Portefeuille

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.

 

 

 

Capzanine 1
http://www.sogetrel.com
Designs, deploys, upgradesand maintains voice/data/image networks
Secondary LBO February 2016

Sogetrel designs, deploys, upgrades and maintains voice/data/image networks in France for a range of customers including fixed and mobile telephone operators, cable operators, equipment manufacturers, major public corporations, public sector bodies (proprietary networks linking groups of hospitals, for example) and public service agencies (providing broadband facilities for the French regions in 2003).

  • Capzanine's involvement: March 2006
  • Nature of the deal: Secondary LBO
Capzanine 3
http://www.amsmedical.fr
Medical equipment hire and sale
Build up January 2016

 AMS (Assistances Médicales Spécialisées) was founded in 1994. The company operates in the home support market distributing specific medical equipment for: respiratory diseases, insulinotherapy, stomathology-urology, enteral nutrition.
In 2011, AMS ran a network of 12 agencies across the country and relied on a staff of 140 for a portfolio comprising over 4,000 clients. With a quality image and technical and commercial know-how recognised among prescribers, AMS becomes gradually a major national player in respiratory support while at the same time developing new services.

  • Capzanine's involvement: february 2008
  • Nature of the deal: Secondary LBO

The quality and complementary nature of the managers, as well as the company’s potential for growth on the promising home support market were key factors behinds Capzanine’s decision to invest for these two LBO (2008 and 2011). These operations had enable the company to achieve its development objectives (organic growth, opening new agencies, developing in new segments, ...).

Capzanine 2
http://www.bva.fr
Marketing surveys and consumer behaviour analysis
MBO December 2015
 
Founded in 1970, BVA is a reference in marketing surveys in France. The company’s business focuses on 4 areas: marketing surveys: to understand the complexities of consumers and markets (consumer goods, media, automotive industry, etc.), measurement and Forecasts: to analyze, estimate and forecast market trade (tourism, transport, agriculture, etc.), opinion polls: to gain insight into the attitude of a group at a given time (political, social, etc.), information systems and territories: to analyze markets having regard for their spatial components. The national organization has a workforce of 232, an R&D team and a network of international partners to provide quality surveys, ranking the company third in the French market of ad hoc studies.
 
In Vivo was created in 1989 and soon became the leader in consumer behaviour analysis. The company has experimental stores (7 across Europe: France, Germany, Italy and England) in which a “real-life” purchase situation is created to meet consumer issues, i.e.: testing new products, packaging tests, price sensitivity tests, merchandising.
 
  • Capzanine's involvement: november 2007
  • Nature of the deal: MBO
The managers’ experience, their complementary nature and their knowledge of the market convinced the Capzanine team. BVA’s brand identity, the quality of the surveys conducted and In Vivo’s unique know-how (sales assessment software) are just some of the incentives behind Capzanine’s decision to invest. 
 
Capzanine 2
http://www.la-toulousaine.com
Building closing devices
LBO 3 July 2015

The group is as a leading player in the building closures market in France. It comprises three companies: La Toulousaine, Profalux (acquired in 2007) and Eveno (acquired in 2012). The group offers a broad range of products aimed at various market segments (retail, industrial, housing) and centred on four main product families: Metal Gates and Curtains, Sectional Doors, Rolling Shutters and Aluminium Gates.

  • Capzanine's involvement: june 2010
  • Nature of the deal: LBO 3

Capzanine was involved in june 2010 in the takeover of the Stella Holding group organised by Equistone, the new majority shareholder with the backing of the management. Capzanine took part as an arranger of mezzanine financing and also invested in equity.

This investment has enabled the group to continue its growth strategy, in particular through build-up with the acquisition of Eveno. This transaction was an opportunity to accelerate the group's geographical expansion with a new manufacturing site in Lorient.

In july 2015, the group has a new majority shareholder. This transaction was the occasion for Capzanine to exit. At present, the group hopes to embark on a new phase of development, in particular with the roll-out of a broader international presence.

 

Capzanine 2
http://www.vacalians-group.com
One of France's leading in the mobile home rental business
LBO July 2015

The merger between Vacances Directes and Village Center led to the creation of Vacalians, Europe’s leader on the outdoor accommodation market. The group currently operates some 24,300 plots and pitches (including 17,500 mobile homes) on 300 proprietary and partner-owned campsites in France and elsewhere in Europe, trading under the brand name Tohapi.

  • Capzanine's involvement: december 2011
  • Nature of the deal: LBO

In 2011, Capzanine participated in the takeover of Vacances Directes (a mobile homes operator) as senior mezzanine arranger. In 2012, Vacances Directes stepped up its development and decided to link up with Village Center (a subsidiary of Proméo specialised in outdoor accommodation). Once again, Capzanine was involved in the transaction, acting as senior mezzanine arranger. This merger enabled the new entity “Vacances Directes/Village Center” to become the no. 1 outdoor accommodations operator in Europe. Since then, Vacalians has carried out two major transactions that have accelerated the group's international expansion: in 2014, with the takeover of 300 mobile homes based in Italy from André Trigano's Compagnie internationale; and in 2015, with the acquisition of Canvas Holidays, a major player in outdoor accommodation in the United Kingdom and northern Europe.

Vacalians intends to continue its expansion and strengthen its position as market leader. The 9 July 2015, the group diversified its shareholder base with a new partner, which is taking control of the group alongside management. This transaction was the occasion for Capzanine to exit.

Capzanine 2
http://nerim.fr
Internet and Telecom Operator
MBO April 2015

Founded in 1999, Nerim is a one-stop shop telecom operator providing Internet, hosting and telecom services for micro, small and medium-sized enterprises (SMEs) in France. 
Nerim has seen strong growth over the last ten years, skilfully developing a comprehensive and appropriate service offer for SMEs, a sound and diversified customer base, cutting edge infrastructures and a state-of-the-art network covering all of its offerings. Nerim has also enhanced its services and secured key areas of expertise by means of an active acquisition policy, with five acquisitions over the past ten years and a number of customer base and network asset acquisitions. What makes Nerim unique is the quality of service it delivers to its SME customers, in terms of both technology and customer relationship management.

  • Capzanine's involvement: april 2012
  • Nature of the deal: MBO

In April 2012, alongside CM-CIC LBO Partners as shareholders, Capzanine decided to support management with mezzanine financing and an equity stake to enable Nerim to continue its development. Two acquisitions were undertaken followingthis partnership. In July 2013, Nerim's takeover of BOOST strengthened its position in Web hosting and cloud computing. Then, in September 2013, the acquisition of telephone network operator Normaction enabled Nerim to consolidate its range of telephony products and services for business customers.

In April 2015, Nerim launched its second LBO transaction with Dzeta Conseil, which became the majority shareholder, thus facilitating the exit of Capzanine and other financial shareholders.

 

Capzanine 2
http://www.agram.fr
Development and distribution of non-motorised agricultural equipment
MBO January 2015

Créé après la seconde Guerre Mondiale, Agram est aujourd’hui le seul intervenant indépendant en France à concevoir et distribuer des équipements non motorisés pour agriculteurs.
Historiquement le groupe utilisait les réseaux de concessionnaires de tracteurs et d’équipements agricoles pour distribuer ses produits. Depuis 2000, le management d’Agram a décidé de toucher directement ses clients finaux, lui permettant ainsi de diminuer significativement le prix de vente de ses produits.

Agram positionne son activité sur deux axes principaux ;

  • la vente de matériels (plus de 70 types d’engins agricoles non motorisés sous sa marque propre) et prestations associés,
  • la vente de pièces détachées.

Le groupe dispose d’un réseau de vente de 17 bases et utilise en parallèle internet et la vente par correspondance pour répondre aux attentes de ses clients (essentiellement des agriculteurs). 

  • Implication de Capzanine : février 2008
  • Nature de l’opération : MBO

L’expérience des managers et leur parfaite connaissance du marché a permis à la marque d’acquérir une forte notoriété dans le monde agricole et un savoir faire reconnu dans la conception et le développement de nouveaux produits. Séduit par ces différents atouts, l’équipe Capzanine a décidé d’investir en mezzanine aux côtés de Cobalt Capital pour ce MBO et soutenir les projets du groupe Agram (élargissement de la gamme, développement du réseau en France et à l’étranger).