M&A Deal Summary

Cinven and European Capital Acquire Camaieu

On May 22, 2007, private equity firms Cinven and European Capital acquired retailer Camaieu from Ardian for 1.5B EUR

Acquisition Highlights
  • This is Cinven’s 7th and European Capital’s 2nd transaction in the Retail sector.
  • This is Cinven’s 17th and European Capital’s 7th largest (disclosed) transaction.
  • This is Cinven’s 8th and European Capital’s 20th transaction in France.

M&A Deal Summary

Date 2007-05-22
Target Camaieu
Sector Retail
Buyer(s) Cinven
European Capital
Sellers(s) Ardian
Deal Type Secondary Buyout
Deal Value 1.5B EUR

Target

Camaieu

Roubaix, France
Camaieu is a women's fashion retail chain. It offers affordable ready-to-wear, easy-to-buy apparel for women between 25 and 50 years of age operating a network of 745 stores, of which 495 are in France. Camaieu is a trend follower and a pricing leader. The company's sophisticated systems and processes (procurement, logistics, restocking, and product mix) enable it to optimise sales through a continuous flow of competitively priced products at high volumes. Camaieu was founded in 1988 and is based in Roubaix, France.

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Buyer(S) 2

Buyer

Cinven

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1977
PE ASSETS 39.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Cinven is a private equity firm focused on buyout investments in growing, profitable businesses located throughout Europe and North America. Sectors of interest include business and financial services, healthcare, industrial, retail, leisure, consumer, technology, media, and telecommunications. Cinven looks to invest a minimum of €200 million in companies with minimum enterprise values of €400 million. Cinven does not invest in start-ups or development phase companies. Cinven was established in 1977 and is headquartered in London.


DEAL STATS #
Overall 111 of 186
Sector: Retail M&A 7 of 9
Type: Secondary Buyout M&A Deals 12 of 57
Country: France M&A 8 of 16
Year: 2007 M&A 1 of 5
Size (of disclosed) 17 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-03 Klockner Pentaplast

Heiligenroth, Germany

Klockner Pentaplast is a producer of films for pharmaceutical, medical device, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications. Klockner Pentaplast was founded in 1965 and is based in Heiligenroth, Germany.

Sell $1.8B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-12 USP Hospitales

Madrid, Spain

USP Hospitales is a hospital operator in Spain, focused on the provision of hospital services to the private insurance and self-pay segments. It is present in 9 out of Spain’s 17 regions and is headquartered in Madrid.

Buy $920M
Buyer

European Capital

London, United Kingdom

Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.


DEAL STATS #
Overall 50 of 74
Sector: Retail M&A 2 of 2
Type: Secondary Buyout M&A Deals 17 of 28
Country: France M&A 20 of 31
Year: 2007 M&A 12 of 25
Size (of disclosed) 7 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-14 Tes Global

Sheffield, United Kingdom

Tes Global is an international provider of software services to make life easier for schools and teachers. All products and services are built with teachers and schools needs at the core, ensuring they are innovative, trusted education solutions. Tes Global products play a critical role helping teachers and school leaders deal with the challenges of teaching, including safeguarding and compliance, smart pupil management, and staff management. This dedication and focus supports educators across the globe in providing high quality education to millions of children using smart, flexible, and cost-effective solutions. A global Company, Tes Global was formed in 1910 and is based in Sheffield, United Kingdom.

Sell £235M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-30 EDS Group

Passau, Germany

EDS Group offers digital services as well as storage, fulfillment, and logistics services operating from 12 locations across Central and Eastern Europe (CEE), and is one of the markets in industrial printing. Web offset printing is best suited to large runs of time-sensitive products, particularly magazines and tactical promotional print for multiple retailers. EDS Group was founded in 1992 and is based in Passau, Germany.

Buy -

Seller(S) 1

SELLER

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 STATS #
Overall 13 of 248
Sector: Retail M&A 1 of 9
Type: Secondary Buyout M&A Deals 7 of 94
Country: France M&A 9 of 117
Year: 2007 M&A 3 of 7
Size (of disclosed) 8 of 37
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-26 Alliance Boots

Zug, Switzerland

Alliance Boots GmbH is an international pharmacy-led health and beauty group. Alliance Boots' pharmacy-led health and beauty retail businesses now operate more than 3,330 health and beauty retail stores in 11 countries and its pharmaceutical wholesale businesses supply medicines, other healthcare products and related services to more than 170,000 pharmacies, doctors, health centers and hospitals in 21 countries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-23 Larivière SAS

Angers, France

Larivière is France’s second largest distributor of roofing materials.

Sell €300M