Portefeuille

Capzanine 3
http://www.dgf.fr
Supplier of ingredients and products to the bakery trade
2016 sales €204m
Secondary LBO July 2014

Founded in 1986, the DGF group is the second-largest operator in France in the multi-temperature distribution of supplies to the bakery, pastry and catering trades. DGF is positioned not only as a wholesale distributor, but also as a designer and supplier of a range of 5000 listed products, including dried products (37%, including chocolate, dried fruit and decorating supplies), fresh produce (29%), frozen products (23%), and packaging and other non-food supplies (11%). The group has a member network of twenty-nine distributors and three logistics platforms (in Chanteloup-les-Vignes, Thiais and Millau). Operating across the whole of France and in 65 other countries (including Japan, Canada, Ireland, Asia and Latin America), the group generated sales of €154 million in 2013.

  • Chairman: Bruno Rouxel
  • Nature of the transaction: secondary LBO
  • Date of the investment: August 2014

Six years after Qualium Investissement acquired its stake in the DGF group, Fonds 21 Centrale Partners becomes its new majority shareholder in July 2014. This secondary LBO is an opportunity for Capzanine to take part as arranger of the senior mezzanine, working alongside the management team led by Bruno Rouxel, DGF’s Chairman since 2013. This new transaction is an important step in the group’s development. Its plans are to strengthen its distribution network in France and step up its international expansion.

Capzanine 3
http://www.destinationvichy.com
Exploitation of thermal baths, hotels and sales of mineral water
2016 sales €35m
Sponsorless June 2014

Created in the mid-nineteenth century to manage the concession of the state-owned thermal heritage in Vichy, the Compagnie de Vichy is one of the oldest French companies.  For several years, the company has been specialised in the design and management of therapeutic spas for luxury hotels internationally. It is also active in the sale of mineral water (Vichy Célestins), the operation of thermal baths (23,000 people coming for cures per year) and hotels. In addition, it receives royalties from l’Oréal and Kraft Foods for the use of the water and the Vichy brand in the “Laboratoires Vichy” cosmetics and in the candy lozenges of Vichy.”

  • Chairman: Jérôme Philipeau
  • Nature of the transaction: Sponsorless
  • Date of the investment: June 2014

In this “sponsorless” transaction, Capzanine is bringing in both mezzanine financing and capital, thereby facilitating an exit for the Fund Matignon Investissement. In the reorganisation, Jérôme Phelipeau, President and majority shareholder is reinforcing his equity position by reinvesting 100%.

Equipped with a solid and diversified business model, the group is embarking on a new phase with Capzanine, characterised in particular by the international development of its expertise.

Capzanine 3
hhtp://www.opteven.com
Assistance and automobile insurance
2016 sales €123m
MBO Bis April 2014

Previously part of the RAC group (formerly the British Royal Automobile Club), the company’s name was changed to Opteven in 2011 and it is today recognised as a leading player in the Assistance and Mechanical Breakdown Warranties market in France. The Opteven group is based in Villeurbanne, employs more than 220 people.

  • Chairman: Jean-Matthieu Biseau
  • Nature of the transaction: MBO Bis
  • Date of the investment: April 2014

The Finadvance Fund has held a majority stake in Opteven since 2010 alongside the management team and the Aviva Insurance group. Opteven has seen its turnover double in four years. Underpinned by a BtoB strategy based on long-lasting partnerships with its clients, who include insurers, automotive manufacturers, automotive dealers, credit companies and hire companies, Opteven has gradually made a name for itself on the French market through proven and reliable quality of service. Call centre availability and quick and clear decisions, combined with follow-up of customers, of their satisfaction and of any complaints are at the heart of the Opteven group’s operating strategy.

Capzanine, the new majority shareholder will rely on the current management team led by Jean Matthieu Biseau and on the partnership with Aviva to continue the group’s strong organic growth in its traditional business lines and to increase the pace of its already-initiated expansion into international markets as well as into non-automotive assistance segments. The management team is also considering targeted acquisitions as a further means of growing its geographic reach and penetrating new market segments.

 

Capzanine 3
http://www.neoxam.com
IT solutions for the financial sector
2016 sales €56m
BIMBO January 2014

Formerly owned by the American group Sungard, GP3 & AAM are two software publishers for back-, front- and middle-office solutions for investment funds and asset managers. GP3 is a software application for fund accounting, valuation and reporting. AAM (formerly called Decalog) is a compliance software application for use in the front and middle office. Based in France, these two entities are also present internationally in 16 countries (including Belgium, Germany, Italy, China, Brazil).

  • Chairman: Serge Delpa
  • Nature of the transaction: Carve-out/Bimbo
  • Date of the investment: January 2014

In January 2014, Sungard sold these two non-strategic subsidiaries to the Blackfin Fund, which became the new majority shareholder. Capzanine took part in this takeover, acting as the arranger of a unitranche financing. The buyout of these two entities resulted in a new unit called NeoXam, established as a provider of European software applications, a leader in the asset management sector.

Backed by a solid management team and the support of these new financial partners, NeoXam plans to pursue a sustained development strategy, especially in its commitment to strong international expansion.

Capzanine 3
http://www.stars-services.com
Last kilometre logistics
2016 sales €135m
OBO bis November 2013

The Star’s Service group, which specialises in last-mile logistics, is currently the leading player in the home delivery of food products for major supermarkets (Monoprix, Carrefour etc.) and e-commerce retailers (Ooshop etc.) in France. Led by Hervé Street, who founded the group in 1987, Star’s Service has, since its beginnings, seen strong growth attributable to a mixture of organic growth and acquisitions. The group is active across the whole of France via its companies Biotrans (transport of medical products) and Toutadom (delivery of meal trays, catering food).

  • CEO: Hervé Street
  • Date of the first investment: may 2010

In 2010, Capzanine 2 arranged a sponsorless transaction as a leading minority shareholder, accompanied by Agregator Capital, Naxicap Partners and BNP Paribas Développement. The “one-stop shop” transaction combined investments in equity (€6 m) and mezzanine (€11 m). This transaction was executed with no bank leverage and enabled the company to pursue its growth plans.

Since its initial equity investment in Star’s Service, Capzanine has supported a high-quality management team very actively driving forward its development strategy. In 2011, the group disposed of CGVL, its subsidiary specialising in hiring industrial vehicles with drivers, marking an important step towards becoming a pure player in last-mile logistics. The group also continued to develop by diversifying its business activities with the acquisition of the French company “La Petite Reine”, which offers a green delivery service by Cargocycle, and more recently, by diversifying into automotive spare parts with the launch of the Automotive Service division.

Focusing firmly on continuation of this growth, in November 2013, the group implemented changes in the composition of its capital structure with the arrival of the Edmond de Rothschild Investment Partners fund, which becomes the new minority shareholder alongside Socadif and BNP Paribas Développement. Capzanine 3 arranged the mezzanine financing on this transaction.

Capzanine 3
http://www.fdsgroup.net
Industrial sealing product solutions
2016 sales €160m
Secondary LBO July 2013
 
A world leader, the Flexitallic Group develops and manufactures industrial sealing solutions (gaskets, seals and related products) for the refining, petrochemicals, fine chemicals and nuclear sectors. Based in Texas (USA), the company sells its products mainly in the United States and Europe.
  • Date of initial investment: December 2006
Capzanine has had a presence in the group since October 2006, alongside Eurazeo PME (ex OFI Private Equity), the majority shareholder. Since its investment in the group, Capzanine has successfully backed the management in its various expansion projects, such as the purchase of its American supplier Flexitallic in 2007 and in the refinancing of its capital in November 2011.

In July 2013, Eurazeo PME sold its majority shareholding to Bridgepoint, who thus joins the minority shareholders, Capzanine included, through its 3rd fund, who are all reinvestng in this new transaction.

 
Capzanine 3
http://www.ecsgroup.aero
World leader on GSA sector
Marge Brute sales €68m
Secondary MBO March 2013

The European Cargo Service (ECS) Group was created in 1998, following the merger of several General Service Agents. Since then, the Roissy-based French group has established a major international presence through organic growth and acquisitions. It currently provides services to over 120 airlines in 32 countries, thanks to 54 subsidiaries and around 400 employees worldwide. The acknowledged leader on this sector, the group posted sales of € 414 m in 2012.

  • Chairman: Bertrand Schmoll
  • Type of operation: Secondary MBO 
  • Initial investment date: march 2013

After being backed by the funds Chequers for seven years, the air freight company has joined Alpha, with Capzanine acting as the mezzanine arranger, in partnership with management, led by Managing Director Mr Bertrand Schmoll.
ECS, which was named the best GSA in 2011 and 2012 at the World Air Cargo Awards, wants to continue its international development and focus expansion efforts on emerging markets, such as Asia and Latin America. 

Capzanine 3
http://www.breteche.com
Agro-food industry equipment
2016 sales €181m
Secondary MBO March 2013
 
The Bretèche Industrie group specialises in the design, manufacture and installation of equipment and automated lines for the agro-food industry. It is the world’s biggest supplier of dough mixers and one of the major suppliers of equipment to the dairy sector. 
Bretèche also supplies processing equipment to the pharmaceutical and cosmetics industries (homogenisers, mixers).
The group currently operates 7 production sites spread across France, Germany and the Czech Republic, with almost 800 employees.
  • Chairman: Arnaud Meynial
  • Type of operation: Secondary MBO
  • Initial investment date: march 2013
In March 2013, Capzanine backed the acquisition of the Bretèche Industrie group by Equistone, the new majority shareholder and its co-investor Céréa Capital. 
The new partners aim to support the group’s continued growth, facilitate a new phase of development and reinforce its international position. 
Capzanine 2
http://www.promovacances.com
Online travel agency
2016 sales €360m
Secondary LBO June 2011
 
Founded in 2000, Karavel-Promovacances group has extensive expertise in designing and selling travel packages online, generating nearly €400 million in 2010 revenues. With more than four million visitors per month to its website promovacances.com, the company is the undisputed leader in holidays package. Covering more than 80 destinations, it offers the broadest and most comprehensive selection of holidays on the market at competitive prices. It also sells cruises and tailor-made packages, including flight-only deals, car rental and skiing holidays. 
Karavel-Promovacances has expanded through a combination of robust organic growth and acquisitions (AB Croisière, Partir Pas Cher and Un Monde à Deux), culminating in the original and lucrative 'tour operator-distributor' business model that it deploys today. By maintaining stringent risk management and placing customer satisfaction at the core of its strategy, Karavel-Promovacances can offer high value-added, competitive products designed and/or selected according to very strict quality guidelines.
  • CEO: Alain de Mendonça
  • Nature of the deal: secondary LBO
  • Date of the first investment: June 2011
Capzanine teamed up with LBO France, Euromezzanine and the management team to participate in the leveraged buyout of Karavel-Promovacances, acting as co-arranger of the deal's mezzanine financing. This new operation will provide the resources it needs to explore any investment opportunities offering new avenues for growth, such as international expansion or opening bricks-and-mortar travel agencies.
 
Capzanine 2
http://www.ecf.fr
Distribution of consumables for café/hotel/restaurant
2016 sales €222m
LBO May 2011

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.

  • CEO: Thierry Drecq
  • Nature of the deal: LBO
  • Date of the first investment: february 2006

Capzanine arranged mezzanine financing for E.CF's first LBO in February 2006 and has decided to relaunch its partnership with the company by investing in this new deal alongside Weinberg Capital Partners. This third operation will provide E.CF with the resources needed to consolidate its leadership position and speed up its expansion in France and abroad.

In June 2014, the refinancing of the senior debt and mezzanine debt is helping to optimise the cost of the financing. This transaction enabled Capzanine to recover the bond part of the mezzanine while retaining its stock warrants.

Capzanine 2
http://www.smp-drilling.com
Oil services company
2016 sales €67m
MBO February 2009

SMP (Société de Maintenance Pétrolière) founded in 1998 by its present CEO, Bernard Raigneau, specialises in hiring drilling rigs and maintaining land based wells (oil, gas, geothermal energy). After firstly achieving success in oil well drilling in France, SMP expanded to Gabon in 2007.
With its leading position on the French market, a turnover that grew 37% between 2007 and 2008 and a first successful international expansion, SMP’s expertise is now recognized by the top oil companies. 

  • CEO: Bernard Raigneau
  • Nature of the deal: MBO 
  • Date of the first investment: February 2009

The quality of SMP’s management, its reputation on the French market, its expertise as well as its development potential were all decisive factors in this MBO. Capzanine is thus involved in capital and in mezzanine alongside the management and MBO Partenaires and would like to provide SMP with the necessary financial backing for its development plans: 

  • increase its fleet of rigs,
  • continue its diversification into non oil related activities (gas storage, geothermal energy).
Capzanine 1
http://www.menuiseries-gregoire.fr
Manufacturer of industrial joinery
2016 sales €66m
MBO February 2007

The Grégoire group, founded in the Dordogne in 1961, is one of France's leading manufacturers of industrial joinery for the residential construction market. Specialising initially in the manufacture of wooden joinery (doors and windows) for the region's residential apartment market, it has since diversified in terms of range (French windows, roller shutters, etc.), materials (PVC, aluminium, combined) and customer segment (house builders and individuals), and has gradually extended its reach to cover almost the whole of France. 

  • CEO: Jean-Michel Joussain 
  • Nature of the deal: MBO
  • Date of initial investment: february 2007

Distinguished by its constant pursuit of independence and innovation, the Grégoire group has developed integrated industrial capacity geared to large-scale production of made-to-measure products, principally in order to ensure it possesses the knowhow required for innovation. The management team impressed Capzanine with its ability to expand the company into new segments and position it as a key innovator in its market. 

Capzanine 1
http://www.dcm.fr
Manufacture and marketing of printing machines for flexible packaging
2016 sales €30m
LBO July 2006

DCM specialises in the design, manufacture and marketing of printing machines for flexible packaging: plastic film, paper, board, metal and laminated composites. Its products sell to manufacturers of packaging for food and non-food consumer goods.

  • Nature of the deal: LBO
  • Date of initial investment: july 2006

Capzanine backed the majority LBO by the chief executive and senior managers of DCM, which is strongly positioned in a niche market.