Secondary Buyout • Retail

Ardian and Sagard Acquire Grand Frais

On March 18, 2016, private equity firm Ardian and asset manager Sagard acquired retailer Grand Frais from Five Arrows and Abenex

Acquisition Context
  • This is Ardian’s 14th and Sagard’s 2nd transaction in the Retail sector.
  • This is Ardian’s 131st and Sagard’s 23rd transaction in France.
Investment Fate
  • Grand Frais was sold to a consortium of financial buyers in 2020.

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M&A Deal Summary

Date March 18, 2016
Target Grand Frais
Sector Retail
Buyer(s) Ardian
Sagard
Sellers(s) Five Arrows
Abenex
Deal Type Secondary Buyout

Target Company

Grand Frais

Givors, France
Grand Frais is a fresh food retail specialist, offering under one roof an extensive selection of quality fresh products (fruits & vegetables, seafood, meat, dairy and grocery). Grand Frais was founded in 1992 and is based in Givors, France.
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Buyers Overview 2

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 127.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €1 billion per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


Deal Context for Buyer #
Overall 263 of 465
Sector: Retail 14 of 15
Type: Secondary Buyout 79 of 155
Country: France 131 of 207
Year: 2016 9 of 34
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-16 KOS

Milano, Italy

KOS is one the main operators at national level in the healthcare and residential care-home sector. The company, which operates in the sectors of residential care homes, rehabilitation and cancer treatment units, diagnostics and the management of hospital facilities, is also active in the United Kingdom and India. KOS was founded in 2002 and is based in Milano, Italy.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-21 Seqens

Ecully, France

Seqens is a global diversified chemicals Group that produces and distributes essential chemicals that are used in everyday products. Seqens offers a broad portfolio of active ingredients, pharmaceutical intermediates, and specialty ingredients, develops and industrializes the most demanding molecules, and relies on its ability to innovate, develop and implement the best available technologies. Seqens was founded in 2003 and is based in Ecully, France.

Sell -
Buyer

Sagard

Paris, France

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2001
PE ASSETS 2.0B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Sagard is a multi-strategy alternative investment manager that invests across a variety of asset classes. These include private equity, public equity, private credit, royalties, and venture capital. Prospective transactions typically include buyouts or growth capital financings, where Sagard will consider either majority or minority positions. Sagard was formed in 2001 and is based in Montreal, Quebec.


Deal Context for Buyer #
Overall 26 of 41
Sector: Retail 2 of 2
Type: Secondary Buyout 12 of 17
Country: France 23 of 34
Year: 2016 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-01 Aprium Pharmacy

Boulogne-Billancourt, France

Aprium Pharmacy is an integrated platform for pharmacists, with a unique value proposition combining best-in-class commercial conditions for health and parapharmacy products, and a full range of high value-add services and tools such as marketing, digital, medical science and human resources. Aprium Pharmacy was founded in 2006 and is based in Boulogne-Billancourt, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-16 FlaktGroup

Herne, Germany

FlaktGroup is a provider of ventilation and air climate solutions for buildings as well as air movement solutions for industry and infrastructure applications. Flakt has built up expertise in applications by delivering BREEAM, LEED, DGNB or HQE solutions for major projects for: offices, hotels, hospitals, airports, and commercial construction projects including specialist applications like data-centers, pharmaceutical, marine, nuclear, oil and gas all over the world. FlaktGroup was formed in 2002 and is based in Herne, Germany.

Sell -

Seller Profiles 2

SELLER

Five Arrows

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
PE ASSETS 24.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Five Arrows Principal Investments is a mid-cap investor in Western European companies. Five Arrows can invest across the capital structure (equity, equity-linked, mezzanine, convertible debt) and generally focused on primary or secondary buyouts, growth financings, and balance sheet restructurings. The Group does not have any sector preferences, but typically looks for businesses with high barriers to entry and predictable earnings. Five Arrows can commit €30 to €400 million per investment. Five Arrows is a unit of Rothschild Bank. The Group has offices in Paris, Luxembourg, and London.


Deal Context for Seller #
Overall 5 of 27
Sector: Retail 1 of 1
Type: Secondary Buyout 4 of 17
Country: France 5 of 13
Year: 2016 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-07-16 Karnov Group

Stockholm, Sweden

Karnov Group is a provider of legal and tax & accounting information to businesses and professionals and is also the major provider of online legal professional information. Karnov Group was founded in 1979 and is based in Stockholm, Sweden.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-29 LPCR Group

Clichy, France

LPCR Group is a fast-growing childcare provider operating a network of more than 110 nurseries. The company either operates its own nurseries, for corporations ready to sponsor cradles for their employees (private nurseries), or manages nurseries on behalf of local authorities (outsourced nurseries). LPCR Group was founded in 2000 and is based in Clichy, France.

Sell -
SELLER

Abenex

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
PE ASSETS 1.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Abenex is a French private equity firm focuses on acquiring mid-market companies throughout France. The Firm seeks to hold both majority and minority equity interest in companies along with the management teams. Specific areas of interest include consumer productsinterests, business services, industry and healthcare sector. The Firm will consider variety of transaction includes MBOs, MBIs, and LBO. Abenex was formerly known as ABN Amro Capital France and became independent of ABN Amro in 2008. Abenex was founded in 1992 and is based in Paris, France.


Deal Context for Seller #
Overall 6 of 27
Sector: Retail 2 of 2
Type: Secondary Buyout 4 of 14
Country: France 5 of 26
Year: 2016 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-10-01 Point Vision

Paris, France

Point Vision operates 31 ophthalmology centers that enable patients to make appointments at very short notice through its internet platform. Point Vision is the first group to capitalize on a large scale on the lack of ophthalmologists, where there is currently an average waiting time of three months for an appointment. Point Vision was founded in 2011 and is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-06 Cisbio Bioassays SAS

Codolet, France

Cisbio Bioassays SAS is a life sciences company committed to improving human healthcare. Cisbio develops and markets products and technologies used for in vitro diagnostics and drug discovery.

Buy -

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