Hedge funds and Private Equity - PES

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From the beginning of LBO ownership, Picard has increased its market share and strengthen its
brand thanks to the quality products resulting from its large focus on innovation.
2.4 Corporate governance and economics
Picard’s management represents stable continuity. The CEO- Xavier Decelle, represents the
founding family which remains a large shareholder in Picard. Financial sponsors working alongside
management lead the company in a successful way which is represented by the following
numbers:
Since under LBO ownership Picard’s turnover has increased systematically year-on-year at
a rate in the 8.3% to 10.5% range.
2005 sales of €884m represented a growth of over 40% from the 2001 level of €624m.
Picard’s market share increased as well. In 2002 the firm had 13.2% of the market which
increased by 3.2 points by the year 2005.
2.5 Protection of minority shareholders
Not applicable. In the case of Picard as in most LBO transactions there is no minority shareholders
at risk, as the only owners are professional financial investors, management and the
founding family.
2.6 Effects on public finances
Those of a growing business, i.e. more employment, more consumption and thus more income
for the state.
3. LBO exit (secondary, LBO, listing)
Depending on market conditions BC Partners may envisage a third LBO but the company
could also be eligible for a trade sale (as was the case in 1994) or, given the growth profile, an
IPO.