Portefeuille

Capzanine 1
http://www.taliance.fr
Software edition
2016 sales 
LMBO November 2017

Taliance creates, develops and distributes the first software solution for modelling alternative investment portfolios, combining the flexibility and the security that these specific assets require. Taliance helps GPs, LPs, pension funds, investors or investment managers to optimise the performance of their international alternative investment portfolios in sixteen countries.

Based in Paris, London and New York, Taliance employs 30 staff. Taliance works principally for Generali, Amundi, Aviva Investors, Gecina, Scor, Aberdeen Asset Management, UBS, la Caisse des Dépôts, Placements du Québec and BNP Paribas Real Estate.

  • INVOLVMENT OF CAPZANINE IN 2007
  • Nature of the deal: LMBO

 

Capzanine 3
http://www.nexeya.fr
Electronics products and services
July 2017

Founded in 1997, Nexeya is now a group of 1,200 people mainly involved in the defence, aerospace, energy and transport markets. The group designs and supplies critical electronics systems to the system integrators and prime contractors in these industries.

  • INVOLMENT OF CAPZANINE IN 2013
  • Nature of the deal: Secondary P2P/MBO

 

Capzanine 2
http://www.directmedica.com
Remote management of sales and customer relations in the field of healthcare
July 2017

Direct Medica is specialised in remote management of sales and customer relations in the field of healthcare. The company has developed solutions for interaction between players in the healthcare sector, such as remote direct sales of medicine to pharmacies, remote training of healthcare professionals, patient monitoring programmes and pharmacovigilance. It assists the major pharmaceutical laboratories, like Pfizer and Astra, in monitoring their portfolios of client pharmacies and in improving the traceability of their specialities. Directmedica provides support for the distribution of medicine.

  • Capzanine's involvement: 2010
  • Nature of the deal: OBO

 

Capzanine 3
http://www.marle.fr
Manufacturer of orthopaedic prosthetics
Unitranche July 2017

Marle International, the European leader in the manufacturing of orthopaedic implants (mainly hips and knees), has experienced a sustained growth over the past ten years. Through a relevant external growth strategy, the group has become one of the only "one- stop-shop" manufacturer in the market (complete production capacity). The group has six production sites in France with approximately 600 employees.

  • Chairman: Antonio Gil
  • Nature of the deal: Unitranche
  • Date of reinvestment: June 2016

The group Marle International, owned by The Carlyle Group since 2009, has been acquired by IK Investment Partners. Capzanine has been selected to arrange a unitranche facility to finance this transaction. IK Investment Partners is willing to support the group in its international growth and its product line expansion. The management, The Carlyle Group and the founder's family remain shareholders of the group. 

Capzanine 2
http://www.cleor.com
Jewellery stores
Secondary LBO June 2017

Founded in 1997 by its current managers, Gilles Bennejean and Pierrick Chatron-Michaud, the Cléor Group is a chain of jewellery shops. The group located in shopping centres in the north of France. The Group is positioned in “bottom-of-the-range” products for customers of all ages, with a product mix focusing on silver-plated costume jewellery.

  • Capzanine's involvement: december 2007
  • Nature of the deal: Secondary LBO

 

Capzanine 2
http://www.groupefindis.fr
Distributor of household aplliances, consumer electronics and kitchen implements
Secondary LBO March 2017

Created in 1987, Groupe Findis is one of the leading French distributors of household appliances, consumer electronics and kitchen implements focusing on local shops. The group operates across the whole of France through the Desamais, ProxiConfort, Blanc-Brun, Cuisine Plaisirs, Extra and Domial chains.
 

  • INVOLMENT OF CAPZANINE IN 2011
  • Nature of the deal: secondary LBO

In April 2011, Capzanine supported the Activa Capital fund in the acquisition of the Findis group, acting as senior mezzanine arranger. With its partners' support, Findis stepped up its expansion and moved into a new phase of growth, acquiring first the Dubost/Cocélec group (sales: €125m) in 2012, then Ronzier (sales: €18m) and David Ménager (sales: €7m) in 2013, and finally Desamais (sales: €77m) in 2015. As a result of its sustained growth momentum, Findis is now the leading operator in its sector.

In March 2017, Findis was joined by a new majority shareholder, thereby enabling Capzanine to cash out its investment.

Capzanine 2
http://www.dodie.fr
Childcare articles
MBI December 2016
 
Created in 1958 by L'Oréal and acquired by Johnson & Johnson in the 1990s, Dodie is the No. 1 of the French childcare articles (feeding bottles, pacifiers, rings, ...) distributed in pharmacies and drugstores with a nearly 60% market share.
  • INVOLMENT OF CAPZANINE IN may 2012
  • Nature of the deal: Primary MBI

 

 

Capzanine 1
http://www.ercom.fr
Telecommunication - IT
MBI September 2016

Set up in 1986 by Jean Lacroix, Ercom has over the years developed advanced technology in the field of optimising and securing telecommunications networks. Working in three major markets (simulation, cryptology, defence and security), the company co-ordinates its range of products and services around four core activities: 

  • Simulation: sale of products and services, mainly for manufacturers making parts for the major mobile telephone operators, for testing the network infrastructure in the framework of technological development (2G, 3G etc) 
  • Cryptology: offer of products and solutions for securing data streams, voice and data on different media (PDA, mobile, fax etc) and / or on the networks (fixed, 2G, 3G etc).
  • Defence: making specific communication equipment avaliable to its clients. 
  • Audits and services: this particular activity allows it to develop the three previous activities not only by auditing network and information systems but also by offering consultancy and assistance services. 

Its extensive technological expertise has enabled it to develop special relationships with the state and with the major groups in the telecoms market. 

  • INVOLMENT OF CAPZANINE IN july 2007
  • Nature of the deal: MBI

 

Capzanine 3
http://www.marle.fr
Manufacturer of orthopaedic prosthetics
Refinancing and Unitranche June 2016

Marle International, the European leader and second-largest industrial player worldwide in the manufacture of orthopaedic implants (mainly hip and knee replacements), has seen sustained growth over the past ten years, with sales progressing from €35 m in 2008 to nearly €70 m in 2013. The takeover of SEEP (finishing of implants), ATS and Sferic (specialists in casting and grinding prostheses) in 2011 positioned Marle International as one of the only players in the market providing a one-stop-shop service (from the manufacture of the implant to distribution approval for an OEM). With an already established reputation for excellence among the leading international distributors of prostheses, this market position meets with an especially favourable reception among challengers who do not have a manufacturing site for prostheses, opening up a new field for considerable growth. The group has five production sites in France with over 450 employees.

  • INVOLMENT OF CAPZANINE IN September 2014
  • Nature of the deal: Refinancing and Unitranche
Capzanine 2
http://www.groupe-bertrand.com
Restauration and catering
Secondary LBO May 2016
 
Groupe Bertrand was founded in 1994 and is one of the leading independent restaurant groups in France, employing some 1,300 people in 2011. Its business is divided between operating and franchising in various segments of the catering market, including festive catering (Paris-based restaurants including La Gare and Brasserie Lipp), fast food (Eris cafeterias, Quick franchised restaurants, Viagio, Angelina tea rooms), sandwich cafés (Bert’s) and concession catering (Printemps Haussman).
  • CEO: Olivier Bertrand
  • Nature of the deal: LBO 
  • Date of initial investment: may 2006
Groupe Bertrand has an experienced and committed management team and in just a few years has become a reference in its sector. Following an initial equity transaction in 2006, in which Capzanine provided L Capital and the management mezzanine financing, Olivier Bertrand decided to complete a secondary MBO in early 2012, enabling Naxicap Partners to take over from L Capital. Capzanine renewsits confidence in the group’s management team, who remains the majority equity holder, by contributing to the mezzanine financing for this new deal.
With this new organization and fresh support, Groupe Bertrand intends to pursue its vigorous acquisitions and growth policy in the traditional catering sector and accelerate its international expansion by working on the development of all brands in Asia, the Middle East and South America.  

 

Capzanine 2
http://www.dci.fr
Integration of IT and Telecom infrastructure solutions
MBO April 2016

Created in 1992, DCI (Data Concept Informatique) is a firm specialised in the integration of IT and telecom infrastructure solutions. The firm offers services in 5 fields for SME’s and major companies: security (firewalls, antivirus software…), networks, telephony/VoIP/convergence, systems (integrating software, business software…) and web hosting.

Due to the success of these offers, DCI has become one of the leading french in this sector. In 2010 is backed by a workforce of around one hundred employees and a network of 5 agencies (Paris, Lille, Rennes, Toulouse and Brest).

  • Capzanine's involvement: march 2011
  • Nature of the deal: MBO

Led by a quality team, DCI has earned a reputation among its customers. Its solid partnerships with suppliers and its position on growing market niches have convinced the Capzanine team to join LBO France and the firm’s management in capital and mezzanine financing. Thanks to these new partners, the firm will be able to pursue its ambitious projects for growth: opening of new agencies in different regions and targeted acquisitions of new technological skills.

Capzanine 3
http://www.lebelier.com
Manufacturer of the aluminium safety component
Sponsorless April 2016

Le Bélier is one of the world's leading manufacturers of cast aluminium safety components (mainly parts for braking and suspension systems) primarily for the automotive industry but also for the aviation sector.

  • Capzanine's involvement: october 2013
  • Nature of the deal: Sponsorless

In October 2013, Le Bélier asked Capzanine to work with the group and support it in a sponsorless transaction as senior mezzanine arranger. This investment provided funding for the FCDE's (Caisse des Dépôts) exit from the listed group's controlling holding company.The transaction also helped the group to continue growing. Le Bélier has strengthened its market position in the aluminium braking parts segment, and expanded its footprint in Asia with the acquisition in July 2014 of the Hong Kong-based HDPCI Group, which manufactures turbo parts and aluminium brake parts.

In April 2016, the group completed the refinancing of its debt, thereby enabling Capzanine to cash out its investment.