Capzanine 4
Leading integrator and outsourcer of open source solutions
2016 sales 75 M
Unitranche May 2017

Smile is Europe’s largest Open Source (OS) software integration and maintenance specialist, providing IT services mainly integration of sales, maintenance, hosting to its clients to address their digital transformation process. The Group employs 1,000 people and has an international footprint with 17 agencies o/w 15 are located in France, Benelux, Switzerland, Netherlands and 2 in Morocco and Ukraine.

  • Chairman: Marc Palazon
  • Nature of the deal: Unitranche
  • Date of the first investment: May 2017

Capzanine will support the development of Smile, alongside its new shareholder. In this transaction, Capzanine provides a unitranche financing.

Capzanine 4
Specialist French supplier of disposable medical devices
2016 sales 54m
Sponsorless May 2017

Founded in 1993 by brothers Hervé and Didier Liebermann, Novomed manufactures and distributes disposable medical devices mainly to hospitals and clinics. The group has grown through innovation in its product range (via the development of medical kits) and by developing direct sales to independent medical practitioners, including gynaecologists, dermatologists and plastic surgeons.

  • Chairman: Hervé Liebermann
  • Nature of the deal: Sponsorless
  • Date of the first investment: May 2017

The acquisition of Mediq France, which has over 60,000 independent medical practitioners in its customer portfolio (GPs, physiotherapists, heart specialists and ENT specialists) and excellent knowledge of online retailing, is in keeping with the group’s growth strategy. In addition to the complementary strengths of the two entities, the rationale for the merger is also to achieve a critical mass with combined annual sales of 60 million euros.

The transaction was financed by senior and junior mezzanine debt arranged by Capzanine and through senior debt provided by BPI France and a bank pool.

Capzanine 4
Ftness Clubs
2016 sales 36m
MBO May 2017

Launched in the Eighties and taken over in 2015 by Philippe Herbette, the Moving group currently encompasses over 180 fitness clubs and more than 400,000 members, who attend 21 directly-operated clubs (located in major cities) and 162 clubs operated under franchise (mainly in provincial areas).

The Moving group is underpinned by its hugely successful “Fitness Park” concept. “Fitness Park” are low-cost, large-scale (covering from 1000 to 3000 square metres) fitness clubs offering long opening hours (6 a.m. -11 p.m., seven days a week) and top-end equipment.

  • Président : Philippe Herbette
  • Nature de l'opération : MBO
  • Date de l'investissement : Mai 2017

With the arrival of Capzanine as a shareholder, and led by Philippe Herbette, Moving is aiming to step up its growth, to rapidly establish very strong positions and to develop the loyalty of its membership base by strengthening its digital strategy.

In this operation, Capzanine also provides Mezzanine financing.

Capzanine 4
A new-build property developer active in the residential segment
2017 sales 241 M
LBO 4 April 2017

Founded in 1973, European Homes operates in new-build housing development, including the development of private housing estates, intermediate housing, apartment buildings and to a lesser extent, serviced plots. The group has a well-balanced customer base consisting of owner occupiers, social landlords and individual private investors, and is one of France’s very few independent nationwide property developers. It reported sales of 241 million euros in 2016 and has an annual output of more than 1,500 homes. The group is based in Paris and employs 331 people.

  • Chairman: Marie-Laure Pochon
  • Nature of the deal: Unitranche
  • Date of investment: March 2016

European Homes has been supported by various financial partners since 2000 and has a top-quality management team. It has seen steady growth of about 8% a year for the last fifteen years, absorbing market cycles much better than its peers. Keen to forge ahead with its ambitious growth plans, the company opened up its capital to a number of new financial partners. In April 2017, Capzanine took part in the transaction. Thanks to this support, the company will be able to move into a new phase of growth. The management team especially intends to step up development in the multi-dwelling housing segment in high-density urban areas such as the Ile de France region.

Capzanine 4 Private Debt
Distributor of consumables for restaurant, hotels and catering trade professionals
2017 sales 270 M
LBO April 2017

E.CF is the uncontested leader in the distribution of small equipment and non-food consumables to restaurant and hotel professionals in France. E.CF's success relies on its first-class logistics facilities and its network of sales professionals and reputable brands, including Chomette, La Corpo and Santor, enabling it to target the largest possible customer base through three channels: 
direct sales, indirect sales via a network of franchise stores and company-owned stores,  e-commerce via its website.

  • Chairman: Thierry Dreck
  • Nature of the deal: LBO
  • Date of investment: April 2017


Capzanine 4
Software company in the topography and infrastructure project design field
2016 sales 18m
LBO 3 March 2017

The Geomedia group is based in Brest and was founded in 1993. It develops and markets software to meet the design and land and infrastructure modelling requirements of the different players in the building and public works sector (surveyors, architects, design offices, construction companies, government bodies and local authorities). The group is also one of France’s leading distributors of solutions developed by the Autodesk software firm.

  • Chairman: David Le Roux
  • Nature of the deal: LBO 3
  • Date of investment: March 2017

The group is active in foreign markets (Canada, Belgium, Switzerland, Hungary and North Africa) and has become a key player in its niche market. A sustained strategy of investment in R&D has led to the Geomedia group being widely recognised for the high quality of its feature-rich software. It has successfully kept pace with the latest market developments, such as the integration of new dynamic data capture technologies (MMS, scanners and drones), and the emergence of BIM (Building Information Modelling).

With the arrival of Capzanine as a shareholder and under the leadership of its new head David Le Roux, Geomedia is moving into a new phase of development. The group is keen to strengthen its range of software, diversify into new market segments and step up its international expansion.

Capzanine 3
Design and manufacture of stainles steel vats and associated systems
2016 sales 74m
Growth Capital January 2017

Founded in 1949, the Pierre Guerin group manufactures stainless steel equipment and process lines (tanks, vats and related systems) for the agri-food and healthcare (pharmaceutical and bio-pharmaceutical) industries, such as stainless steel tanks, industrial fermentation tanks, wine tanks, cheese vats, mixer cookers, bioreactors, CIP systems and other innovative industrial products.

  • Chairman: Jean-Christophe Piétri
  • Nature of the transaction: Growth Capital
  • Date of the investment: January 2017

With locations in France, Spain, China and the USA, the group exports worldwide and generates more than 60% of its sales outside France. It is widely recognised for its knowledge and expertise, industrial excellence and high-quality engineering, and has enjoyed steady and particularly sustained growth. In just five years, Pierre Guerin has become a leading global player across the life sciences sector and has a market share of around 15%.



Capzanine 3
Private higher and technical education groups
2016 sales 92 M
OBO December 2016

Founded in 2010 by Philippe Grassaud, Eduservices, which serves 17,500 students, operates the leading network of training courses, with fifteen schools spread over 46 establishments. Eduservices operates on a network basis and brings together a set of skills, competencies and resources to serve the schools’ needs (R&D, certifications, partnership ecosystem and even training academies for employees).

  • Chairman: Philippe Grassaud
  • Nature of the deal: OBO
  • Date of investment: December 2016

The transaction marks the exit of the Duke Street fund, which had been the majority shareholder since 2010, and gives control of the group back to the Grassaud family. Under the deal, Capzanine takes a minority stake of forty-five percent and arranges senior mezzanine financing. Capzanine will therefore be in a position to support the actions of the management team and the Grassaud family as they seek to build up the group’s offering. The main goals are to grow the schools that already exist in France and internationally, to enhance awareness of the group’s brands, to integrate build-up opportunities and to promote a culture of educational entrepreneurship.

Capzanine 3
Software Publisher
2016 sales 15 M
MBO July 2016

The Octime group offers a comprehensive range (hardware and software) of solutions in the Work Time Management field (from scheduling software to clocking terminals). The group is the result of an alliance established in April 2015 between two players, both leaders on their respective markets, to combine their complementary areas of expertise: Octime ,a pre-packaged software publisher (SaaS and licence models) in the Work Time Scheduling and Management field and SPEC, a leading company in Spain, offering a comprehensive range (hardware and software) of time control and access solutions.

  • CEO: Guillaume Berbinau
  • Nature of the deal: MBO
  • Date of investment: July 2016
Capzanine 3
Football Pitches
2016 sales 13M
Growth Capital April 2016

Soccer Park was founded in 2010 by Guillaume Debelmas and Tony Jalinier and has seen rapid growth, mainly in provincial France. The company is the third largest network of five-a-side football facilities in France. Soccer Park is positioned as a high quality brand and has a strong identity and an innovative marketing and digital strategy.

Le Five FC was founded in 2008 by Joseph Vieville. It has developed its network via a historical presence in the Ile de France region and strong expansion across provincial France driven by franchising. It also recently moved into the Spanish market. Le Five FC sets the standard for five-a-side football in France and currently has a total of 26 complexes.

  • Chairman: Tony Jalinier
  • Nature of the transaction: Growth Capital
  • Date of investment: April 2016

The newly-formed business will consolidate the advantages brought by the two networks while developing an ambitious growth plan for the coming years, which will include the opening of new centres as well as the acquisition of independent operators. Both the Soccer Park and Le Five FC brand names will continue to live alongside one another and to promote the strong values they share, namely fair play, respect and constant innovation.

Capzanine 3
Professional training programmes in new technologies
2016 sales 51M
MBO April 2016

Founded in 1976, Orsys has become the leading French provider of professional training in the digital technologies, management, personal development and business administration fields. The group develops its own innovative and dynamic training programmes and makes use of modern teaching methods such as e-learning and MOOCs. In 2015, Orsys has over 120 classrooms located at La Grande Arche La Défense (Paris), in 11 regional centres, and in Belgium, Luxembourg and in Switzerland.

  • Chairman: Denis Levy Willard
  • Nature of the transaction: MBO
  • Date of investment: April 2016

With an equity interest of 37%, Capzanine becomes the core minority shareholder alongside the founding Levy-Willard family, who retain a majority stake, and the company's employees. On the transaction, Capzanine brought equity and mezzanine financing.

Capzanine 3
Dental imaging, equipment and products
2016 sales  148 M
Unitranche March 2016

Acteon specialises in the design, manufacture and distribution of high-value-added dental technologies and holds global leadership positions in ultrasonics and digital medical imaging. Based in Mérignac (near Bordeaux), Acteon has a network of 13 subsidiaries and sales offices across the world and employs more than 750 people.

  • Chairman: Marie-Laure Pochon
  • Nature of the deal: Unitranche
  • Date of investment: March 2016

Under the transaction to refinance its capital structure in March 2016, Acteon teamed up with a number of new partners to help the company accelerate its expansion and support it through its next phases of growth. Working alongside Bridgepoint Development Capital, the new majority shareholder, Capzanine took part in the transaction as arranger of the unitranche facility.

Capzanine 3
Consultancy firm specialising in information systems
2016 sales 151M
Sponsorless March 2016

Created in 2002, Talan is a Major French player in the Business and IT Consultancy world (operations consulting, project management support and the integration of new technologies) spread across four sectors: Finance & Insurance, Energy & Public Service, Transport & Logistics and Telecommunications & Media. Based in Paris, Talan also has subsidiaries in London, Geneva, Luxembourg, New York, Chicago, Hong Kong, Montreal and Tunisia. In 2015, the group’s personnel was 1,500-strong.

  • Chairman: Mehdi Houas
  • Nature of the transaction: Sponsorless
  • Date of investment: March 2016

Since its creation, Talan has grown rapidly thanks to sustained organic growth and a dynamic acquisitions policy lead by its three founders, including its Chairman, Mehdi Houas. In 2015, three new acquisitions were made: Stepinfo (€8m in sales), Solog (€16m in sales) and the EXL Group (€35m in sales). The leading French player in its area of expertise, the group wants to maintain its policy of acquisitions and integration.