Secondary Buyout • Restaurants

NiXEN Partners, Abenex, Five Arrows and Cerea Partners Acquire Buffalo Grill

On September 30, 2008, private equity firms NiXEN Partners, Abenex, Five Arrows and Cerea Partners acquired restaurant Buffalo Grill from Colony Capital

Acquisition Context
  • This is NiXEN Partners’ 1st, Abenex’s 1st, Five Arrows’ 1st and Cerea Partners’ 5th transaction in the Restaurants sector.
  • This is NiXEN Partners’ 19th, Abenex’s 7th, Five Arrows’ 4th and Cerea Partners’ 15th transaction in France.
Investment Fate
  • Buffalo Grill was sold to a consortium of financial buyers in 2018.

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M&A Deal Summary

Date September 30, 2008
Target Buffalo Grill
Sector Restaurants
Buyer(s) NiXEN Partners
Abenex
Five Arrows
Cerea Partners
Sellers(s) Colony Capital
Deal Type Secondary Buyout

Target Company

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.
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Buyers Overview 4

Buyer

NiXEN Partners

Paris, France

Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

NiXEN is a French private equity group that targets investments in middle-market companies valued between €30 and €300 million. iXEN looks to invest €20 to €25 million of equity capital to support management buyouts/buy-ins, leveraged build-ups, owner buy-outs (OBOs), and public to private deals. The Firm is a 'hands-on' investment group and will consider opportunities in a variety of sectors, including manufacturing, consumer goods, specialist retailing, restaurants, and services. iXEN is supported by Natixis Private Equity and was formerly known as Natexis Industrie. The Firm was formed in 1998 and is based in Paris.


Deal Context for Buyer #
Overall 20 of 30
Sector: Restaurants 1 of 1
Type: Secondary Buyout 4 of 8
Country: France 19 of 29
Year: 2008 5 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-30 Aerocan S.A.S.

Châtillon-en-Michaille, France

Aerocan S.A.S. is a manufacture of aluminium aerosol cans for the personal care and pharmaceutical industries.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-01-12 BVA Family

Balma, France

The BVA Family is an international research, data analytics, and consulting company that helps organizations understand human behavior, transform data into action, and support decision-making through insights and applied behavioral science. The Company provides services across insights, data & analytics, consulting, and SaaS solutions for corporate and public sector clients in multiple markets worldwide, serving organizations on strategic, customer, and societal questions. The BVA Family was founded in 1970 and is based in Balma, France.

Sell -
Buyer

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 Buyer #
Overall 8 of 50
Sector: Restaurants 1 of 1
Type: Secondary Buyout 3 of 9
Country: France 7 of 46
Year: 2008 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-09-18 Retif Group

Villeneuve-Loubet, France

Retif Group is a retailer of furniture, lighting, signage, labeling, security equipment, displays, stacking solutions, packing, disposable items, and maintenance products. Retif Group was established in 1968 and is based in Villeneuve-Loubet, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-02-13 Nutrition & Sante SAS

Revel, France

Leader in functional and natural food in Europe, Nutrition & Santé manufactures and sales a broad range of products under the brands Gerblé, Isostar, Gerlinéa, Milical, Modifast, Pesoforma, Céréal Bio and Soy.

Sell -
Buyer

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 Buyer #
Overall 4 of 58
Sector: Restaurants 1 of 1
Type: Secondary Buyout 3 of 36
Country: France 4 of 20
Year: 2008 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-30 Photonis

Brive, France

Photonis is a designer and manufacturer of optronic components for photosensor technology and night vision systems. Photonis operates in the defense, homeland security, scientific instrumentation, and medical imaging markets. Photonis was founded in 1937 and is based in Brive, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-01 Paprec

Paris, France

Paprec operates as a waste recycling company. Paprec was founded in 1994 and is based in Paris, France.

Buy -
Buyer

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 1.5B EUR
Size Large
Type Sector Focused
DESCRIPTION

Cerea Partners is a specialist investment firm focused on investing in and providing finance to agriculture and related sustainable food businesses. Cerea primarily targets companies in Western Europe and looks to invest in companies valued between €20 and €500 million. Prospective transaction situations includes LBOs, LBIs, OBOs, and spin-offs. Cerea Partners was formed in 2004 and is based in Paris, France.


Deal Context for Buyer #
Overall 17 of 72
Sector: Restaurants 5 of 8
Type: Secondary Buyout 6 of 22
Country: France 15 of 59
Year: 2008 5 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-01 Pizza Pino

Paris, France

Pizza Pino is a theme restaurant chain with a concept based on pizza and traditional Italian cuisine, with city center locations. Pizza Pino is based in Paris, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-11-01 Van Dijk Food BV

Lopik, Netherlands

Van Dijk Food is a provider of private label producers of yellow and white fats (margarines and frying fats) and yellow and red sauces (ketchup and mayonnaise) in Western Europe. Van Dijk operates a plant in Zeewolde (fats) and Lopik (sauces). Besides private label, VDF owns the brands Diamant and Gouda?s Glorie and offers co-packing services.

Buy -

Seller Profile 1

SELLER

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 Context for Seller #
Overall 1 of 8
Sector: Restaurants 1 of 1
Type: Secondary Buyout 1 of 2
Country: France 1 of 3
Year: 2008 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-31 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.

Buy €550M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-30 Miramax

Santa Monica, California, United States

Miramax LLC is a producer and distributor of films and television series in United States and internationally.

Buy $660M

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