M&A Deal Summary

LBO France and Intermediate Capital Group Acquire Médi-Partenaires SAS

On March 1, 2007, asset manager LBO France and mezzanine finance firm Intermediate Capital Group acquired healthcare services company Médi-Partenaires SAS from Cobalt Capital SAS, Sagard, Equistone and Intermediate Capital Group for 600M EUR

Acquisition Highlights
  • This is LBO France’s 1st and Intermediate Capital Group’s 9th transaction in the Healthcare Services sector.
  • This is LBO France’s 6th and Intermediate Capital Group’s 28th largest (disclosed) transaction.
  • This is LBO France’s 22nd and Intermediate Capital Group’s 51st transaction in France.

M&A Deal Summary
Date 2007-03-01
Target Médi-Partenaires SAS
Sector Healthcare Services
Buyer(s) LBO France
Intermediate Capital Group
Sellers(s) Cobalt Capital SAS
Sagard
Equistone
Intermediate Capital Group
Deal Type Secondary Buyout
Deal Value 600M EUR

Target

Médi-Partenaires SAS

Paris, France
Médi-Partenaires is the third largest group of private clinics in France, with 3% market share and 14 clinics focusing on obstetrics, surgery and medicine care.

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Buyer(S) 2

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 26 of 91
Sector (Healthcare Services) 1 of 2
Type (Secondary Buyout) 8 of 35
Country (France) 22 of 76
Year (2007) 3 of 6
Size (of disclosed) 6 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-12 Biscuit International

Paris, France

Biscuit International is a European manufacturer of private-label sweet biscuits, including traditional, as well as organic, low-sugar and eco-friendly products. Biscuit International is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-14 Gravotech

Rillieux-la-Pape, France

Gravotech is a designer, manufacturer, and distributor of innovative solutions for engraving, marking and artistic modeling. The company utilizes expertise to develop equipment, software, materials, training, and technical services to provide customers with complete solutions for every application. Gravotech was founded in 1938 and is based in Rillieux-la-Pape, France.

Buy -
Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

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 177 of 293
Sector (Healthcare Services) 9 of 18
Type (Secondary Buyout) 42 of 115
Country (France) 51 of 72
Year (2007) 5 of 33
Size (of disclosed) 28 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Vivarte SAS

Paris, France

Vivarte is the #1 footwear and clothing retailer in France with an extensive portfolio of brands (including La Halle aux Chaussures, Chaussland, André, San Marina, Minelli in the shoe sector and La Halle, Kookaï, Liberto, Caroll in clothing). The company has a very strong position in the "value for money" segment of the market and is also active in Spain and Switzerland.

Buy €3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-19 Symrise

Holzminden, Germany

Symrise is a producer of flavours, fragrances, cosmetic ingredients and aroma chemicals in the world. Symrise was founded in 1874 and is based in Holzminden, Germany.

Sell -

Seller(S) 4

SELLER

Cobalt Capital SAS

Paris, France

Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 150M EUR
Size Small
Type Sector Agnostic
DESCRIPTION

Cobalt Capital SAS is a private equity firm specializing in middle market Leverage buyouts in France. The Firm invests €7 - €30 million of equity per transaction and in conjunction with co-investors can invest up to larger transactions. Prospective businesses typically generate revenues of between €20 - €300 million. It prefers to be the lead investor and take controlling position in its portfolio companies. Specific areas of interest include leisure, consumer goods, business services and general industrials. Cobalt Capital SAS was a spun out of Legal and General Ventures (LGV) and became independent in 2004. Cobalt Capital SAS is based in Paris.

DEAL STATS #
Overall 8 of 11
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 3 of 5
Country (France) 8 of 11
Year (2007) 1 of 1
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-11-17 JOA

Lyon, France

JOA is a casino operators in France with a national network of 32 medium-sized casinos and an online sports betting platform. JOA was founded in 1948 and is based in Lyon, France.

Sell €449M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-11-01 Gentleman Farmer SA

France

Gentleman Farmer is a French menswear designer and retailer, set up in 1989 by Franck Zeitoun, ex-designer for Daniel Hechter and Yves-Saint-Laurent. Collections develop two lines of products, casual and city, intended for men aged above thirty. The brand is mostly distributed through multi-brand retailers and corners in major high street department stores such as Galeries Lafayette.

Buy -
SELLER

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 STATS #
Overall 2 of 25
Sector (Healthcare Services) 1 of 1
Type (Secondary Buyout) 2 of 16
Country (France) 2 of 22
Year (2007) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Aliplast NV

Treviso, Belgium

Aliplast NV is a provider of aluminium systems for use in conservatories, windows and doors. Its strategy is built around vertical integration with design, extrusion, painting and thermal insulation of aluminium profiles on the same site. Aliplast was founded in 1982 and is based in Treviso, Belgium.

Buy €430M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-25 CEVA Sante Animale

Libourne, France

CEVA Sante Animale is a veterinary health company focused on the research, development, production and marketing of pharmaceutical products and vaccines for pets, livestock, swine, and poultry. CEVA Sante Animale was founded in 1999 and is based in Libourne, France.

Buy -
SELLER

Equistone

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 9.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Equistone is a private equity firm that invests in small to mid-sized companies valued from €50 to €500 million. Equistone targets companies operating in the fields of services, healthcare, financial services, and consumer/travel. The Firm looks to invest €25 to €200 million in a variety of transactions, including buyouts, growth capital financings, recapitalizations, and take privates. Equistone was formed in 1997 and is based in London, England.

DEAL STATS #
Overall 69 of 194
Sector (Healthcare Services) 3 of 6
Type (Secondary Buyout) 25 of 91
Country (France) 23 of 61
Year (2007) 4 of 11
Size (of disclosed) 7 of 59
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-28 Buch und Kunst und KG

Versandkosten, Germany

Buch und Kunst GmbH und Co. KG is one of the major book retailers in Germany and is the market leader in East Germany with 32 shops.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-22 Kermel

Colmar, France

Kermel is a manufacturer of meta-aramid fibre for protective clothing and industrial applications. Kermel fibre is used for protective clothing. The company is a manufacturer of aramid fibre dedicated to heat resistant protective clothing. Kermel was founded in 1992 and is based in Colmar, France.

Buy -
SELLER

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor

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 78 of 217
Sector (Healthcare Services) 3 of 12
Type (Secondary Buyout) 27 of 83
Country (France) 23 of 58
Year (2007) 4 of 16
Size (of disclosed) 34 of 73
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Vivarte SAS

Paris, France

Vivarte is the #1 footwear and clothing retailer in France with an extensive portfolio of brands (including La Halle aux Chaussures, Chaussland, André, San Marina, Minelli in the shoe sector and La Halle, Kookaï, Liberto, Caroll in clothing). The company has a very strong position in the "value for money" segment of the market and is also active in Spain and Switzerland.

Buy €3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-19 Symrise

Holzminden, Germany

Symrise is a producer of flavours, fragrances, cosmetic ingredients and aroma chemicals in the world. Symrise was founded in 1874 and is based in Holzminden, Germany.

Sell -
Mergr

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