Capzanine 4
Software company in the topography and infrastructure project design field
2017 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
2017 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
2017 sales €98 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
2017 sales €16 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
2017 sales €14M
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
2017 sales €56M
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
2017 sales € 154 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
2017 sales €182M
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.

Capzanine 3
Software packages for managing financial commitments and risks
2017 sales €20M
Sponsorless January 2016

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
  • Date of investment: January 2016

With strong development momentum and a determination to pursue active growth, the group wanted to link up with Capzanine, its new financial partner. This investment will provide the group with the means to pursue its ambitious growth plans.

Capzanine 3
Group of healthcare facilities in Dordogne
2017 sales € 52 M
Sponsorless November 2015

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.

Capzanine 3
Multilingual digital production
2017 sales €45m
secondary OBO July 2015

Founded in 2000, Datawords is a multilingual digital production agency specialized in adapting the digital strategies of its clients and making them meaningful on a local level. Managed by four founding partners, Datawords has offices in eight countries : France, Italy, Germany, the United Kingdom, South Korea, Hong Kong, Japan and the United States. Datawords positions itself as a pioneer in e-multiculturalism and stands out through the atypical backgrounds of its 300 employees, who represent about forty nationalities and cover over fifty languages.

  • Managers: Alexandre Crazover, Didier Rosenberg, Kayo Hattori, Stanislas de Nervo
  • Nature of the deal: secondary OBO
  • Date of the first investment: july 2011
With a competent and dynamic four-person management team, Datawords has a unique market positioning as the only localisation specialist in this area. These were the factors that convinced Capzanine in 2011 to arrange an OBO to assist the company’s management team with their development plans.
In July 2015, Datawords welcomes new partners to accelerate its global growth strategy. Capzanine renewed his confidence and participated in the mezzanine financing of this transaction is led by Cathay Capital.





Capzanine 3
European leader in IT recycling
2017 sales € 81 M
LBO 3 July 2015

Evernex (ex the Cap Vert Finance group), whose major subsidiaries are IB Remarketing and AS Lease, is a French company specialised in management of the life-cycles of IT infrastructures. The group offers a full range of services from leasing to maintenance of IT server parks, including trading and recycling of equipment and parts, all based on an environmentally friendly and sustainable development approach. In 2015, the group employs 250 people through 14 overseas subsidiaries and carries out its services in more than a hundred countries around the world.

  • Chairman: Bruno Demolin
  • Nature of the deal: LBO 3
  • Date of the first investment: July 2015

As the leader in its market, the group plans to pursue its global expansion project, in particular with accelerated international development. In July 2015, the company's management partnered with a new sponsor, Carlyle, which became the majority shareholder. Capzanine took part in this transaction, acting as senior mezzanine arranger.

Capzanine 3
Production of chilled ready-to-use rolled dough under brand labels
2017 sales €404m
LBO 3 July 2015

Cérélia of the merger EuroDough-APM is now Europe's leading manufacturer of pastry and pizza doughs, which are mainly marketed as own-label products and under the Croustipate brand name.

  • Chairman: Guillaume Reveilhac
  • Nature of the deal: LBO 3
  • Date of the first investment: July 2010

Capzanine invested in Alsacienne Pâtes Ménagères (APM) in 2010 under a primary BIMBO orchestrated by Guillaume Reveilhac, who became CEO of Cérélia. Capzanine acted as the main shareholder and arranger of the deal. Capzanine then worked actively alongside the dynamic management team and was instrumental in the successful merger between APM and Eurodough. Under this deal, Capzanine contributed its shares to the Eurodough holding company and became the merged group's second-biggest shareholder alongside the Sagard fund. Capzanine was also involved as a mezzanine provider in the acquisition of Eurodough by Sagard in January 2012.

Considering the number of projects to be initiated over the 2015-2020 period, the management team and funds decided to give Cérélia a new partner.The IK Investment Partners fund will thus be taking over control of the group, supported by Capzanine as arranger of the senior mezzanine financing. This new transaction will allow Cérélia the necessary time and means to achieve its ambitious growth plan. Among other things, the group intends to strengthen its international operations and expand into related segments through add-on acquisitions.