M&A Deal Summary

Colony Capital, Goldman Sachs Merchant Banking and OpCapita Acquire BUT

On March 31, 2008, private equity real estate Colony Capital, private equity firm Goldman Sachs Merchant Banking and private equity firm OpCapita acquired retailer BUT from Groupe Fnac Darty for 550M EUR

Acquisition Highlights
  • This is Colony Capital’s 2nd, Goldman Sachs Merchant Banking’s 3rd and OpCapita’s 1st transaction in the Retail sector.
  • This is Colony Capital’s , Goldman Sachs Merchant Banking’s 37th and OpCapita’s 0th largest (disclosed) transaction.
  • This is Colony Capital’s 3rd, Goldman Sachs Merchant Banking’s 2nd and OpCapita’s 1st transaction in France.
Investment Fate
  • BUT was sold to a consortium of buyers in 2016.

M&A Deal Summary

Date 2008-03-31
Target BUT
Sector Retail
Buyer(s) Colony Capital
Goldman Sachs Merchant Banking
OpCapita
Sellers(s) Groupe Fnac Darty
Deal Type Divestiture
Deal Value 550M EUR

Target

BUT

Emerainville, France
BUT is a home equipment retailers in France, operating through a network of more than 300 stores. The Company offers a comprehensive selection of furniture, appliances, and decorative products, all complemented by attractive financing and extended warranty services. BUT was founded in 1972 and is based in Emerainville, France.

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Buyer(S) 3

Buyer

Colony Capital

Los Angeles, California, United States

Investor


Category Private Equity Real Estate
Founded 1991
Size Mega
Type Sector Focused
DESCRIPTION

Colony Capital is a global private equity real estate investor. The Firm looks to acquire operating companies backed by real estate including hotels, casinos, and other assets. The Firm was established in 1991 and is headquartered in Los Angeles, California.


DEAL STATS #
Overall 5 of 10
Sector (Retail) 2 of 2
Type (Divestiture) 1 of 2
Country (France) 3 of 3
Year (2008) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-07 Carrefour

Massy, France

Carrefour is a global food retailer. The Company operates more than 12,000 stores located in 29 countries. Carrefour was founded in 1959 and is based in Massy, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-30 Buffalo Grill

Montrouge, France

Buffalo Grill operates a chain of theme restaurants specializing in grilled meat. Buffalo Grill was founded in 1980 and is based in Montrouge, France.

Sell -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 61 of 183
Sector (Retail) 3 of 5
Type (Divestiture) 6 of 12
Country (France) 2 of 6
Year (2008) 6 of 12
Size (of disclosed) 37 of 52
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-25 MoneyGram International

Dallas, Texas, United States

MoneyGram International is a provider of money transfer services and is recognized worldwide as a financial connection to friends and family. MoneyGram connects consumers any way that is convenient for them. Company also provide bill payment services, issue money orders and process official checks in select markets. MoneyGram International was formed in 1926 and is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-04-01 Precisely

Burlington, Massachusetts, United States

Precisely is a provider of data integrity software. The Company provides accuracy, consistency, and context in data for 12,000 customers in more than 100 countries. Precisely’s data integration, data quality, data governance, location intelligence, and data enrichment products power better business decisions to create better outcomes. Precisely is based in Burlington, Massachusetts.

Buy -
Buyer

OpCapita

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2006
PE ASSETS 700M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

OpCapita LLP invests in a variety of European retail, consumer and leisure businesses. The Firm looks to invest between €100 and €500 million in businesses that are 'strategically sound but operationally or financially challenged'. Sub-sectors of interest within retail/consumer include apparel, general retailers, food/beverage, household/lifestyle goods, and luxury/consumer goods. The Firm will consider a variety of transactions, including carve outs of non-core divisions, balance sheet restructurings, take privates, and sales of family owned businesses. OpCapita is the successor to Merchant Equity Partners. The Firm is based in London.


DEAL STATS #
Overall 2 of 10
Sector (Retail) 1 of 4
Type (Divestiture) 1 of 5
Country (France) 1 of 1
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-10-01 MFI

Hull, United Kingdom

MFI sells furniture related to kitchens, bedrooms, and bathrooms from 200 stores nationwide. MFI is based in Hull, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-01 MFI

Hull, United Kingdom

MFI sells furniture related to kitchens, bedrooms, and bathrooms from 200 stores nationwide. MFI is based in Hull, United Kingdom.

Sell -

Seller(S) 1

SELLER

Groupe Fnac Darty

Ivry-sur-Seine, France

Category Company
Sector Retail
DESCRIPTION

Groupe Fnac Darty is a multi-channel electrical retailer trading from over 430 stores and websites. Groupe Fnac Darty is based in Ivry-sur-Seine, France.


DEAL STATS #
Overall 1 of 2
Sector (Retail) 1 of 1
Type (Divestiture) 1 of 2
Country (France) 1 of 1
Year (2008) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-01 Comet Group

London, United Kingdom

Comet was underperforming operationally and its financial performance had deteriorated from generating operating profits to producing losses in the period prior to its acquisition.

Sell £2M