M&A Deal Summary

Cobalt Capital SAS Acquires JOA

On March 1, 2002, private equity firm Cobalt Capital SAS acquired gaming company JOA from Silverfleet Capital for 402M EUR

Acquisition Highlights
  • This is Cobalt Capital SAS’s 1st transaction in the Gaming sector.
  • This is Cobalt Capital SAS’s 0th largest (disclosed) transaction.
  • This is Cobalt Capital SAS’s 7th transaction in France.
Investment Fate
  • JOA was sold to a consortium of financial buyers in 2005 for 449M EUR.
  • JOA was sold to a consortium of financial buyers in 2017.

M&A Deal Summary

Date 2002-03-01
Target JOA
Sector Gaming
Buyer(s) Cobalt Capital SAS
Sellers(s) Silverfleet Capital
Deal Type Secondary Buyout
Deal Value 402M EUR

Target

JOA

Lyon, France
website
JOA is a casino operators in France with a national network of 32 medium-sized casinos and an online sports betting platform. JOA was founded in 1948 and is based in Lyon, France.

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Buyer(S) 1

Buyer

Cobalt Capital SAS

Paris, France

Investor Investor

website


Category Private Equity Firm
Founded 2004
PE ASSETS 150M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

Cobalt Capital SAS is a private equity firm specializing in middle market Leverage buyouts in France. The Firm invests €7 - €30 million of equity per transaction and in conjunction with co-investors can invest up to larger transactions. Prospective businesses typically generate revenues of between €20 - €300 million. It prefers to be the lead investor and take controlling position in its portfolio companies. Specific areas of interest include leisure, consumer goods, business services and general industrials. Cobalt Capital SAS was a spun out of Legal and General Ventures (LGV) and became independent in 2004. Cobalt Capital SAS is based in Paris.


DEAL STATS #
Overall 7 of 15
Sector (Gaming) 1 of 1
Type (Secondary Buyout) 2 of 4
Country (France) 7 of 15
Year (2002) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-01 Compagnie Générale des Espaces Verts SA

Besancon, France

Compagnie Générale des Espaces Verts, a former subsidiary of Compagnie Générale des Eaux, designs, builds and maintains landscaped areas in public gardens, transport infrastructures and sport fields mainly for local councils in France. It is the undisputed leader in its market where there are numerous small independents operators, giving opportunities for consolidation through acquisitions.

Sell kr.7M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-12-22 MGE UPS Systems SA

Saint Ismier, France

GE designs, manufactures and sells Uninterruptible Power Supply (UPS) systems. It is the third largest player worldwide, with a presence in more than 100 countries. It serves global clients in sectors such as banking, airport infrastructures, hospitals and telecom operators. In spite of a severe downturn in demand from ISP/Telecom operators in 2001.

Sell -

Seller(S) 1

SELLER

Silverfleet Capital

London, United Kingdom

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1985
PE ASSETS 2.1B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Silverfleet Capital is an independent private equity firm that invests in market leading businesses in growing sectors. Silverfleet looks to acquire companies headquartered in Western Europe or US-based businesses with a substantial European presence. Target companies are typically valued between €75 and €500 million and operate in sectors spanning business and financial services, healthcare, leisure, and retail/consumer. Silverfleet Capital was formerly known as PPM Capital, operating under Prudential plc. Silverfleet has offices in London, Paris, Munich, and Chicago.


DEAL STATS #
Overall 4 of 39
Sector (Gaming) 1 of 2
Type (Secondary Buyout) 3 of 23
Country (France) 1 of 4
Year (2002) 1 of 2
Size (of disclosed) 8 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2001-07-09 Fired Earth

Banbury, United Kingdom

Fired Earth brings in product range beyond ceramic tiles to include paints, tribal rugs, natural floor coverings, wooden floors, fabrics and bathrooms, under the H2O label. Eighteen new retail outlets were opened, bringing the total to 55, with showrooms in the UK and Europe.

Sell £30M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-01 The Jessop Group

Leicester, United Kingdom

The Jessop Group Ltd. is a provider of digital photography products.

Sell £147M