M&A Deal Summary

Charterhouse Capital Partners, Sagard, Intermediate Capital Group and European Capital Acquire Vivarte SAS

On March 1, 2007, private equity firm Charterhouse Capital Partners, asset manager Sagard, mezzanine finance firm Intermediate Capital Group and private equity firm European Capital acquired apparel/textiles company Vivarte SAS from PAI Partners and Omnes Capital for 3.3B EUR

Acquisition Highlights
  • This is Charterhouse Capital Partners’ 1st, Sagard’s 1st, Intermediate Capital Group’s 4th and European Capital’s 1st transaction in the Apparel/Textiles sector.
  • This is Charterhouse Capital Partners’ 3rd, Sagard’s , Intermediate Capital Group’s 4th and European Capital’s 2nd largest (disclosed) transaction.
  • This is Charterhouse Capital Partners’ 5th, Sagard’s 13th, Intermediate Capital Group’s 51st and European Capital’s 18th transaction in France.

M&A Deal Summary
Date 2007-03-01
Target Vivarte SAS
Sector Apparel/Textiles
Buyer(s) Charterhouse Capital Partners
Sagard
Intermediate Capital Group
European Capital
Sellers(s) PAI Partners
Omnes Capital
Deal Type Secondary Buyout
Deal Value 3.3B EUR
Advisor(s) Canaccord Genuity Corp. (Financial)

Target

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.

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Buyer(S) 4

Buyer

Charterhouse Capital Partners

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1934
PE ASSETS 5.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Charterhouse Capital Partners is a large private equity firm specializing in buyouts of European industrial and commercial service companies. The Firm primarily seeks opportunities in Western Europe and the UK. Charterhouse focuses on profitable companies led by experienced management valued from €200 million to €1.5 billion. Specific areas of interest include business services, chemicals, engineering, leisure, transport and logistics. Charterhouse Capital Partners was formed in 1934 and is based in London.

DEAL STATS #
Overall 13 of 50
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 6 of 27
Country (France) 5 of 13
Year (2007) 2 of 5
Size (of disclosed) 3 of 29
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-28 Drive Assist UK

Tamworth, United Kingdom

Drive Assist UK Ltd. is a provider of replacement vehicles across the United Kingdom. The company works alongside the insurance industry to provide short-term replacement vehicles to non-fault parties involved in accidents while their vehicles are repaired. Drive Assist also focuses on longer-term corporate rentals and warranty replacements.

Buy £250M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-23 ista International

Essen, Germany

ista International GmbH sells a range of meter hardware and also provides a comprehensive package of related services such as meter installation, meter reading, billing, data processing, and maintenance. ista International GmbH was formed in 1999 and is based in Essen, Germany.

Buy €2.4B
Buyer

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 15 of 40
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 5 of 17
Country (France) 13 of 33
Year (2007) 4 of 6
Size (of disclosed) 1 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 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.

Sell €600M
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 -
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 292
Sector (Apparel/Textiles) 4 of 5
Type (Secondary Buyout) 42 of 114
Country (France) 51 of 72
Year (2007) 5 of 33
Size (of disclosed) 4 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 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.

Sell €600M
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 -
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 43 of 74
Sector (Apparel/Textiles) 1 of 1
Type (Secondary Buyout) 13 of 28
Country (France) 18 of 31
Year (2007) 5 of 25
Size (of disclosed) 2 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-01 Go Voyages SA

Paris, France

Go Voyages also sells tickets and a full range of travel products (dynamic packages, city breaks, hotels, car hire, cruise, etc.). Each month, Go Voyages and its 1,400 partner sites have almost 12 million different visitors.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-03 Scandic

Stockholm, Sweden

Scandic owns and operates of hotel chain in the Nordic region with approximately 230 hotels in eight countries, the majority in the Nordic region, with the rest in other European locations. Scandic was founded in 1963 and is based in Stockholm, Sweden.

Buy $1.1B

Seller(S) 2

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 8 of 50
Sector (Apparel/Textiles) 1 of 3
Type (Secondary Buyout) 4 of 25
Country (France) 7 of 24
Year (2007) 1 of 4
Size (of disclosed) 1 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 BMI Group

Reading, United Kingdom

BMI Group is a supplier of pitched roofing products. The company manufactures and sells a comprehensive range of concrete and clay tiles for pitched roofs, roofing components, and chimney systems, serving the new build and renovation segments for residential and nonresidential markets. BMI Group is based in Reading, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 Provimi BV

Postbus, Netherlands

Provimi is a leading international developer, manufacturer and distributor of animal nutrition products. The company's principal activities include the manufacture, distribution and sale of pre-mixes, concentrates, complete feed, specialty products such as nutritional supplements, piglet feeds and milk replacers, fish feeds and pet food.

Sell €1.7B
SELLER

Omnes Capital

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 5.7B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Omnes Capital formerly known as Credit Agricole Private Equity (CAPE) is the investment arm of financial services group Credit Agricole. Omnes Capital looks to invest in a range of investment stages and transaction types, including LBO/expansion, venture capital, mezzanine, renewable energy, co-investment, infrastructure, and special situations. The Firm's LBO/expansion group looks to invest €25 to €80 million to support growth initiatives and buyouts of small and mid-cap businesses operating in a variety of industries. Omnes Capital generally invests in businesses operating in France and Italy. Omnes Capital's mezzanine area was formed in 2002 and looks to provide €5 to €30 million of junior capital to similar sized established businesses. In addition to Omnes Capital's traditional equity and subordinated debt investment arm, the Firm also invests in infrastructure projects as well as provides capital for distressed businesses with €10 to €150 million in revenue. Omnes Capital was formed in 2004 and is based in Paris.

DEAL STATS #
Overall 8 of 114
Sector (Apparel/Textiles) 2 of 3
Type (Secondary Buyout) 4 of 34
Country (France) 6 of 87
Year (2007) 1 of 5
Size (of disclosed) 1 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-01-01 Solar Energies

France

Solar Energies is a holding company set up to house shareholdings in renewable energy infrastructure. The company intends to set up solar power plants connected to the EDF network in the departments of Reunion Island, Martinique, and Guadeloupe. The solar power plants will be developed by Apex BP Solar, which is supplying them on a turn-key basis. Solar Energies is based in France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-27 Groupe Outremer Telecom SA

Paris, France

Groupe Outremer Telecom SA is a provider of alternative telecoms operator in the regions where it operates (Martinique, Guadeloupe, Guyana, La Réunion and Mayotte), offering a full range of fixed and mobile telephony and internet access to consumers and businesses. Groupe Outremer Telecom has developed its own network infrastructure and has a single brand, only.

Sell -
Mergr

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