in</strong>ance further recruitments as well as<br />
research <strong>and</strong> development efforts.<br />
Company<br />
Founded <strong>in</strong> 2005, Entropysoft designs connectivity <strong>and</strong> content transfer software solutions. Its products<br />
enable large companies to <strong>in</strong>crease content <strong>in</strong>teroperability <strong>and</strong> facilitate content transfers.<br />
The company posted a €1m turnover for <strong>2010</strong> – 85% of which was generated <strong>in</strong> the US – but expects<br />
strong growth <strong>in</strong> 2011. Entropysoft is based <strong>in</strong> Boulogne-Billancourt <strong>and</strong> employs around 15 staff.<br />
People<br />
Guillaume Aub<strong>in</strong> led the deal for Alven Capital. Nicolas Maquaire is CEO of Entropysoft.<br />
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Advisers<br />
Equity – Gide Loyrette Nouel, Pierre Karpik, Emilie Leygonie (Legal); Ernst & Young, Emmanuel<br />
Picard, Renaud Regner (F<strong>in</strong>ancial due diligence); Pierre Audo<strong>in</strong> Consultants, V<strong>in</strong>cent Gel<strong>in</strong>eau,<br />
Olivier Rafal (Commercial due diligence).<br />
Company – Aelios F<strong>in</strong>ance, Veronique Roth, Pierre Dropsy (Corporate f<strong>in</strong>ance); Nixon Peabody,<br />
Douglas Glucroft, Emmanuelle Porte, Sylvie Hamel (Legal).<br />
EXPANSION<br />
Adents<br />
€1m<br />
Location Palaiseau<br />
Sector Software<br />
Founded 2007<br />
Turnover €400,000<br />
Staff 10<br />
Naxicap <strong>in</strong>vests €1m <strong>in</strong> Adents<br />
Transaction<br />
Naxicap Partners has provided French software company Adents with €1m of growth capital fund<strong>in</strong>g.<br />
The private equity firm <strong>in</strong>vested from its €8.4m BP Création fund. It sourced the deal through strategic<br />
consultancy firm Tykya Consult<strong>in</strong>g.<br />
Naxicap believes Advent is the only software solution address<strong>in</strong>g the <strong>in</strong>creas<strong>in</strong>gly strict traceability<br />
requirements faced by most <strong>in</strong>dustries. The company will now look to exp<strong>and</strong> across three ma<strong>in</strong><br />
markets: pharmaceutical, food production <strong>and</strong> cosmetics.<br />
Company<br />
Established <strong>in</strong> 2007, Adents edits a software enabl<strong>in</strong>g complete computerised traceabilty on production<br />
l<strong>in</strong>es. It ma<strong>in</strong>ly targets the pharmaceutical <strong>and</strong> food production <strong>in</strong>dustries.<br />
The Palaiseau-based company employs 10 staff <strong>and</strong> posted a €400,000 turnover for <strong>2010</strong>.<br />
People<br />
Anto<strong>in</strong>e Le Masson <strong>and</strong> Nicolas Sebille h<strong>and</strong>led the deal for Naxicap Partners. Christophe Dev<strong>in</strong>s is<br />
CEO of Adents.<br />
Advisers<br />
Equity – Edge Avocats, Claire Bauf<strong>in</strong>e Ducrocq, Matthieu Lochardet (Legal).<br />
Company – Tykya Consult<strong>in</strong>g, Sébastien Cledes (Corporate f<strong>in</strong>ance).<br />
EXPANSION<br />
Vision 360 Degrés<br />
€1m<br />
Location Lyon<br />
Sector Software<br />
Founded 2006<br />
Staff 3<br />
Siparex et al. support V3D with €1m<br />
Transaction<br />
Siparex Venture <strong>and</strong> Rhône-Alpes Création have <strong>in</strong>vested €1m <strong>in</strong> French software developer Vision<br />
360 Degrés (V3D).<br />
Siparex <strong>in</strong>vested through Siparex Innovation <strong>2010</strong> <strong>and</strong> Siparex Innovation 2011, two <strong>FCPI</strong> venture<br />
<strong>funds</strong>. It sourced the deal through direct contact with the company’s founders: Siparex <strong>in</strong>vestment<br />
manager Sébastien Touvron had already worked with V3D founders on their previous venture,<br />
Swapcom. V3D will use the <strong>funds</strong> to exp<strong>and</strong> its team <strong>and</strong> penetrate <strong>in</strong>ternational markets.<br />
The <strong>in</strong>vestor was attracted by the management team’s expertise <strong>in</strong> the telecoms market, a sector <strong>in</strong><br />
which Siparex has also <strong>in</strong>vested <strong>in</strong> the past. It believes V3D’s technology fills a gap <strong>in</strong> the mobile<br />
network performance measurement market – while telephone communications are <strong>in</strong>creas<strong>in</strong>gly shift<strong>in</strong>g<br />
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expansion<br />
from l<strong>and</strong>l<strong>in</strong>es to mobiles, V3D’s software would be the first to measure quality directly from the enduser’s<br />
perspective.<br />
Company<br />
Founded <strong>in</strong> 2006, V3D is an editor of measurement software for smartphones. Its products enable<br />
network operators to extract real-time performance <strong>in</strong>formation directly from their customers’<br />
smartphones <strong>and</strong> 3G SIM cards. It allows operators to monitor <strong>and</strong> improve the quality of their<br />
network service, <strong>and</strong> to ga<strong>in</strong> <strong>in</strong>-depth knowledge of their customers’ smartphone usage. The Lyonbased<br />
company has already secured contracts with French operators <strong>and</strong> currently employs three staff.<br />
People<br />
Sébastien Touvron led the deal for Siparex Ventures. Philippe Vial-Grelier is CEO of V3D.<br />
ISAI <strong>in</strong>jects €715,000 <strong>in</strong>to Evaneos<br />
Transaction<br />
ISAI has <strong>in</strong>vested €715,000 <strong>in</strong> French <strong>in</strong>ternet start-up Evaneos. Funds were drawn from ISAI’s<br />
maiden vehicle, a €35m fund <strong>raise</strong>d <strong>in</strong> <strong>2010</strong> <strong>and</strong> dedicated to French <strong>in</strong>ternet start-ups. This is the<br />
fund’s fourth <strong>in</strong>vestment, <strong>in</strong> l<strong>in</strong>e with its strategy of complet<strong>in</strong>g a deal every three months.<br />
EXPANSION<br />
Evaneos<br />
€715,000<br />
Location Paris<br />
Sector Travel & tourism<br />
Founded 2009<br />
Staff 6<br />
ISAI was attracted by Evaneos’ concept <strong>and</strong> believes it is well-positioned to benefit from the grow<strong>in</strong>g<br />
bespoke holidays market. The fresh <strong>funds</strong> will be used to broaden Evaneos’ network of local agents,<br />
strengthen its team <strong>and</strong> develop new offer<strong>in</strong>gs such as honeymoon trips.<br />
Company<br />
Founded <strong>in</strong> 2009, Evaneos is a website allow<strong>in</strong>g travellers to organise a bespoke trip <strong>in</strong> the country of<br />
their choice by directly gett<strong>in</strong>g <strong>in</strong> touch with local travel agents. The Paris-based company currently<br />
employs six staff, <strong>and</strong> plans to hire four new recruits <strong>in</strong> 2011.<br />
People<br />
Jean-David Chamboredon led the deal for ISAI. Jean-Fabrice Mathieu <strong>and</strong> Geoffroy Roux de Bezieux<br />
will represent ISAI on the company’s board. Eric La Bonnardiere is CEO of Evaneos.<br />
Advisers<br />
Equity – Gide Loyrette Nouel, Pierre Karpik, Savéria Laforce (Legal); 2C F<strong>in</strong>ance, Frank Chuffart<br />
(Corporate f<strong>in</strong>ance).<br />
Company – Orsay, Samira Friggeri, David Sitruk (Legal).<br />
EdRIP takes 25% of Inventia<br />
Transaction<br />
Edmond de Rothschild Investment Partners (EdRIP) has acquired 25% of Inventia, the hold<strong>in</strong>g company<br />
of French cosmetics <strong>and</strong> clean<strong>in</strong>g products manufacturer Novamex, for an undisclosed amount.<br />
The growth capital firm was <strong>in</strong>troduced to the deal by M&A adviser Transaction R, which had been<br />
m<strong>and</strong>ated by Inventia for the fundrais<strong>in</strong>g effort. The company’s founder <strong>and</strong> manager reta<strong>in</strong>s a majority<br />
stake <strong>in</strong> the bus<strong>in</strong>ess.<br />
EXPANSION<br />
Inventia<br />
n/d (c€1-5m)<br />
Location Les Taillades<br />
Sector Non-durable<br />
household<br />
products<br />
Founded 2000<br />
Turnover €30m<br />
Staff 110<br />
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EdRIP – which <strong>in</strong>vested through several vehicles from the Partenariat range of small-cap <strong>funds</strong> – expects<br />
stronger dem<strong>and</strong> for eco-friendly products <strong>and</strong> a broadened product range to be the ma<strong>in</strong> drivers of<br />
growth with<strong>in</strong> the next five years.<br />
Company<br />
Founded <strong>in</strong> 2000, the Novamex group designs <strong>and</strong> produces both clean<strong>in</strong>g products <strong>and</strong> toiletries<br />
under the L’Arbre Vert br<strong>and</strong>. With a focus on environmentally friendly production methods, the Les<br />
Taillades-based company currently employs 110 people <strong>and</strong> generates a turnover <strong>in</strong> excess of €30m.<br />
People<br />
Pierre-Michel Passy, André Renaison <strong>and</strong> Sabr<strong>in</strong>a Bazire represented EdRIP on the deal. Michel Leuthy<br />
is CEO <strong>and</strong> ma<strong>in</strong> shareholder of Inventia.<br />
Advisers<br />
Equity – Quadratur, Gilles Fresel, Frédéric Chaillet (Legal); Advention Bus<strong>in</strong>ess Partners, Alban<br />
Neveux (Commercial due diligence); Constant<strong>in</strong>-Deloitte, Benoit Pimont (F<strong>in</strong>ancial due diligence).<br />
Company – Transaction R, Pierpaolo Carp<strong>in</strong>elli, Manuel Lasry, Anthony Benichou (Corporate<br />
f<strong>in</strong>ance); Juris Vendôme, Thierry Gateau, Cécile Rousset-Gallea (Legal).<br />
buyouts<br />
Leveraged buyouts <strong>and</strong> buy-<strong>in</strong>s <strong>in</strong>volv<strong>in</strong>g equity <strong>in</strong>vestments by formalised private equity <strong>in</strong>vestors through the formation of a newco based<br />
<strong>in</strong> France.<br />
SECONDARY BUYOUT<br />
Gerflor<br />
c€500m<br />
Location<br />
Sector<br />
Villeurbanne<br />
Build<strong>in</strong>g<br />
materials <strong>and</strong><br />
fixtures<br />
Founded 1937<br />
Turnover €448m<br />
Staff 2,000<br />
Vendor<br />
AXA PE, Barclays<br />
PE, NiXEN<br />
ICG acquires Gerflor from AXA PE<br />
Transaction<br />
Intermediate Capital Group (ICG) has agreed to acquire French floor<strong>in</strong>g bus<strong>in</strong>ess Gerflor from AXA<br />
Private Equity, <strong>in</strong> a deal estimated to be worth around €500m. The management team will take a stake<br />
<strong>in</strong> the company. Other m<strong>in</strong>ority shareholders, <strong>in</strong>clud<strong>in</strong>g Barclays Private Equity <strong>and</strong> NiXEN Partners,<br />
will also sell their stake <strong>in</strong> Gerflor.<br />
ICG was already familiar with the bus<strong>in</strong>ess, hav<strong>in</strong>g been <strong>in</strong>vested <strong>in</strong> Gerflor s<strong>in</strong>ce 1992 with a mix of<br />
equity <strong>and</strong> mezzan<strong>in</strong>e. On this occasion, it <strong>in</strong>vested through ICG plc’s balance sheet as well as two of<br />
its <strong>funds</strong>.<br />
ICG was attracted by Gerflor’s performance over the past few years <strong>and</strong> notably plans to develop the<br />
company through further <strong>in</strong>ternational expansion, both organically <strong>and</strong> via acquisitions.<br />
Debt<br />
No senior debt was used to f<strong>in</strong>ance the acquisition; ICG will leverage its <strong>in</strong>vestment by issu<strong>in</strong>g crossover<br />
bonds.<br />
Previous fund<strong>in</strong>g<br />
AXA Private Equity led a consortium of <strong>in</strong>vestors to acquire Gerflor for €310m <strong>in</strong> 2006. Other private<br />
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buyouts<br />
equity backers <strong>in</strong>cluded Barclays Private Equity, NiXEN Partners <strong>and</strong> ICG – which also contributed<br />
mezzan<strong>in</strong>e f<strong>in</strong>anc<strong>in</strong>g. BNP Paribas underwrote a debt package worth 5.7x EBITDA to f<strong>in</strong>ance the buyout.<br />
AXA Private Equity stated that, under its ownership, Gerflor accelerated its diversification <strong>in</strong>to high<br />
value-added areas <strong>and</strong> broadened its geographical footpr<strong>in</strong>t. The company <strong>in</strong>creased its sales from<br />
€359m <strong>in</strong> 2006 to €448m <strong>in</strong> <strong>2010</strong>.<br />
The private equity firm decl<strong>in</strong>ed to comment on the return multiple generated <strong>in</strong> the sale.<br />
Company<br />
Villeurbanne-headquartered Gerflor manufactures <strong>and</strong> distributes v<strong>in</strong>yl floor<strong>in</strong>g for professional <strong>and</strong><br />
residential applications. Founded <strong>in</strong> 1937, the group employs around 2,000 people across its 12<br />
manufactur<strong>in</strong>g plants <strong>and</strong> logistic hubs worldwide.<br />
People<br />
François de Mitry, Benoît Durteste, Pascal Borello, Benjam<strong>in</strong> Persyn <strong>and</strong> Pénélope Dietsch worked on<br />
the deal for ICG. AXA Private Equity was represented by Dom<strong>in</strong>ique Gaillard, Thibault Basqu<strong>in</strong> <strong>and</strong><br />
Daniel Setton. Bertr<strong>and</strong> Chammas is CEO of Gerflor.<br />
Advisers<br />
Equity – Rothschild & Cie, Laurent Baril, Arnaud Joubert (M&A); Latham & Watk<strong>in</strong>s, Thomas<br />
Forschbach, Denis Criton, Xavier Farde, Michel Houdayer, Xavier Renard, Jérôme Commerçon (Legal<br />
<strong>and</strong> tax); 8 Advisory, Pascal Raidron, Lionnel Gerard, Florence Khayat (F<strong>in</strong>ancial due diligence).<br />
Vendor – Société Générale CIB, François Vigne, Alex<strong>and</strong>re Courbon (M&A); L<strong>in</strong>klaters, David<br />
Sw<strong>in</strong>burne, Mar<strong>in</strong>e Delaître (Legal).<br />
Company – Callisto, Hervé Couff<strong>in</strong>, Paul-François Lorenzoni (Corporate f<strong>in</strong>ance); Eric Delattre<br />
(Legal).<br />
Bridgepo<strong>in</strong>t backs Médipôle Sud Santé<br />
Transaction<br />
Bridgepo<strong>in</strong>t Capital has taken a majority stake <strong>in</strong> the OBO (owner buyout) of French cl<strong>in</strong>ics operator<br />
Médipôle Sud Santé.<br />
Enterprise value was not disclosed, but is confirmed to be <strong>in</strong> excess of €200m. Bridgepo<strong>in</strong>t <strong>in</strong>vested<br />
through Bridgepo<strong>in</strong>t Europe IV, an FCPR vehicle that closed on €4.8bn <strong>in</strong> 2008; an additional €50m<br />
was also earmarked for further <strong>in</strong>vestments <strong>in</strong> the company. Bridgepo<strong>in</strong>t sourced the deal directly.<br />
OWNER BUYOUT<br />
Médipôle Sud Santé<br />
n/d (c€200-300m)<br />
Location Cabestany<br />
Sector Healthcare<br />
providers<br />
Founded 2006<br />
Turnover €175m<br />
Staff 2,140<br />
The firm believes the private hospital sector has proven resilient to the downturn, thanks <strong>in</strong> part to<br />
favourable demographic trends. It <strong>in</strong>tends to turn Médipôle <strong>in</strong>to a consolidat<strong>in</strong>g player <strong>in</strong> the South of<br />
France, with the aim to acquire <strong>and</strong> develop more cl<strong>in</strong>ics go<strong>in</strong>g forward. Bridgepo<strong>in</strong>t expects to double<br />
the size of the group over the next five years.<br />
The London-based private equity house is no stranger to the French private healthcare sector,<br />
hav<strong>in</strong>g previously backed the €330m buyout of home care company Médica <strong>in</strong> 2003 – a bus<strong>in</strong>ess it<br />
subsequently sold to BC Partners <strong>and</strong> AXA Private Equity <strong>in</strong> 2006.<br />
Debt<br />
Information on leverage for this transaction rema<strong>in</strong>s confidential.<br />
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uyouts<br />
unquote<br />
Company<br />
Founded <strong>in</strong> 2006, Médipôle Sud Santé is a private cl<strong>in</strong>ics operator offer<strong>in</strong>g a range of services <strong>in</strong>clud<strong>in</strong>g<br />
medic<strong>in</strong>e, surgery, obstetrics <strong>and</strong> gynaecology. The Cabestany-based group operates ten establishments<br />
<strong>and</strong> currently employs 2,140 people. It posted a €175m turnover <strong>in</strong> <strong>2010</strong>.<br />
People<br />
Benoit Bassi led the deal for Bridgepo<strong>in</strong>t. Marcel Hermann is CEO of Médipôle Sud Santé.<br />
Advisers<br />
Equity – Crédit Agricole CIB (M&A); BCG (Commercial due diligence); G<strong>in</strong>estié (Legal);<br />
Accuracy (F<strong>in</strong>ancial due diligence); Arsène Tax<strong>and</strong> (Tax); Péchenard (Social due diligence); Marsh<br />
(Insurance due diligence); Adama Real Estate (Property due diligence).<br />
Company – BNP Paribas (Corporate f<strong>in</strong>ance); SJ Berw<strong>in</strong> (Legal).<br />
BUYOUT<br />
Compagnie<br />
Stéphanoise de Santé<br />
n/d (c€50-100m)<br />
Location Sa<strong>in</strong>t Etienne<br />
Sector Healthcare<br />
providers<br />
Founded 2005<br />
Turnover €110m<br />
Staff 1,350<br />
BDC acquires C2S<br />
Transaction<br />
Bridgepo<strong>in</strong>t Development Capital (BDC) has acquired a majority stake <strong>in</strong> French cl<strong>in</strong>ics operator<br />
Compagnie Stéphanoise de Santé (C2S) for an undisclosed amount. The deal was funded via<br />
Bridgepo<strong>in</strong>t Development Capital I, a mid-market vehicle launched <strong>in</strong> 2009 with a £300m target. BDC<br />
secured a stake <strong>in</strong> the 50-55% range; management holds the rema<strong>in</strong>der of the shares. C2S contacted<br />
the private equity <strong>in</strong>vestor directly, as it was look<strong>in</strong>g for fresh fund<strong>in</strong>g to acquire a new establishment,<br />
Cl<strong>in</strong>ique du Parc, located <strong>in</strong> Lyon.<br />
BDC was attracted by the strong growth prospects of the private cl<strong>in</strong>ics market <strong>in</strong> France, <strong>and</strong> had<br />
previously been look<strong>in</strong>g at other <strong>in</strong>vestment opportunities <strong>in</strong> the sector. It believes C2S will now be<br />
able to consolidate its position <strong>in</strong> the short- <strong>and</strong> medium-term stay market, <strong>and</strong> become a major player<br />
<strong>in</strong> the French private hospital sector.<br />
Debt<br />
The transaction was funded by equity only.<br />
Company<br />
Founded <strong>in</strong> 2005 through the formation of three cl<strong>in</strong>ics <strong>and</strong> the subsequent addition of further facilities<br />
between 2006 <strong>and</strong> 2011, C2S now operates ten cl<strong>in</strong>ics <strong>in</strong> the Rhônes-Alpes region. The company<br />
employs 1,350 staff <strong>and</strong> posted a €110m turnover <strong>in</strong> <strong>2010</strong>.<br />
People<br />
Pierre Colasson, Olivier B<strong>in</strong>et <strong>and</strong> Jonathan Piquet represented Bridgepo<strong>in</strong>t Development Capital on<br />
the deal. Bruno Limonne is CEO of Compagnie Stéphanoise de Santé.<br />
Advisers<br />
Equity – Frieh Bouhenic, Michel Frieh, Sarmad Haidar (Legal); G<strong>in</strong>estié, Magellan, Paley-V<strong>in</strong>cent,<br />
François-Xavier Testu (Legal); L<strong>and</strong>well, Cécile Deb<strong>in</strong>, Fabien Radisic, Bernard Borrely (Legal <strong>and</strong><br />
tax); LEK, Arnaud Sergent, Serge Hovsepian (Commercial due diligence); Ariane Santé Social,<br />
Thierry Boval, Agnès Robert (Commercial due diligence); Contant<strong>in</strong>-Deloitte, Cécile Rémy, Alban<br />
Cabanis (F<strong>in</strong>ancial due diligence); Marsh, Jean-Marie Dargaignaratz (Insurance due diligence).<br />
Management – CJA Avocats, Gilles Palay (Legal); BMS Francis Lefebvre, Charles-Yves Rivière,<br />
Renaud Bleicher (Legal).<br />
24 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
buyouts<br />
CIC LBO Partners et al. support AMS<br />
Transaction<br />
CIC LBO Partners <strong>and</strong> CM-CIC Capital Privé have acquired French healthcare provider Assistances<br />
Médicales Spécialisées (AMS) from Capzan<strong>in</strong>e for an undisclosed amount.<br />
Deal value was confirmed to be <strong>in</strong> excess of €25m. CIC LBO Partners led the transaction <strong>and</strong> provided<br />
equity through the CIC LBO Fund II, a buyout vehicle which reached its first close on €157m <strong>in</strong><br />
2008.<br />
The new owner was attracted by AMS’ management team <strong>and</strong> track record of growth – the company<br />
has grown at an average rate of 30% per annum over the past five years. CIC LBO Partners also believes<br />
the homecare market to be particularly attractive, notably <strong>in</strong> terms of consolidation prospects.<br />
SECONDARY BUYOUT<br />
Assistances<br />
Médicales<br />
Spécialisées (AMS)<br />
n/d (c€25-50m)<br />
Location Champigny sur<br />
Marne<br />
Sector Healthcare<br />
providers<br />
Founded 1994<br />
Turnover €20m<br />
Staff 140<br />
Vendor Capzan<strong>in</strong>e<br />
Capzan<strong>in</strong>e was look<strong>in</strong>g to partially exit AMS <strong>in</strong> order to realise some of its <strong>in</strong>itial <strong>in</strong>vestment, <strong>and</strong> also<br />
thought that a new majority sharehold<strong>in</strong>g structure would be better suited to the company’s next phase<br />
of development – which may <strong>in</strong>clude external growth projects. Leonardo Midcap CF was m<strong>and</strong>ated to<br />
run the sale process.<br />
The firm however, re<strong>in</strong>vested <strong>in</strong> AMS – with a mix of equity <strong>and</strong> mezzan<strong>in</strong>e fund<strong>in</strong>g – through its<br />
Capzan<strong>in</strong>e II vehicle, which closed on €325m <strong>in</strong> early 2008. Management also <strong>in</strong>creased its stake <strong>in</strong><br />
the bus<strong>in</strong>ess.<br />
Debt<br />
Palat<strong>in</strong>e <strong>and</strong> CIC co-arranged senior debt to f<strong>in</strong>ance the acquisition. Capzan<strong>in</strong>e provided mezzan<strong>in</strong>e<br />
f<strong>in</strong>anc<strong>in</strong>g.<br />
Previous fund<strong>in</strong>g<br />
Capzan<strong>in</strong>e acquired a 75% stake <strong>in</strong> the €30m management buyout of AMS <strong>in</strong> 2008. A €12m senior<br />
debt package was provided by CIC, Banque Palat<strong>in</strong>e <strong>and</strong> Crédit du Nord. Capzan<strong>in</strong>e also provided<br />
€6m of mezzan<strong>in</strong>e f<strong>in</strong>anc<strong>in</strong>g. S<strong>in</strong>ce then, AMS’ number of staff has doubled <strong>and</strong> it opened n<strong>in</strong>e new<br />
agencies. The company’s turnover has also grown from €12m to €20m.<br />
Company<br />
Founded <strong>in</strong> 1994, AMS is a homecare provider based <strong>in</strong> Champigny sur Marne. It ma<strong>in</strong>ly provides<br />
respiratory assistance <strong>and</strong> <strong>in</strong>sul<strong>in</strong>e therapy services. The group currently employs 140 people across 12<br />
agencies <strong>and</strong> generates a €20m turnover.<br />
People<br />
CIC LBO Partners was represented by Bertr<strong>and</strong> Fesneau, Rémi Matuchansky <strong>and</strong> Astrid Cloarec.<br />
David Hoppenot, Benoit Chopp<strong>in</strong> <strong>and</strong> Bruno Bonn<strong>in</strong> worked on the deal for Capzan<strong>in</strong>e. Yannick<br />
Mercier is CEO of AMS.<br />
Advisers<br />
Equity – Orsay, Samira Friggeri, Valérie Dixneuf (Legal); Grant Thornton, Thierry Dartus, Pascal<br />
Pellaud<strong>in</strong> (F<strong>in</strong>ancial due diligence); Alcimed, Nathanaelle Cellier (Commercial due diligence).<br />
Vendor – Taylor Wess<strong>in</strong>g, Nicolas de Witt (Legal); Leonardo Midcap CF, Bruno Stern, Mehdi El Kadiri,<br />
Fédéric S<strong>in</strong>ger (Corporate f<strong>in</strong>ance); KPMG, V<strong>in</strong>cent Delmas, Anto<strong>in</strong>e Viry (F<strong>in</strong>ancial due diligence).<br />
Debt – Jeantet, Alex<strong>and</strong>re Tron (Legal); Taylor Wess<strong>in</strong>g, Pierre Tallot (Legal).<br />
Management – Licorne F<strong>in</strong>ance, Etienne Keller (Corporate f<strong>in</strong>ance); HPML, V<strong>in</strong>cent Libaud<br />
(Legal).<br />
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uyouts<br />
unquote<br />
BUYOUT<br />
Philogéris Résidences<br />
n/d (
unquote<br />
PERIOD TO END<br />
JANUARY 2011<br />
France watch period to end January 2011<br />
Figures are based on all expansion/early-stage transactions <strong>in</strong> France that were confirmed as hav<strong>in</strong>g<br />
an <strong>in</strong>stitutional private equity or mezzan<strong>in</strong>e <strong>in</strong>vestor as a lead or syndicate partner.<br />
For further <strong>in</strong>formation on Incisive Media’s data <strong>and</strong> research please call Emanuel Eftimiu on:<br />
+44 20 7004 7464.<br />
Volume<br />
YTD 2011 Volume 1<br />
YTD 2011 Value €1m<br />
15<br />
12<br />
9<br />
6<br />
3<br />
0<br />
100<br />
80<br />
60<br />
40<br />
20<br />
0<br />
Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 <strong>2010</strong> Q3 <strong>2010</strong> Q1 2011<br />
Q1 2005<br />
Q3 2005<br />
Q1 2006<br />
Q3 2006<br />
Q1 2007<br />
Q3 2007<br />
Q1 2008<br />
Q3 2008<br />
Q1 2009<br />
Q3 2009<br />
Q1 <strong>2010</strong><br />
Q3 <strong>2010</strong><br />
Q1 2011<br />
Early-stage<br />
Value (€m)<br />
Volume<br />
40<br />
35<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
YTD 2011 Volume 3<br />
YTD 2011 Value €9m<br />
0<br />
0<br />
Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 <strong>2010</strong> Q3 <strong>2010</strong> Q1 2011<br />
Q1 2005<br />
Q3 2005<br />
Q1 2006<br />
Q3 2006<br />
Q1 2007<br />
Q3 2007<br />
Q1 2008<br />
Q3 2008<br />
Q1 2009<br />
Q3 2009<br />
Q1 <strong>2010</strong><br />
Q3 <strong>2010</strong><br />
Q1 2011<br />
Expansion<br />
500<br />
400<br />
300<br />
200<br />
100<br />
Value (€m)<br />
Source: unquote”<br />
Number <strong>and</strong> total value <strong>in</strong> €m of French early-stage deals per quarter.<br />
Source: unquote”<br />
Number <strong>and</strong> total value <strong>in</strong> €m of French expansion deals per quarter.<br />
* Does not <strong>in</strong>clude PIPE deals like C<strong>in</strong>ven’s €1.518bn <strong>in</strong>vestment <strong>in</strong> Eutelsat <strong>in</strong> Q4 2004, nor any<br />
ref<strong>in</strong>anc<strong>in</strong>gs like the SigmaKalon €1.6bn deal <strong>in</strong> Q3 2005<br />
Figures are based on all buyouts <strong>in</strong> France with a recorded or estimated value of €10m+ that were confirmed as hav<strong>in</strong>g an<br />
<strong>in</strong>stitutional private equity or mezzan<strong>in</strong>e <strong>in</strong>vestor as a lead or syndicate partner.<br />
Volume<br />
YTD 2011 Volume 3<br />
YTD 2011 Value €0.28bn<br />
60<br />
15<br />
50<br />
12<br />
40<br />
9<br />
30<br />
6<br />
20<br />
10<br />
3<br />
0<br />
0<br />
Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 <strong>2010</strong> Q3 <strong>2010</strong> Q1 2011<br />
Q1 2005<br />
Q3 2005<br />
Q1 2006<br />
Q3 2006<br />
Q1 2007<br />
Q3 2007<br />
Q1 2008<br />
Q3 2008<br />
Q1 2009<br />
Q3 2009<br />
Q1 <strong>2010</strong><br />
Q3 <strong>2010</strong><br />
Q1 2011<br />
Buyouts<br />
Value (€bn)<br />
Volume<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
YTD 2011 Volume 23<br />
YTD 2011 Value<br />
€4.1bn<br />
European buyouts<br />
Q1 2005 Q3 2005 Q1 2006 Q3 2006 Q1 2007 Q3 2007 Q1 2008 Q3 2008 Q1 2009 Q3 2009 Q1 <strong>2010</strong> Q3 <strong>2010</strong> Q1 2011<br />
Q1 2005<br />
Q3 2005<br />
Q1 2006<br />
Q3 2006<br />
Q1 2007<br />
Q3 2007<br />
Q1 2008<br />
Q3 2008<br />
Q1 2009<br />
Q3 2009<br />
Q1 <strong>2010</strong><br />
Q3 <strong>2010</strong><br />
Q1 2011<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
Value (€bn)<br />
Source: unquote”<br />
Number <strong>and</strong> total value of €10m+ French buyouts per quarter.<br />
Source: unquote”<br />
Number <strong>and</strong> total value of European €10m+ buyouts per quarter<br />
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<strong>funds</strong> rais<strong>in</strong>g<br />
A Austria<br />
BE Belgium<br />
CH Switzerl<strong>and</strong><br />
D<br />
DEN<br />
EE<br />
Germany<br />
Denmark<br />
Estonia<br />
EI<br />
ES<br />
F<br />
Irel<strong>and</strong><br />
Spa<strong>in</strong><br />
France<br />
unquote<br />
FIN F<strong>in</strong>l<strong>and</strong><br />
I Italy<br />
LT Lithuania<br />
Group Fund name Base Target (m) Close Closed on (m)<br />
ACG Private Equity ACG Europe VII F €150 FA n/d<br />
ADM Capital CEECAT Recovery Fund UK €300 1st €100<br />
Alchemy Partners Special Opportunities Fund II UK £500 1st £280<br />
Argos Soditic Argos Expansion F €120 1st €45<br />
Aster Capital Aster II F €120-150 FA n/d<br />
Atlantic Bridge Atlantic Bridge UK €130 1st €85<br />
BC Partners BC European Capital IX UK €6,000 1st €4,000<br />
BeCapital IA BeCapital Private Equity SCA SICAR BE €100 1st €80<br />
BlackF<strong>in</strong> Capital Partners BlackF<strong>in</strong> F<strong>in</strong>ancial Services Fund F €300 2nd €100<br />
Boehr<strong>in</strong>ger Ingelheim GmbH Boehr<strong>in</strong>ger Ingelheim Venture Fund (BIVF) D €100 FA n/d<br />
Capricorn Venture Partners Capricorn Health-tech Fund BE n/d 1st €42<br />
Carlyle Group Carlyle Global F<strong>in</strong>ancial Services Partners US n/d 1st $1,100<br />
Credo Ventures Credo Stage 1 CZ €20 1st €11<br />
Earth Capital ECP Renewable Energy Fund One UK €750 1st n/d<br />
Eurolight Ventures Eurolight Ventures Fund ES €80-90 FA n/d<br />
Foresight Group Foresight Solar VCT UK £40 FA n/d<br />
General Motors General Motors Ventures US $100 FA n/d<br />
Id<strong>in</strong>vest Id<strong>in</strong>vest Private Debt F €250 1st €167<br />
Impax Asset Management Group Impax New Energy Investors II UK €300-400 2nd €259<br />
Meidl<strong>in</strong>ger Partners Meidl<strong>in</strong>ger Partners Susta<strong>in</strong>able Investments LP US $100 1st $15<br />
Natixis Private Equity, Fonds Strategique Kurma Biofund F €75-100 1st €51<br />
d’Investissement (FSI)<br />
Nextstage <strong>FIP</strong> Nextstage Convictions F n/d FA n/d<br />
Nextstage <strong>FCPI</strong> Nexstage Cap 2016 F €25 FA n/d<br />
Northzone Early-stages Northzone VII NOR €150 1st €85<br />
Perceva Capital Perceva Capital F n/d n/d €150<br />
Providence Equity Partners Providence Equity Partners VII US n/d FA n/d<br />
RWE Innogy Innogy Venture Capital GmbH D n/d FA n/d<br />
Sherpa Capital Sherpa Capital ES €30 FA n/d<br />
Unigestion Unigestion Secondary Opportunity Fund II CH €150 2nd €150<br />
WestBridge WestBridge SME Fund UK €50 1st €10<br />
<strong>funds</strong>-of-<strong>funds</strong><br />
Group Fund name Base Target (m) Close Closed on (m)<br />
SAM Private Equity <strong>and</strong> Robeco Robeco SAM Clean Tech Private Equity III Fund CH $500 1st $200<br />
Unigestion<br />
Unigestion Environmental Susta<strong>in</strong>ability Fund<br />
of Funds<br />
CH €150 FA n/d (FA)<br />
28 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
LX<br />
NL<br />
NOR<br />
Luxembourg<br />
Netherl<strong>and</strong>s<br />
Norway<br />
P<br />
PL<br />
SWE<br />
Portugal<br />
Pol<strong>and</strong><br />
Sweden<br />
UK<br />
US<br />
FA<br />
United K<strong>in</strong>gdom<br />
United States<br />
Fund announced<br />
FC<br />
1st<br />
2nd<br />
Fund closed<br />
First close<br />
Second close<br />
Date Stage Geographic Contact Telephone<br />
n/d<br />
Mid-market buyout, expansion, Europe Mariana Gajardo +33 1 56 89 59 00<br />
distressed<br />
Apr-10 Buyout, distressed companies Central <strong>and</strong> Eastern Europe, n/d +44 207 529 5008<br />
Central Asia, Turkey<br />
Aug-10 Buyout, distressed companies Europe Ian Cash, Frits Prakke +44 207 240 9596<br />
Jul-10 Mezzan<strong>in</strong>e Europe Olivier Bossan +33 153672050<br />
Feb-11 Early-stage – technology Europe, North America, Asia Jean-Marc Bally +33 1 45 61 34 58<br />
Nov-10 Buyout, expansion – technology Europe n/d +353 (0)1 603 4450<br />
Mar-11 Buyout Europe Charlie Bott +44 20 7009 4800<br />
Jun-10 Expansion – cleantech SMEs US, Europe Alex<strong>and</strong>re Schmitz +32 2 213 32 66<br />
Feb-10 Buyout, expansion Europe Laurent Bouyoux + 33 1 75 00 02 30<br />
Apr-10 Early-stage – healthcare Europe Michel Pairet +49 32 77 8740<br />
Dec-10 Earlystage, expansion – healthcare Europe n/d +32 (0)16 28 41 00<br />
Apr-10 Buyout, expansion Global James Burr +1 202 729 5626<br />
Nov-10 Early-stage Europe n/d +420 222 317 377<br />
Jan-10<br />
Expansion – renewable energy, EMEA Ben Cotton +44 20 7811 4500<br />
<strong>in</strong>frastructure<br />
Feb-11 Early-stage – photonic SMEs Europe Victor Sunyer n/d<br />
Oct-10 Early-stage – <strong>in</strong>frastructure Europe Jamie Richards +44 1732 471 805<br />
Jun-10 Early-stage US, Europe Jon Lauckner n/d<br />
Oct-10 Mezzan<strong>in</strong>e, secondaries Europe n/d +33 1 55 27 80 00<br />
Nov-10 Buyout – renewable energy sector Europe Peter Rossbach +44 20 7434 1122<br />
Dec-09 Early-stage – cleantech, water, energy Global Kev<strong>in</strong> Brophy +1 215 701 32 99<br />
Nov-09 Early-stage – life sciences Europe Ala<strong>in</strong> Maiore, Thierry Laugel +33 1 58 19 89 57<br />
Sep-10<br />
Buyout – small <strong>and</strong> medium<br />
F n/d +33 1 53 93 49 40<br />
enterprises<br />
Oct-10 PIPE deals <strong>in</strong> listed French SMEs F Marie-Agnès Gast<strong>in</strong>eau +33 1 53 93 49 40<br />
Feb-10 Early-stage, expansion Nordic, Europe Tellef Thorliefsson +47 221250 10<br />
Jan-11 Buyout, special situations France n/d +33 (0) 1 42 97 19 90<br />
Jan-11 Buyout Global n/d +1 (401) 751 1700<br />
Oct-10 Early-stage Europe n/d +49 201 1214499<br />
Oct-10 Buyout, distressed situations Europe, Lat<strong>in</strong> America Eduardo Navarro n/d<br />
Jun-10 Secondaries Europe, US, Asia Hanspeter Bader +41 22 704 41 11<br />
Jul-10 Buyout Europe Guy Davies +44 2920 546250<br />
Date Stage Geographic Contact Telephone<br />
Jun-10 Fund-of-<strong>funds</strong> North America, Western Europe Francois Vetri +41 44 653 10 02<br />
Feb-10 Fund-of-<strong>funds</strong> US, Europe, Asia Hanspeter Bader +41 22 704 4111<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 29<br />
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<strong>funds</strong> <strong>in</strong>vest<strong>in</strong>g<br />
unquote<br />
This table lists all fully-<strong>raise</strong>d <strong>funds</strong> known to be actively seek<strong>in</strong>g <strong>in</strong>vestment opportunities <strong>in</strong> the French market. Information regard<strong>in</strong>g any additional fund<br />
that doesn’t feature on our list would be well received.<br />
BUYOUT FUNDS<br />
Group Fund name Base<br />
21 Centrale Partners 21 Centrale Partners III F<br />
21 Partners 21 Centrale Partners IV F<br />
3i Eurofund V UK<br />
Access Capital Partners Capital Fund IV expansion Buy-out Europe F<br />
Activa Capital Activa Capital II F<br />
Advent International Advent International Global Private Equity VI UK<br />
Alchemy Partners Alchemy Investment Plan UK<br />
Altor Equity Partners Altor Fund III SWE<br />
Ambienta Ambienta I I<br />
AnaCap F<strong>in</strong>ancial Partners AnaCap F<strong>in</strong>ancial Partners II UK<br />
Apax Partners Worldwide Apax Europe VII UK<br />
Apollo Investment Corporation Apollo Investment Fund VII US<br />
Argan Capital Argan Capital Fund UK<br />
Argos Soditic Euroknights VI F<br />
Ba<strong>in</strong> Capital Ba<strong>in</strong> Capital IX US<br />
Ba<strong>in</strong> Capital Ba<strong>in</strong> Europe III US<br />
Barclays Private Equity Barclays Private Equity Europe III UK<br />
BC Partners BC European Capital VIII UK<br />
Blackstone Group BCP VI US<br />
Bregal Capital LLP The Bregal Fund III LP UK<br />
Bridgepo<strong>in</strong>t Bridgepo<strong>in</strong>t Development Capital I UK<br />
Bridgepo<strong>in</strong>t Bridgepo<strong>in</strong>t Europe IV UK<br />
Carlyle Group Carlyle Europe Partners III UK<br />
CCMP Capital Advisors CCMP Capital Investors II US<br />
Charterhouse Charterhouse Capital Partners IX UK<br />
C<strong>in</strong>ven The Fourth C<strong>in</strong>ven Fund UK<br />
Clayton Dubilier & Rice Clayton Dubilier & Rice Fund VIII US<br />
Climate Change Capital Ltd Climate Change Capital Private Equity fund UK<br />
Cognetas Cognetas Fund II UK<br />
CVC Capital Partners CVC European Equity Partners IV UK<br />
Danske Private Equity Danske PEP IV DEN<br />
DLJ Merchant Bank<strong>in</strong>g Partners DLJ Merchant Bank<strong>in</strong>g Partners IV UK<br />
Doughty Hanson Doughty Hanson & Co Fund V UK<br />
Duke Street Capital Duke Street Capital VI UK<br />
Edmond de Rothschild Capital Partners ERLF II F<br />
Electra Partners Europe Electra Partners Club 2007 UK<br />
EQT EQT V SWE<br />
Ergon Capital Partners Ergon Capital Partners II BE<br />
First Reserve Corporation First Reserve Fund XII US<br />
Fortis Private Equity Fortis Private Equity NL, BE<br />
GI Partners GI Partners Fund III US<br />
Gilde Buy Out Partners Gilde Buy Out Fund IV NL<br />
GIMV GIMV BE<br />
GMT Communications Partners GMT Communications Partners III UK<br />
Goldman Sachs GS Capital Partners VI US<br />
H.I.G. Capital H.I.G. European Partners US<br />
Hellman & Friedman HFCP VII US<br />
Hermes Private Equity Hermes Private Equity Partners III (HPEP III) UK<br />
HgCapital HgCapital V LP UK<br />
HitecVision HitecVision V LP NOR<br />
Hudson Clean Energy Partners Hudson Clean Energy Partners LP UK<br />
Ibersuizas Ibersuizas Capital Fund II ES<br />
IDeA Alternative Investments SpA IDeA Co-Investment Fund I I<br />
Industri Kapital IK2007 UK<br />
Inf<strong>in</strong>ity Inf<strong>in</strong>ity III UK<br />
Investcorp Investcorp Technology Partners III UK<br />
Invest<strong>in</strong>dustrial Invest<strong>in</strong>dustrial Fund IV I<br />
Invision Private Equity Invision IV CH<br />
L Capital Management L Capital FCPR 2 F<br />
30 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
Size (m) Closed Stage Region<br />
€330 Nov-06 Buyout F/I<br />
€380 Feb-11 Buyout, expansion F<br />
€5,000 Oct-06 Buyout Europe<br />
€413 Apr-08 Buyout, expansion Europe<br />
€320 Mar-07 Buyout F<br />
€6,600 Apr-08 Buyout Global<br />
€1,600 Evergreen Buyout UK, Western Europe<br />
€2,000 Aug-08 Buyout, distressed companies Global<br />
€218 Oct-09 Buyout, expansion Europe<br />
€575 May-05 Buyout, expansion Europe<br />
€11,200 Oct-07 Buyout Global<br />
$14,800 Feb-09 Buyout, distressed companies Global<br />
€425 0ct-06 Buyout Nordic, Western Europe, CEE<br />
€400 Dec-10 Buyout, small <strong>and</strong> mid-market Europe<br />
$8,000 (+$2,000 co-<strong>in</strong>vest) Jun-05 Buyout Global<br />
€3,500 Jun-05 Buyout Europe<br />
£2,400 Sep-07 Buyout, expansion Europe<br />
€5,500 May-05 Buyout Europe<br />
$15000 Jan-11 Buyout US, Europe<br />
€1,000 Feb-10 Buyout UK & Europe<br />
€300 Jun-05 Buyout Europe<br />
€4,850 Nov-08 Buyout Europe<br />
€5,350 Sep-07 Buyout US, Europe<br />
$3,400 Nov-07 Buyout US, Europe, Asia<br />
€4,000 Apr-09 Buyout Europe<br />
€6,500 Jun-06 Buyout Europe<br />
$5,000 Jan-10 Buyout Europe, US<br />
€200 Sep-07 Buyout, expansion – clean energy Europe<br />
€1,260 Jul-05 Buyout Western Europe<br />
€6,000 Aug-05 Buyout Europe<br />
€600 Jan-05 Buyout, fund-of-<strong>funds</strong> Europe, North America<br />
$2,100 Oct-06 Buyout Europe, US<br />
€3,000 May-07 Buyout Europe<br />
€1,000 Aug-07 Buyout Europe<br />
€300 Jan-08 Buyout F<br />
£100 Jun-08 Buyout Western Europe<br />
€4,250 Dec-06 Buyout Europe<br />
€150 Feb-05 Buyout BE, F, I<br />
$9,000 Mar-05 Buyouts, expansion – energy Global<br />
€1,250 n/d Buyout, expansion Europe, US, Asia<br />
$1.900 Jan-10 Buyout, distressed companies Europe, North-America<br />
€800 Jul-10 Buyout Benelux, DACH, F<br />
€1,200 n/d Buyout, expansion, early-stage Europe<br />
€250 Jul-07 Buyout Europe<br />
$20,300 Jun-05 Buyout Global<br />
€600 Jul-07 Buyout Europe<br />
$8,800 Nov-09 Buyout Global<br />
n/d Jul-07 Buyout Europe<br />
£830 Feb-06 Buyout Europe<br />
$816 Feb-08 Buyout, expansion Europe, US<br />
$1,000 Jan-10 Buyout – renewable energy Global<br />
€331 Jul-06 Buyout Europe<br />
€217 Jun-05 Buyout, expansion – co-<strong>in</strong>vestments Europe<br />
€1,675 Oct-07 Buyout Europe<br />
$200 Mar-11 Buyout, expansion UK, Europe, North America<br />
$400 Jan-08 Buyout Europe<br />
€1,000 Feb-08 Buyout Europe<br />
CHF300 Oct-08 Buyout, expansion Europe<br />
€325 Mar-08 Buyout Europe, US<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 31<br />
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<strong>funds</strong> <strong>in</strong>vest<strong>in</strong>g<br />
unquote<br />
BUYOUT FUNDS<br />
Group Fund name Base<br />
LBO France White Knight VIII F<br />
LBO France Hexagone III F<br />
Lime Rock Partners Lime Rock Partners V US<br />
Lion Capital Lion Capital Fund II UK<br />
Madison Dearborn Partners Madison Capital Partners VI LP US<br />
Montagu Private Equity Montagu III LP UK<br />
Morgan Stanley Global Secondary Opportunities Fund US<br />
NBGI Private Equity NBGI Private Equity Fund II UK<br />
Neuberger Berman NB Distressed Debt Investment Fund Limited US<br />
Nordic Capital Nordic Capital Fund VII Jersey<br />
Oaktree Capital Management LP OCM European Pr<strong>in</strong>cipal Opportunities Fund II US<br />
PAI partners PAI Europe V F<br />
Palamon Capital Partners Palamon Europe Equity II UK<br />
Partners Group Partners Group Direct Investments 2009 CH<br />
Pechel Industries Partenaires Pechel Industries III F<br />
Perceva Capital France Special Situations Fund I F<br />
Permira Permira IV UK<br />
Perusa Partners Perusa Partners I UK<br />
Plat<strong>in</strong>um Private Equity Partners Plat<strong>in</strong>um Private Equity Partners II US<br />
Primary Capital Primary III UK<br />
Proa Capital ProA Capital Iberian Buyout Fund I ES<br />
Riverside Company Riverside Europe Fund IV BE<br />
Robeco Alternative Investments Robeco European Private Equity II NL<br />
SG Capital Europe Advisors Ltd SG Capital Europe Fund III LP UK<br />
SGAM SGAM Private Value Fund F<br />
Summit Partners Summit Partners Europe Private Equity Fund US<br />
TA Associates TA XI LP US<br />
TDR Capital TDR Capital II UK<br />
Terra Firma Terra Firma Capital Partners III UK<br />
The Gores Group Gores Capital Partners III US<br />
TowerBrook Capital Partners TowerBrook Investor LP III UK<br />
Triton Partners Triton Partners III D<br />
Vendis Capital Vendis Capital I BE<br />
Vespa Capital Vespa I UK/F<br />
Vitruvian Partners Vitruvian Investment Partnership UK<br />
Warburg P<strong>in</strong>cus Warburg P<strong>in</strong>cus X US<br />
EARLY-STAGE/EXPANSION FUNDS<br />
Group Fund name Base<br />
360° Capital Partners 360° Capital Fund F<br />
3i Growth Capital Fund UK<br />
4D Global Energy Advisors SGAM/4D Global Energy Development Capital Fund II FIN<br />
A Plus F<strong>in</strong>ance A Plus Innovation 6 F<br />
Acton Capital Partners Heureka Expansion Fund D<br />
Advent Venture Partners Advent Life Science UK<br />
Alliance Venture Partners Alliance Venture Polaris NOR<br />
Amadeus Capital Partners Amadeus III UK<br />
Atlas Venture Atlas Venture Fund VIII UK<br />
Atomico Ventures Atomico Ventures II US<br />
BankInvest BankInvest BioMedical Annex Funds DEN<br />
BB Biotech Venures BB Biotech Ventures III UK<br />
Brú II Venture Capital Brú II Venture Capital Fund Icel<strong>and</strong><br />
CapMan CapMan Life Science IV SWE<br />
Demeter Partners Demeter 2 F<br />
Earlybird Venture Capital Earlybird IV D<br />
Edmond de Rothschild Investment Partners (EdRIP) W<strong>in</strong>ch Capital 2 F<br />
Emerald Technology Ventures SAM Private Equity Susta<strong>in</strong>ability Fund II UK<br />
Energy Ventures Energy Ventures III NOR<br />
Essex Woodl<strong>and</strong> Health Ventures Essex Woodl<strong>and</strong> Health Ventures VIII US<br />
Forbion Capital Partners FCF I Co-Invest Fund NL<br />
Hasso Plattner Ventures Hasso Plattner Ventures Europe D<br />
HitecVision HitecVision Asset Solutions NOR<br />
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unquote<br />
Size (m) Closed Stage Region<br />
€1,200 Mar-09 Buyout F<br />
€180 Jan-06 Buyout, small-cap F<br />
$1,400 Jun-08 Buyout Global<br />
€2,000 Jun-05 Buyout Europe<br />
$4,100 May-10 Buyout Global<br />
£2,260 Jun-05 Buyout Europe<br />
$585 May-10 Buyout, mid-market US, Europe<br />
€100 Dec-08 Buyout, expansion, turnaround UK<br />
$197 Jun-10 Buyout, distressed, special situations Europe<br />
€4,300 Nov-08 Buyout Global, focus on Europe<br />
€1,800 Dec-08 Buyout, expansion, distressed Global<br />
€5,400 May-08 Buyout Europe<br />
€670 Jun-06 Buyout, expansion Europe<br />
€650 Sep-10 Buyout Europe<br />
€165 Oct-08 Buyout, expansion F<br />
€150 Jan-11 Buyout, distressed, special situations F<br />
€9,600 Sep-06 Buyout Europe, US, Japan<br />
€155 Ap-08 Buyout Europe<br />
$2,750 Sep-08 Buyout Global<br />
€200 Apr-06 Buyout Europe<br />
€250 Apr-08 Buyout Europe<br />
€420 Nov-10 Buyout, small- <strong>and</strong> mid-cap Europe<br />
$100 Jun-05 Buyout Europe<br />
€245 May-05 Buy-out, small- <strong>and</strong> mid-cap DACH, Benelux, I, F<br />
€267 Jun-07 Buyout, expansion, early-stage Europe, US, Asia<br />
€1,000 Apr-08 Buyout Global<br />
$4000 Aug-05 Buyout, expansion US, Europe, India<br />
€1,750 Jun-06 Buyout – mid-market Western Europe<br />
€5,400 May-07 Buyout Europe<br />
$2,000 Feb-11 Buyout US, Europe<br />
$2,800 Nov-08 Buyout Europe, North America<br />
€2,250 Feb-10 Buyout Europe<br />
€112 Jan-11 Buyout, expansion Europe<br />
€75 Mar-10 Buyout UK, F<br />
€925 Mar-08 Buyout Europe<br />
$15,000 Apr-08 Buyout Global<br />
Size (m) Closed Stage Region<br />
€100 Feb-08 Early-stage Europe<br />
€1,200 Mar-10 Expansion Europe, Asia, North America<br />
$181 Apr-07 Expansion Europe, US, Africa, Middle East<br />
€37 May-07 Early-stage F<br />
€150 May-10 Expansion – technology Europe, North America<br />
$120 Nov-10 Early-stage – life science Europe, US<br />
NOK340 Nov-06 Early-stage Global<br />
$310 Mar-07 Early-stage Europe<br />
$283 Jan-05 Early-stage Europe, US<br />
$165 Mar-10 Early-stage Europe<br />
n/d Jul-05 Early-stage Europe<br />
€68 Jul-05 Early-stage, expansion Global<br />
€65 Apr-07 Expansion Europe,US<br />
€54 May-07 Expansion Europe<br />
€203 Jan-10 Expansion – cleantech, renewable energy F, ES, D<br />
€127 Aug-08 Early-stage DACH, F, Benelux, Nordics, UK<br />
€250 Jan-10 Expansion F<br />
€135 Apr-07 Early-stage, expansion North America, Europe<br />
NOK1,340 Jan-08 Early-stage North Sea, US<br />
$900 Mar-05 Early-stage, expansion – healthcare Europe, Asia<br />
€54 Sep-10 Early-stage Europe<br />
€100 Jun-08 Early-stage, expansion Europe, Israel<br />
$420 Jun-10 Expansion – oil & gas Global<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 33<br />
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<strong>funds</strong> <strong>in</strong>vest<strong>in</strong>g<br />
unquote<br />
EARLY-STAGE/EXPANSION FUNDS<br />
Group Fund name Base<br />
Index Ventures Index Ventures V UK<br />
Innovacom Innovacom 6 F<br />
ISAI Développement ISAI Développement F<br />
Kennet Partners Kennet III UK<br />
Kohlberg Kravis Roberts KKR European Annex Fund UK<br />
Korona Invest Oy Terveysrahasto Oy FIN<br />
Milk Capital Milk Capital F<br />
NBGI Ventures NBGI Private Equity French Fund I UK<br />
NBGI Ventures NBGI Technology Fund II LP UK<br />
NeoMed NeoMed Innovation IV NOR<br />
Newfund Newfund I F<br />
Plat<strong>in</strong>a Partners European Renewable Energy Fund UK<br />
Pond Venture Partners Pond III US<br />
Prime Technology Ventures Prime Technology Ventures III NL<br />
Quest for expansion Quest for expansion NV BE<br />
Serena Capital Serena Capital F<br />
Sof<strong>in</strong>nova Partners Sof<strong>in</strong>nova Capital VI F<br />
SV Life Sciences (SVLS) SV Life Sciences (SVLS) Fund V US<br />
Well<strong>in</strong>gton Partners Well<strong>in</strong>gton Partners IV Technology UK<br />
WHEB Ventures WHEB Ventures Private Equity Fund 2 UK/D<br />
OTHER FUNDS<br />
Group Fund name Base<br />
17Capital 17Capital Fund LP UK<br />
Abbott Capital Management Abbott Capital Private Equity Fund VI US<br />
Altamar Private Equity Altamar Secondary Opportunities IV ES<br />
Am<strong>and</strong>a Capital Am<strong>and</strong>a III FIN<br />
Arcano Capital Global Opportunity Fund II ES<br />
Arcis Group ESD Fund IV UK, F<br />
ATP Private Equity Partners ATP IV K/S DEN<br />
Babson Capital Europe Almack Mezzan<strong>in</strong>e I UK<br />
Cipio Partners Cipio Partners Fund VI LUX<br />
Coller Capital Coller International Partners V UK<br />
Environmental Technologies Fund Environmental Technologies Fund LP UK<br />
EQT EQT Credit SWE<br />
EQT EQT Expansion Capital II SWE<br />
F&C Private Equity F&C European Capital Partners UK<br />
F&C Private Equity Aurora Fund UK<br />
Goldman Sachs Asset Management GS V<strong>in</strong>tage Fund V US<br />
GSO Capital Partners, Blackstone Group GSO Capital Solutions Fund UK<br />
HarbourVest Partners Dover Street VII US<br />
Headway Capital Partners Headway Investment Partners II (HIP II) UK<br />
IDeA Alternative Investments SpA ICF II I<br />
IFE Conseil IFE Conseil II LX<br />
Indigo Capital Indigo Capital V (ICV) UK<br />
Intermediate Capital Group Plc European Mezzan<strong>in</strong>e Fund IV UK<br />
J.P. Morgan Asset Management J.P. Morgan Private Equity Limited UK<br />
LGT Capital Partners Crown Global Secondaries II plc CH<br />
LODH Private Equity AG Euro Choice IV D<br />
MML Capital Partners Mezzan<strong>in</strong>e Management Fund IV LP UK<br />
Morgan Stanley AIP Morgan Stanley Private Markets Fund IV UK<br />
Park Square Capital Park Square Capital Partners LP UK<br />
Partners Group Partners Group Global Opportunities CH<br />
Partners Group Partners Group Secondary 2008 CH<br />
Pohjola Private Equity Selected Mezzan<strong>in</strong>e Funds I FIN<br />
Pomona Capital Pomona Capital VII US<br />
Portfolio Advisors Portfolio Advisors Private Equity Fund V US<br />
Robeco Robeco Responsible Private Equity II NL<br />
Siemens Siemens Global Innovation Partners I (SGIP I) D<br />
SL Capital Partners LLP European Strategic Partners 2008 UK<br />
Vision Capital Vision Capital Partners VII UK<br />
Wiltshire Private Markets Wilshire Private Markets Fund VIII US<br />
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unquote<br />
Size (m) Closed Stage Region<br />
€350 Mar-09 Early-stage – technology, biotech, cleantech Europe, Global<br />
€150 Oct-07 Early-stage, expansion Europe<br />
€35 Oct-10 Early-stage – technology F<br />
€200 Jul-08 Expansion – technology Europe, US<br />
€400 Aug-09 Expansion Global<br />
€55 Dec-09 Early-stage – healthcare F<br />
€20 Jul-08 Early-stage Global<br />
€100 Jan-10 Early-stage Europe<br />
€60 Oct-07 Early-stage Europe<br />
€104 Dec-05 Early-stage, expansion Europe<br />
€72 Jun-05 Early-stage, expansion F<br />
€209 Mar-10 Expansion – renewable energy Europe<br />
$145 Feb-06 Early-stage Europe<br />
€150 Jan-09 Early-stage, expansion – technology Europe<br />
€103 Nov-05 Early-stage Europe<br />
€100 Jan-06 Early-stage, expansion Western Europe<br />
€260 Feb-10 Early-stage, expansion Europe<br />
$523 Jul-10 Early-stage – healthcare US, Europe<br />
€265 Jan-08 Expansion Europe<br />
€105 Jun-10 Expansion – cleantech Europe<br />
Size (m) Closed Stage Region<br />
€88 Sep-10 Mezzan<strong>in</strong>e Europe<br />
$1,020 Apr-05 Fund-of-<strong>funds</strong> Global<br />
€65 Jan-10 Secondaries Global<br />
€100 May-07 Fund-of-<strong>funds</strong> Europe, US, Russia, Asia<br />
€150 Jan-10 Fund-of-<strong>funds</strong> Europe, Asia, US<br />
€354 Oct-08 Secondaries Europe<br />
€1,000 Dec-10 Funds-of-<strong>funds</strong> Europe, US<br />
€800 Jun-06 Mezzan<strong>in</strong>e Europe<br />
€137 Jan-11 Direct secondaries Western Europe, North America<br />
$4,500 Apr-07 Secondaries Europe, US<br />
£110 Mar-08 Mezzan<strong>in</strong>e – clean energy Europe<br />
€350 Dec-10 Mezzan<strong>in</strong>e, expansion Europe<br />
€474 Jun-07 Mezzan<strong>in</strong>e, expansion Europe<br />
€173 Jul-08 Fund-of-<strong>funds</strong> Europe<br />
€45 Jul-10 Secondaries Europe<br />
$5,500 Mar-05 Secondaries Global<br />
$3250 Jul-10 Mezzan<strong>in</strong>e US, Europe<br />
$2,900 Apr-09 Secondaries Global<br />
n/d Apr-08 Secondaries Global<br />
€281 Aug-10 Fund-of-<strong>funds</strong> Europe, US<br />
€300 Nov-06 Mezzan<strong>in</strong>e Benelux, D, F, ES, I<br />
€550 Jun-07 Mezzan<strong>in</strong>e Europe<br />
£1,250 Apr-07 Mezzan<strong>in</strong>e Europe<br />
$93 Sep-05 Secondaries Global<br />
€1,200 Jun-10 Secondaries Europe, Australia, US, Asia<br />
€513 May-05 Fund-of-<strong>funds</strong> Europe<br />
€268 Jun-07 Mezzan<strong>in</strong>e Western Europe, North America<br />
$1,140 May-09 Fund-of-<strong>funds</strong> Global<br />
€1,050 Jan-05 Mezzan<strong>in</strong>e Europe<br />
€400 Oct-06 Co-<strong>in</strong>vestment Global<br />
€2,500 Dec-09 Secondaries Global<br />
€102 Jun-09 Fund-of-<strong>funds</strong> – mezzan<strong>in</strong>e, co-<strong>in</strong>vestment Europe<br />
€1,300 Jul-08 Secondaries Global<br />
$1,000 Apr-09 Fund-of-<strong>funds</strong> US, Europe<br />
€50 May-05 Fund-of-<strong>funds</strong> Global<br />
n/d May-10 Fund-of-<strong>funds</strong>, early-stage Global<br />
€700 Sep-10 Fund-of-<strong>funds</strong> Europe<br />
€680 Jan-05 Direct secondaries Europe<br />
$615 Apr-05 Fund-of-<strong>funds</strong> Global<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 35<br />
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IPO tracker<br />
unquote<br />
The table below tracks the performance of previously private equity-backed French companies as listed stock<br />
Company ICB Subsector Name Orig<strong>in</strong>al deal Equity Syndicate<br />
Bureau Veritas Bus<strong>in</strong>ess support services n/d, 1995 Wendel Investissement<br />
Founta<strong>in</strong>e Pajot Commercial vehicles & trucks n/d, 2002 21 Centrale Partners<br />
Buyouts<br />
Homair Hotels n/d, 2005 Montefiore Investment, Avenir Tourisme, Uni<br />
Expansion Ouest, Gr<strong>and</strong> Sud Ouest Capital<br />
Legr<strong>and</strong> Electrical components & equipment €3.7bn, 2002 Wendel Investissement, KKR<br />
Médica Healthcare equipment & services €750m, 2006 BC Partners, AXA Private Equity<br />
Outremer Telecom Mobile telecommunications €70m, 2004 Apax Partners<br />
Rexel Electrical components & equipment €3.8bn, 2005 Clayton Dublier & Rice, Eurazeo, Merrill Lunch<br />
Global Private Equity<br />
Seloger.com Real estate hold<strong>in</strong>g & development €50m, 2000 AXA Private Equity, Galileo Partners, Alpha<br />
Associes, Alven, Europ@web<br />
Arkoon Software €3.6m, 2003 Sigefi Private Equity, ACE Management, CDC<br />
Entreprises, Siparex, Initiative & F<strong>in</strong>ance<br />
Auto Escape Specialised consumer services n/d, 2005 Ofi Private Equity, Viveris Management<br />
Carmat Healthcare equipment & services €7.25, 2008 Truffle Venture<br />
Cellectis Biotechnology €13.6m, 2002 BioMedical Venture, AGF Private Equity, Edmond<br />
de Rothschild Investment Parnters, KamInvest,<br />
Odysee Venture<br />
Eurogerm Food Products €5.8m, 2004 Siparex, Carvest<br />
Europacorp Broadcast<strong>in</strong>g & enterta<strong>in</strong>ment n/d GCE JIC<br />
Venture<br />
Innate Pharma Biotechnology €5m, 1999 Sof<strong>in</strong>nova Partners, GIMV, Auriga Partners, Alta<br />
Partners, AXA Private Equity, Gilde Pechel, Innoveris<br />
LeGuide.com Media agencies n/d, 2000 Sigefi Ventures Gestion<br />
Metabolic Explorer Speciality chemicals Ffr 10m, 2000 Spef Ventures, Sofimac, Credit Lyonnais Private<br />
Equity, Viveris Management, Credit Agricole<br />
Private Equity, SGAM AI<br />
Parrot Technology hardware & equipment €12m, 2005 EPF Partners<br />
Vergnet Industrial mach<strong>in</strong>ery €75k, 1993 Centre Capital Developpement, Demeter Partners,<br />
IPO, CM-COC Capital Prive, Centre Loire Expansion,<br />
Sofimac Partners<br />
Vetoqu<strong>in</strong>ol Biotechnology €40m, 2003 Banexi Capital Partenaires, 3i<br />
Vivalis Biotechnology €3m, 2003 FCJE, Creagro, Pays de la Loire Developpement,<br />
Sodero, Dahlia<br />
* country specific sector <strong>in</strong>dex.<br />
Source: Bloomberg<br />
36 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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unquote<br />
IPO date<br />
Prime<br />
Exchange<br />
Issue price<br />
Market cap<br />
at IPO<br />
P/E Ratio<br />
Industry<br />
benchmark P/E<br />
ratio*<br />
Share price<br />
24/03/2011<br />
Price change<br />
s<strong>in</strong>ce IPO<br />
Oct-07 Euronext Paris €37.75 €4.38bn 20.52 n/a €54.37 44% ▼<br />
Jun-07 Euronext Paris €30 €46m n/a 19.29 €11.10 -63% ▼<br />
Jun-07 Euronext Paris €5.1 €65m 21.78 n/a €3.41 -33% ▲<br />
Apr-06 Euronext Paris €19.75 €5.35bn 16.77 13.11 €28.67 45% ▼<br />
Feb-10 Euronext Paris €13 €623m n/a 15.1 €14.11 9% ▲<br />
Apr-07 Euronext Paris €17 €360m n/a 16.36 €9.85 -42% ▲<br />
Apr-07 Euronext Paris €16.5 €4.22bn 18.74 13.11 €17.60 7% ▲<br />
Jan-07 Euronext Paris €22.5 €375m 27.76 n/a €37.71 68% ▲<br />
3-month<br />
trend<br />
Jul-07 Euronext Paris €4.61 €21m n/a n/a €1.20 -74% ▲<br />
Mar-07 Euronext Paris €5.53 €29m n/a n/a €2.38 -57% ▲<br />
Jun-10 Euronext Paris €18.75 €75m n/a n/a €85.69 357% ▲<br />
Feb-07 Euronext Paris €10.25 €94m n/a 13.98 €8.57 -16% ▲<br />
Apr-07 Euronext Paris €16.73 €72m 24.9 n/a €14.50 -13% ▲<br />
Jun-07 Euronext Paris €15.5 €315m n/a n/a €3.63 -77% ▼<br />
Dec-06 Euronext Paris €4.5 €112m n/a 13.98 €1.29 -71% ▲<br />
Aug-06 Euronext Paris €9.2 €31m 22.33 n/a €29.50 221% ▲<br />
May-07 Euronext Paris €8.4 €170m n/a n/a €6.22 -26% —<br />
Jun-06 Euronext Paris €23.5 €95m 23.97 n/a €24.15 3% ▼<br />
Aug-07 Euronext Paris €13.85 €86m n/a 19.29 €4.97 -64% ▲<br />
Jan-07 Euronext Paris €21 €237m 14.96 n/a €29.71 41% —<br />
Jun-07 Euronext Paris €10.51 €151m n/a n/a €7.98 -24% ▲<br />
ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE MARCH 11 37<br />
www.unquote.com/france
diary dates<br />
unquote<br />
5 Apr 2011<br />
unquote” CEE Private Equity Congress <strong>and</strong> Awards<br />
London<br />
Tel: (+44) 20 7484 9947<br />
Email: victoria.cozens@<strong>in</strong>cisvemedia.com<br />
http://www.ceepecongress.com<br />
31st May 2011<br />
unquote” Nordic Private Equity Congress<br />
Stockholm, Sweden<br />
Tel: (+44) 20 7484 9947<br />
Email: victoria.cozens@<strong>in</strong>cisvemedia.com<br />
http://www.nordicpecongress.com<br />
October 2011 (date tbc)<br />
unquote” Deutsche Private Equity Congress<br />
Munich, Germany<br />
Tel: (+44) 20 7484 9947<br />
Email: victoria.cozens@<strong>in</strong>cisvemedia.com<br />
http://www.deutschepecongress.com<br />
November 2011 (date tbc)<br />
unquote” Italia Private Equity Congress<br />
Milan, Italy<br />
Tel: (+44) 20 7484 9947<br />
Email: victoria.cozens@<strong>in</strong>cisvemedia.com<br />
http://www.italiapecongress.com<br />
To book your place or to request a full programme for any of our 2011 events,<br />
email nicola.till<strong>in</strong>@<strong>in</strong>cisivemedia.com or call her on +44 (0)20 7484 9884.<br />
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38 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD<br />
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This onl<strong>in</strong>e directory conta<strong>in</strong>s<br />
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