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M&A Deal Summary

LBO France, Africinvest and BNP Paribas Developpement Acquire Baobag

On September 23, 2021, asset manager LBO France, growth capital firm Africinvest and growth capital firm BNP Paribas Developpement acquired packaging company Baobag from Ixo Private Equity and Bpifrance Investissement

Acquisition Highlights
  • This is LBO France’s 3rd, Africinvest’s 2nd and BNP Paribas Developpement’s 1st transaction in the Packaging sector.
  • This is LBO France’s 71st, Africinvest’s 12th and BNP Paribas Developpement’s 14th transaction in France.

M&A Deal Summary
Date 2021-09-23
Target Baobag
Sector Packaging
Buyer(s) LBO France
Africinvest
BNP Paribas Developpement
Sellers(s) Ixo Private Equity
Bpifrance Investissement
Deal Type Secondary Buyout

Target

Baobag

Floirac, France
Baobag is a pure distributor of Flexible Intermediate Bulk Containers (“FIBC”), commonly known as big bags. The company operates throughout the value chain, including design, sourcing, transportation, and storage. Baobag was formed in 2007 and is based in Floirac, France.

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Buyer(S) 3

Buyer

LBO France

Paris, France

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1985
PE ASSETS 5.4B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

LBO France is an independent private equity group focused on acquiring majority stakes in French firms, or companies with French management. LBO France manages several funds, each targeting different types of businesses. The Firm's mid-market fund looks to acquire majority or minority stakes in companies valued from €100 million to €2.5 billion. The mid-market fund generally looks at companies with predictable sales, profits and cash flow, but will also consider businesses with under-utilized assets. LBO France's small cap fund targets majority stakes in smaller, profitable businesses valued from €10 to €100 million, with strong potential for growth or consolidation. In addition to its equity funds, LBO France also invests in real estate and provides LBO loans issued by medium-sized European companies (enterprise value between €150m and €2bn). LBO France was formed in 1985 and is based in Paris.

DEAL STATS #
Overall 85 of 91
Sector: Packaging M&A 3 of 3
Type: Secondary Buyout M&A Deals 34 of 35
Country: France M&A 71 of 75
Year: 2021 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-02 Voluntis

Suresnes, France

Voluntis creates digital therapeutics that empower people with chronic conditions to self-manage their treatment every day, thus improving real-world outcomes. The company's solutions, combining mobile and web apps, use clinical algorithms to deliver personalized recommendations to patients and their care teams. Leveraging its Theraxium technology platform, Voluntis has designed and operates multiple digital therapeutics, especially in oncology and diabetes. It has long-standing partnerships with leading life science companies. Voluntis was formed in 2001 and is based in Cambridge, MA, and Paris, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-28 Fittingbox

Labège, France

Fittingbox is an Interactive software solution for eyewear professionals. The company is producing over 4,000 digitized frames per month. The product offer of Fittingbox is a real ecosystem composed of 4 pillars Virtual try-on, Digital frames, Optical toolbox, and Open Innovation Program. Fittingbox was founded in 2006 and is based in Labège, France.

Sell -
Buyer

Africinvest

Tunis, Tunisia

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1994
PE ASSETS 2.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Africinvest is a private equity firm focused on growth investments in African companies. The Firm generally targets minority investments in small to medium-sized companies, but Africinvest will consider select majority situations. Africinvest does not have any sector preferences and looks to hold for 4 to 6 years. Africinvest was formed in 1994 and is headquartered in Tunis, Tunisia.

DEAL STATS #
Overall 43 of 57
Sector: Packaging M&A 2 of 2
Type: Secondary Buyout M&A Deals 2 of 6
Country: France M&A 12 of 17
Year: 2021 M&A 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-01 Palmpay

Lagos, Nigeria

Palmpay is a mobile money platform “super app” connecting financial institutions, e-wallets and merchants into one ecosystem. The Company’s state-of-the-art technological architecture is powered by a payment aggregator that promises reliability to millions of online and offline consumers and merchants. With PalmPay, users are offered one reliable application for all e-wallets, bank accounts and MNOs, with payment aggregation features that enables bill and peer to peer payments. Palmpay is based in Lagos, Nigeria.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-06 REGIC

Lagos, Nigeria

REGIC offers a full range of general and special risks insurance products. With decades of experience in the Nigerian market, REGIC has an enviable reputation for technical competence and financial strength. REGIC was founded in 2008 and is based in Lagos, Nigeria.

Buy -
Buyer

BNP Paribas Developpement

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 1988
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

BNP Paribas Developpement is the growth-oriented development arm of financial services firm and bank BNP Paribas. BNP Paribas Developpement supports a range of lower middle-market companies and looks to invest in minority positions to support growth. BNP Paribas Developpement was formed in 1988 and is based in Paris, France.

DEAL STATS #
Overall 16 of 31
Sector: Packaging M&A 1 of 2
Type: Secondary Buyout M&A Deals 4 of 8
Country: France M&A 14 of 27
Year: 2021 M&A 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-22 NOVARC

Malataverne, France

NOVARC is a provider of electrical safety equipment and maintenance products for the automotive sector. NOVARC was founded in 1993 and is based in Malataverne, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-17 CEME Group

Lyon, France

CEME Group specializes in electrical engineering, climate control, and the creation of automated systems for the industrial environment, hospitals, the services sector, and housing. CEME Group was founded in 1949 and is based in Lyon, France.

Buy -

Seller(S) 2

SELLER

Ixo Private Equity

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 970M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ixo Private Equity is a private investment firm focused on acquiring and investing in companies at all stages, including venture, growth, and buyout. The Firm's buyout group does not have any sector preferences and looks to invest €2 to €30 million. Ixo's geographic preference is for opportunities throughout Western Europe. Ixo Private Equity was formed in 2002 and is based in Toulouse, France.

DEAL STATS #
Overall 7 of 30
Sector: Packaging M&A 1 of 1
Type: Secondary Buyout M&A Deals 3 of 8
Country: France M&A 6 of 28
Year: 2021 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-13 APF Group

Mount Vernon, New York, United States

APF Group is a manufacture of liners, summer covers, winter safety covers and works in distribution of rollers and reinforced PVC waterproofing materials. APF Group was founded in 1994 and is based in Mount Vernon, New York.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-06 AddWorking

Annecy, France

Addworking is positioned in subcontractor management through its software platform which centralizes and organizes the management of all subcontractors and service providers of a group. AddWorking was founded in 2017 and is based in Annecy, France.

Buy -
SELLER

Bpifrance Investissement

Category Private Equity Firm
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 11 of 21
Sector: Packaging M&A 1 of 2
Type: Secondary Buyout M&A Deals 8 of 15
Country: France M&A 11 of 21
Year: 2021 M&A 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-20 Recyc Matelas

Neuilly-sur-Seine, France

Recyc Matelas is provider of mattresses and the recycling of their components. Recyc Matelas business is focused in three main areas: dismantling of mattresses and the separation of their components, recovery and sale of recyclable materials for reuse in various industries, combustion or methanization of non-recyclable waste materials to produce energy. Recyc Matelas was founded in 2010 and is based in Neuilly-sur-Seine, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-29 Omnitrans-Gagne Group

Saint-Germain-Laprade, France

Omnitrans-Gagne Group specialists in controlled temperature transport, mainly in positive cold. Positioned in the agri-food goods segment, the Group operates the transport of dairy, meat, fruit and vegetable products as well as pharmaceutical or cosmetic products requiring strict compliance with the cold chain. Omnitrans-Gagne Group was founded in 1965 and is based in Saint-Germain-Laprade, France.

Buy -
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