M&A Deal Summary

CVC Capital Partners and Intermediate Capital Group Acquire Fraikin Groupe SA

On February 1, 2007, private equity firm CVC Capital Partners and mezzanine finance firm Intermediate Capital Group acquired transportation company Fraikin Groupe SA from Sparring Capital, Indigo Capital SAS and Rhône Group for 1.4B EUR

Acquisition Highlights
  • This is CVC Capital Partners’ 1st and Intermediate Capital Group’s 9th transaction in the Transportation sector.
  • This is CVC Capital Partners’ 20th and Intermediate Capital Group’s 9th largest (disclosed) transaction.
  • This is CVC Capital Partners’ 7th and Intermediate Capital Group’s 49th transaction in France.

M&A Deal Summary
Date 2007-02-01
Target Fraikin Groupe SA
Sector Transportation
Buyer(s) CVC Capital Partners
Intermediate Capital Group
Sellers(s) Sparring Capital
Indigo Capital SAS
Rhône Group
Deal Type Secondary Buyout
Deal Value 1.4B EUR

Target

Fraikin Groupe SA

quai Le Gallo, France
website
Fraikin is the French leader in long-term leasing of commercial vehicles and holds a 25% market share. Fraikin’s customer growth has mainly been in the area of parcel delivery and transportation, as well as in the food industry and distribution.

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Buyer(S) 2

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 106 of 319
Sector (Transportation) 1 of 5
Type (Secondary Buyout) 8 of 74
Country (France) 7 of 17
Year (2007) 2 of 15
Size (of disclosed) 20 of 55
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Nine Entertainment

North Sydney, Australia

Nine Entertainment is an integrated media group with assets in free-to-air (FTA) TV, magazines, the internet and entertainment. The investment in more traditional media displays lower growth, yet the exposure to new media via the online investments provides good growth exposure. Nine Entertainment was founded in 1956 and is based in North Sydney, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-06 Partners in Lighting International NV

Kontich, Belgium

PLI is a European market leader in home luminaires. It develops, manufactures and markets a broad portfolio of more than 10,000 distinct home lighting luminaires under brand names such as Massive, TRIO and Lirio, and concepts like Aqua, LED and Cucina.

Sell -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.

DEAL STATS #
Overall 174 of 287
Sector (Transportation) 9 of 12
Type (Secondary Buyout) 40 of 110
Country (France) 49 of 71
Year (2007) 2 of 33
Size (of disclosed) 9 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-30 Portman Travel

Chertsey, United Kingdom

Portman Travel Ltd. is an independent travel management companies operating from 17 locations. Portman provides a range of specialist travel management solutions to SMEs, multinationals and public sector organisations the world over.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-23 Vetco Gray

London, United Kingdom

Vetco Gray is a supplier of drilling, completion and production equipment for on- and offshore oil and gas fields, including subsea applications. The business employs 5,000 people in more than 30 countries, with key centers in Houston (USA), Aberdeen (UK), Stavanger (N), Oslo (N) and Singapore. Major products include flow control valves, control systems, wellheads, manifolds, risers and associated after-market services.

Sell $1.9B

Seller(S) 3

SELLER

Sparring Capital

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2002
PE ASSETS 850M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Sparring Capital Capital is a private equity firm focused on acquiring majority positions in private medium-sized French companies. Pragma looks to fund leveraged buyouts and development capital financings of businesses with high barriers to entry and that lead their respective market niches. The Firm typically seeks companies with at least €10 million in revenue and at least €2 million of EBITDA. Sparring Capital was formed in 2002 and is based in Paris.

DEAL STATS #
Overall 2 of 19
Sector (Transportation) 1 of 3
Type (Secondary Buyout) 1 of 9
Country (France) 2 of 18
Year (2007) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-07-12 SNAAM Group

Lyon, France

SNAAM Group is a provider in the design and manufacture of metal frames for construction with reinforced concrete. The different types of frames it manufactures are frames based on blueprints (traditional or assembles frames and cut and shaped frames), catalog frames (standard frames and soldered metallic wire-mesh), complementary products, as well as their placement and other services. SNAAM Group was established in 1998 and is based in Lyon, France.

Buy €100M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-19 Keolis SA

Paris, France

Kéolis SA manages passenger transport networks for the account of local authorities and private contractors: buses, cars, subways, tramways, trolley buses, ferry networks, and maritime links.

Buy -
SELLER

Indigo Capital SAS

Investor Investor Investor Investor Investor

website

Category Mezzanine Finance Firm
Founded 2012
PE ASSETS 500M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Indigo Capital SAS is an independent investment management firm specializing in the providing junior capital to privately-owned French and European businesses. The Firm focuses on investing into medium-sized businesses across all industry sectors, often for transactions such as management buyouts, corporate acquisitions, expansion or recapitalisation. Indigo will invest alongside leading European private equity firms, as well as management teams and corporates. Indigo Capital was established in 2012 and is headquartered in Paris.

DEAL STATS #
Overall 1 of 8
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 1 of 3
Country (France) 1 of 8
Year (2007) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-10 Converteam SAS

Messy, France

Converteam (formerly Alstom Power Conversion) specialises in the supply of systems and equipemnt which convert electrical energy into mechanical energy, such as: drives, controls, motors and generators.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-08-31 Ubiqus

Paris, France

Ubiqus is an innovative leader, offering a full range of value-added services for meetings and trade shows: writing and transcription, translation, interpreting, voting systems, event software and badges. Ubiqus was founded in 1989 and is based in Paris, France.

Buy -
SELLER

Rhône Group

New York, New York, United States

website

Category Private Equity Firm
Founded 1996
PE ASSETS 8.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Rhône Group is a private equity and financial advisory firm focused on large-scale buyouts across North America and Western Europe. Areas of interest include energy, materials, industrials, retail, consumer products, healthcare, and financial services. Rhône was formed in 1995 and has offices in New York, Paris, and London.

DEAL STATS #
Overall 1 of 17
Sector (Transportation) 1 of 1
Type (Secondary Buyout) 1 of 6
Country (France) 1 of 2
Year (2007) 1 of 3
Size (of disclosed) 1 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-09 Magnesita Refractories

Hilden, Germany

Magnesita Refractories GmbH (Formerly LWB Refactories) manufactures refractory products for industrial application, mainly for the steel and cement industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-27 Arizona Chemical

Jacksonville, Florida, United States

Arizona Chemical Co. LLC is a producer and refiner of pine chemicals. Its products are environmentally-friendly and are used in thousands of everyday products including fragrances, personal care items, plastics, household cleaners, adhesives, printing inks, decorative pains, tires and rubber products.

Buy $485M
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