Group specialising in the installation and refurbishment electrical systems
Founded in 1981, the Carrera group, which specialises in heavy and light current installations, is active in the Paris region (Ile de France) and the Nantes area and more recently began operating in Lyon. The group has grown, both organically and acquisitively, and currently consists of four complementary companies, namely CESA (electrical refurbishment works, tertiary and residential sectors), Perrin (electrical refurbishment works, low-cost/subsidised housing sector), Meusnier (new electrical installation works, new-build residential sector) and Deletre (refurbishment of ERDF rising mains). The group employs 225 people, who fall under its three main managers, Franck Petit, Dominique Pasquotti and Yannick Roussel.
- Chairman: Franck Petit
- Nature of the deal: LBO Ter
- Implication of Capzanine: December 2014
Software packages for managing financial commitments and risks
Created in 2004, the Finance Active group develops and distributes, both in France and abroad, software solutions in SaaS mode that enable public bodies, corporations and institutions to manage their financial commitments and risks. In 2016, the group employs 140 salaried staff in France and in its six foreign subsidiaries.
- Chairman: Patrice Chatard
- Nature of the transaction: Sponsorless
- Implication of Capzanine: January 2016
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
- Implication of Capzanine: May 2017
Private higher and technical education groups
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
- Implication of Capzanine: December 2016
Group of healthcare facilities in Dordogne
Created in 1910, the Francheville group is the healthcare leader in the Dordogne département. The group provides a complete range of healthcare services through four facilities: the Francheville Polyclinique in Périgueux, the Centre de La Lande, specialised in functional and cardiac re-education and rehabilitation, the Verger des Balans EHPAD (nursing home), specialised in patients suffering from Alzheimer's disease, and five autodialysis units.
- Chairman: Pierre Malterre
- Nature of the deal: Sponsorless
- Date of the first investment: November 2015
In pursuit of its expansion goals and the implementation of an ambitious investment strategy, the management team welcomes support from Capzanine in this sponsorless transaction. This investment will provide the group with the funds needed to enhance its service in a healthcare field that is undergoing structural growth.
Provider of home healthcare services
Elivie (ex IPS) is a provider of home healthcare services, specialising in medical equipment that is specific to respiratory illnesses, insulin therapy and perfusion.
With a diversified base of 9,000 prescribers and a network of some 60 agencies and distributed throughout the country, Elivie has established itself as the 3rd player in the hospitalization market in home.
- Chairman: Larbi Hamidi
- Nature of the transaction: Unitranche
- Date of the investment: July 2017
Assistance and automobile insurance
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.
Dental imaging, equipment and products
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.
Service provider on the industrial property segment
Founded in 1978, Questel is a software publisher and consultancy firm specialising in intellectual property, and one of the world’s leading companies on this sector.Questel’s SaaS (software as a Service) solutions and consultancy services cover the entire innovation cycle, from idea to product: competitive and technological intelligence, invention capture, prior-art research, freedom-to-operate, and patent and licence portfolio valuation. Questel is a French company and also established in Washington, Tokyo and Shanghai. It counts among its 3,000 clients major French and international groups, such as IBM, Michelin, Safran, etc.
- Implication of Capzanine in 2015
- Nature of the deal: MBO
Manufacturer of orthopaedic prosthetics
Marle is a CMO (Contract Manufacturing Organization), specialized in the production of orthopaedic implants, mainly hips and knees , and to a lesser extent, shoulders, ankles, elbows and spinal implants. The group also produces medical instruments.
- Chairman: Antonio Gil
- Nature of the deal: Unitranche
- Date of investment: July 2017
Established in 1964, Marle is among the top three players in the world (largest European player) in hip prostheses and 11% in knee prostheses manufacturing. Marle is headquartered in Nogent and owns 6 production sites in France and 1 in Switzerland. It has the capacity to supply small quantities of a large number of stock references.
In this transaction, Capzanine provided an unitranche financing.
IT solutions for the financial sector
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.
World leader on GSA sector
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.
French Leader in home services
The O2 group is the French leader on the home services market, with three business activities: the home segment, the “kids” segment and the “seniors” segment. The group has a network of 182 agencies and 14 franchises spread across France and caters to 50% of the French population. The group has 8,200 employees (around 7,500 working in private homes, 500 agency supervisors and a staff of 200 at its head office) and has been one of France’s leading job creators over the past few years.
- Implication of Capzanine in 2015
- Nature of the deal: LBO