FCPI and FIP funds raise less in 2010 - Unquote

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expansion unquote EXPANSION Sergent Major €32m Location Sector Montreuil Clothing & accessories Founded 1987 Turnover €150m Staff 700 EdRIP et al. invest €32m in Sergent Major Transaction Edmond de Rothschild Investment Partners (EdRIP) and Siparex have provided French children’s clothing distributor Sergent Major with €32m of growth capital funding. EdRIP invested €20m through the Winch Capital 2 fund, a €250m venture vehicle raised in 2009. Siparex contributed €12m via the Siparex Mid Market II fund, which closed on €150m in 2008. Both investors secured minority stakes in the business. Siparex had already been backing the company for more than 15 years. This latest round of fundraising was organised as a non-intermediated competitive process EdRIP had been following Sergent Major for some time and was also in contact with Siparex prior to the deal being completed. Sergent Major will use the fresh funding to finance its expansion plans; the company aims to double its turnover over the next five years, notably by opening new stores both in France and abroad. Company Sergent Major is a distributor of children’s clothing founded in 1987. Natalys, part of the group since 2006, focuses specifically on baby-related products – including furniture and toys. Operating through 315 stores in France and 90 international stores, the company posted a €150m turnover for 2010. It currently employs 700 staff (full-time equivalent). People Pierre-Michel Passy, Pierre-Yves Poirier and François-Xavier Mauron worked on the deal for EdRIP. Siparex was represented by Benoit Metais, Antoine Krug and Mathieu Marc. Paul Zemmour is president and majority shareholder of Sergent Major. Advisers Equity – Frieh & Associés, Xavier Norlain, Claire Gamain (Legal); KPMG, Axel Rebaudieres, Jack Rupchandani (Financial due diligence); Arsene Taxand, Frédéric Teper (Tax); Advention, Alban Neveux, Michael Amouyal (Commercial due diligence); IFM, Patricia Romatet (Commercial due diligence); JAL, Pierre Boudignon (IT due diligence). Company – Cabinet Guillaume Binder, Guillaume Binder, Hughes d’Haussonville (Legal). CAPITAL REPLACEMENT Shark €25-50m Location Sector Marseille Clothing and accessories Founded 1929 Turnover €30m Staff 670 Vendor AtriA Capital Partenaires Perceva Capital recapitalises Shark Transaction Perceva Capital has recapitalised French motorcycle helmets manufacturer Shark, in a deal that values the company in the €25-50m range. The French private equity firm invested through its first vehicle, France Special Situations Fund I, which closed on €150m at the beginning of 2011. This is the fund’s third investment to date. Perceva Capital is now the sole shareholder in the business. AtriA Capital Partenaires led the buyout of Shark in 2005 and was looking to divest its stake through a replacement capital operation. It introduced Perceva Capital to the deal directly. The new owner stated that Shark fits its investment strategy given its size, market position, focus on 16 UNQUOTE MARCH 11 ENTIRE CONTENTS COPYRIGHT 2011 INCISIVE MEDIA INVESTMENTS LTD www.unquote.com/france
unquote expansion innovation and international dimension. The fresh capital structure will allow the company to step up investments in its product range, with the upcoming introduction of two new models. Shark will also look to expand its market share outside of France, first in neighbouring countries and later on a larger scale. Debt Perceva Capital didn’t require any senior debt to leverage its investment. Company Shark was founded in 1929 and is headquartered in Marseille. The firm manufactures motorbike helmets and has been commercialising its own line of products since 1992. It generates 60% of its turnover outside of France and sells its products in more than 35 countries. Shark employs 670 people and posted a €30m turnover in 2010. People Xavier Lépine led the deal for Perceva Capital. Patrick Bertiaux represented AtriA Capital Partenaires. Patrick François is chairman of Shark. Advisers Equity – Veil Jourde, Pierre-François Veil, Géraud Saint Guilhem, Sylvain Clérambourg, Anne Guillemin, Christophe Delrieu (Legal); Ernst & Young, Guillaume Cornu, Améziane Abdat, Etienne Morlier, Anne-Elisabeth Combes, Tahé Bando-Delaunay, Lionel Benant, Matthieu Autret (Financial due diligence and tax). Vendor – Ayache Salama & Associés, Bernard Ayache, Marie-Christine Combes (Legal). Company – Brémond & Associés, Guilhem Brémond, Hélène Carpentier (Legal). 21 Partners’ Club Med Gym buys Silhouette Transaction Club Med Gym, a portfolio company of 21 Centrale Partners, has acquired Swiss gym operator Silhouette. Local player SEC Partners joined 21 Partners to finance the bolt-on acquisition. The two companies will aim to open new fitness clubs in both France and Switzerland in the future. 21 Partners will also look for further bolt-on opportunities for Club Med Gym in the future. 21 Partners took an 80% stake in Club Mediterranée’s subsidiary Club Med Gym, alongside management, for €74m in 2008. The firm provided equity for the original buyout, as well as this latest purchase, through 21 Centrale Partners III – a mid-market vehicle that closed on €330m in 2006. It was mainly attracted by the synergies between the two entities, and notably plans to develop the “corporate clubs” concept initiated with Club Med Gym in Switzerland. ACQUISITION FINANCE Club Med Gym
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FCPI and FIP funds raise less in 2010 - Unquote

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