Portefeuille

Capzanine 3
http://www.neoxam.com
IT solutions for the financial sector
2017 sales €62m
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
2017 sales €165m
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
2017 sales €147m
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
2017 sales €83m
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 2
http://www.smp-drilling.com
Oil services company
2017 sales €41m
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.dcm.fr
Manufacture and marketing of printing machines for flexible packaging
2016 sales €21m
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.