Portefeuille

Capzanine 4 Flex Equity
https://www.recommerce-group.com/
Smartphone reconditioning pioneer
2017 sales €37 M
Development Capital February 2018

Recommerce Group, a key player in the circular economy and pioneer of smartphone reconditioning, was founded in 2009. It anticipates 30% market growth potential in the coming years, and rapid expansion in 2018 with revenues of over €50m. Operating around the world, Recommerce works with the largest European retailers and with carriers in France, Switzerland and Spain. It has a team of 70 people.

  • Chairman: Pierre-Etienne Roinat
  • Nature of the deal: Development Capital
  • Date of investment: February 2018
Capzanine 4 Private Debt
http://www.mba.eu/
Spanish leading orthopaedic prostheses and trauma products distributor
2017 sales € 58 M
Unitranche January 2018
Founded in 1988 in Asturias, Spain, MBA is the leading distributor of orthopaedic implants and complementary products in Spain and Portugal under the MBA and Bioser brands. The company differentiates from competition by its wide and innovative range of products, its qualified and specialized sales team, and its surgeons focused strategy. MBA has also the widest capillarity of the market in Iberia and Italy thanks to its network of local offices.
  • CEO: Carlos Marina
  • Nature of the deal: Unitranche
  • Date of investment: January 2018
MBO
http://www.panmonviso.it/
Italian manufacturer of crackers, biscuits and bread substitutes
2017 sales €36 M
Capzanine 4 Sponsorless January 2018

Monviso is an Italian manufacturer of crackers, bread substitutes and sweet and savory biscuits. The company has 130 employees in 4 facilities in Northern Italy and more than one third of its sales come from exports. The resilience and profitability of the company are based on the strength of the Monviso brand in Northern Italy, positioned at the high-end range for quality-healthy products, its know-how in gluten-free, palm oil-free, lactose free, etc. and its complementarity with Tonon (product, distribution channels, geographies) acquired in 2015.

  • Chairman: Manfredi Cusmano
  • Nature of the deal: mezzanine debt
  • Date of the first investment: January 2018

 

Capzanine 4 Sponsorless
http://www.cbe-tunnels.com/fr/
The worldwide leader in the production of moulds and automated plants for tunnel segments
2017 sales €41 M
MBI October 2017

Founded in 1987 in the Tours region, CBE is a French manufacturer of moulds for the production of tunnel segments, which are pre-cast concrete components vital to the construction of large-diameter water supply and transport tunnels dug by tunnel boring machines. The company has diversified into supplying end-to-end segment and large concrete component pre-cast plants, and into vacuum lifting and handling equipment. The CBE group, which employs 250 people, has a strong international presence, especially in China where the group has been operating since setting up a subsidiary there in 2009.

  • Chairman: Philippe Samama
  • Nature of the deal: MBI
  • Date of the first investment: October 2017
Capzanine 4
http://www.marle.fr/fr/
Manufacturer of orthopaedic prosthetics
2017 sales €81m
Unitranche July 2017

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.

Capzanine 4 Sponsorless
http://www.mca-ingenierie.fr/fr
Engineering and high-tech consulting specialist
2017 sales €86 M
Sponsorless July 2017

Founded in 1991, MCA is a service provider in the field of engineering and high-tech consulting. MCA provides intellectual engineering services through R&D projects for major clients in the automotive, energy, aerospace, and biology sectors (Renault, Valeo, Engie, Safran, etc.), and employs close to 1,000 people. The group began expanding internationally in 2012 and is now present in France, Belgium, Germany, the Netherlands, Sweden, Spain and Italy.

  • Chairman: Pierre Ebenstein
  • Nature of the deal: Sponsorless
  • Date of the first investment: July 2017
Capzanine 4
http://www.elivie.fr/
Provider of home healthcare services
2017 sales €153 M
Unitranche July 2017

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

 

 

Capzanine 4
http://www.intech-medical.com/
Worldwilde leader in orthopedic surgical instruments
2017 sales €61 M
Unitranche July 2017

In’Tech Medical develops and manufactures orthopedic surgical instruments, used by surgeons in order to implement implants inside the patient’s body. The products are spread between spine instruments, knee instruments, shoulder instruments and other products.

  • Chairman: Laurent Pruvost
  • Nature of the deal: Unitranche
  • Date of investment: July 2017

Headquartered in Pas-de-Calais, with subsidiaries in Toulon, the USA and Malaysia, In’Tech Medical was established in 1999 as a carve-out from Medtronics. The group employs c. 500 persons.

In’Tech’s main end markets are the US and France, even though the instruments are then re-exported all over the world by In’Tech’s clients who serve a worldwide population of surgeons. In’Tech is an ‘Approved supplier’ for all the main OEMs (Medtronic, Depuy, Stryker, Zimmer Biomet, Nuvasive) and the first supplier of most of the main players (Stryker Spine, Zimmer Biomet Spine, Nuvasive).

Capzanine 4
http://www.nexeya.com
Electronics products and services
2017 sales €117 M
Unitranche July 2017

Nexeya is a French specialist of electronical engineering. It designs and manufactures value added electronical systems and sub-systems (power convertors, tests benches for planes…) for “critical” applications (for which the failure rate should not exceed 10-9) in various industries (aeronautics, spatial, energy…). Thanks to a strong track-record and long term relationships with the main actors of the market, Nexeya has developed strong know-how and expertise on very technical and specific products.

  • Chairman: Philippe Gautier
  • Nature of the deal: Unitranche
  • Date of investment: July 2017

The Group runs 3 manufacturing sites in France and 2 abroad (Canada and Germany) and distributes its products globally.
Founded in 1997, the Group employs more than 950 people.

Capzanine 4
http://www.entrepose-echafaudages.com/
French leader in scaffolding and shoring equipment rental to firms.
2017 sales €95M
Unitranche July 2017

Scaff’Holding designs and manufactures scaffoldings, shoring systems and staircases which are leased or sold, through two brands, Entrepose and Mills. Established in 2002 from a carve-out from Suez, Scaff’Holding employs c. 500 people and owns two productions sites in France. The group has a large and diversified customer base and operates primarily in construction, industry and events sector in France.

  • Chairman: Anne-Marie Lambilliotte
  • Nature of the deal: Unitranche
  • Date of reinvestment: July 2017
Capzanine 4
http://www.smile.fr/
Leading integrator and outsourcer of open source solutions
2017 sales €85 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
http://www.novomedgroup.com/
French specialist supplier of disposable medical devices
2017 sales €53m
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
http://fitnesspark.fr/
Ftness Clubs
2017 sales €44m
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.