M&A Deal Summary

TDR Capital Acquires Buffalo Grill

On January 10, 2018, private equity firm TDR Capital acquired restaurant Buffalo Grill from NiXEN Partners, Abénex, Five Arrows and Cerea Partners

Acquisition Highlights
  • This is TDR Capital’s 4th transaction in the Restaurants sector.
  • This is TDR Capital’s 2nd transaction in France.

M&A Deal Summary
Date 2018-01-10
Target Buffalo Grill
Sector Restaurants
Buyer(s) TDR Capital
Sellers(s) NiXEN Partners
Abénex
Five Arrows
Cerea Partners
Deal Type Secondary Buyout

Target

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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Buyer(S) 1

Buyer

TDR Capital

London, United Kingdom

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 15.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

TDR Capital is a private equity firm that targets large companies valued from €300 million to €1.5 billion. TDR has a particular interest in under-managed, under-invested or misunderstood companies which may be transformed through greater strategic and operational focus. TDR is sector agnostic, however the Firm has a preference for opportunities in the leisure/hospitality, financial services, and business services sectors. TDR Capital was formed in 2002 and is based in London.

DEAL STATS #
Overall 19 of 31
Sector (Restaurants) 4 of 5
Type (Secondary Buyout) 3 of 6
Country (France) 2 of 2
Year (2018) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-21 Williams Scotsman

Baltimore, Maryland, United States

Williams Scotsman providers of mobile and modular office space, serving more than 24,000 customers through over 90 offices in the United States, Canada, and Mexico. Williams Scotsman was founded in 1955 and is based in Baltimore, Maryland.

Sell $1.1B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-13 Target Hospitality

The Woodlands, Texas, United States

Target Hospitality is the largest provider of vertically integrated specialty rental accommodations and value-added hospitality services in the United States. Target Hospitality builds, owns and operates customized housing communities for a range of end users, and offers a full suite of cost-effective hospitality solutions including culinary, catering, concierge, laundry and security services as well as recreational facilities. Target Hospitality primarily serves the energy and government sectors and its growing network of communities is designed to maximize workforce productivity and satisfaction. Target Hospitality was founded in 1978 and is based in The Woodlands, Texas.

Buy -

Seller(S) 4

SELLER

NiXEN Partners

Paris, France

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 STATS #
Overall 25 of 28
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 15 of 17
Country (France) 24 of 26
Year (2018) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-01 Carre Blanc

Roanne, France

Carre Blanc is a specialist retailer of household linen (bed, bathroom, and table linen) in the mid to high-end range. The group sells its products through over 250 owned or franchised outlets. Carre Blanc was founded in 1982 and is based in Roanne, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-24 Weave SA

Paris, France

Weave SA is a provider of consultancy services in France and Belgium for operational strategy. Weave was formed in 2001 and is based in Paris, France.

Sell €120M
SELLER

Abénex

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 1.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Abénex Capital SA 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. Abénex, Capital SA was formerly known as ABN Amro Capital France and became independent of ABN Amro in 2008. Abénex Capital SA is based in Paris.

DEAL STATS #
Overall 10 of 22
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 6 of 12
Country (France) 9 of 21
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Square Management

Neuilly-sur-Seine, France

Square Management is a management consulting services firm that operates in France, Belgium, Luxembourg and Switzerland and addresses three key sectors: (i) digital and marketing through Viatys Conseil and Adway with strategic marketing, data intelligence, digitalization and innovation consulting services, (ii) processes and operations with Vertuo Conseil and Initio, focusing on risk, regulation management and compliance, and (iii) strategy and organization through Tallis Consulting for projects focusing on strategy and change management, organizational performance and transformational strategies. Square Management was founded in 2008 and is based in Neuilly-sur-Seine, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-02 Groupe AC Environnement

Riorges, France

Groupe AC Environnement engages in property diagnostic surveys. AC Environnement provides a comprehensive property diagnostic survey offering, including asbestos, energy, electricity, gas, lead, termites, and radon. AC Environnement operates in both the B2B and B2C markets. AC Environnement has its own asbestos analysis laboratories. It has a strong presence in the social housing market and is also a pioneer in BIM (Building Information Modeling) in France, which aims at mapping existing buildings in 3D. Groupe AC Environnement was founded in 2001 and is based in Riorges, France.

Buy -
SELLER

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 STATS #
Overall 9 of 27
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 6 of 17
Country (France) 7 of 13
Year (2018) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 Stepping Stones Group

Lafayette, Colorado, United States

Stepping Stones Group is a provider of therapeutic behavioral health services to a variety of public school districts and private learning centers. Stepping Stones Group is based in Lafayette, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-16 CBA

Avignon, France

CBA is a provider of billing and patient management software for private sector nurses in France with more than 28,000 subscribers. CBA's software is essential to the daily activities of private sector nurses and covers both medical functions (e.g. patient management, remote transmission of patient records to social security) as well as administrative functions (e.g. scheduling, accounting, health insurance payment collection). CBA was founded in 1986 and is based in Avignon. France.

Buy -
SELLER

Cerea Partners

Neuilly sur Seine, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 600M EUR
Size Middle-Market
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 STATS #
Overall 14 of 23
Sector (Restaurants) 3 of 4
Type (Secondary Buyout) 9 of 15
Country (France) 13 of 20
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-12-18 ProNatura SAS

Cavaillon, France

ProNatura SAS is a provider of organic fruit and vegetable in wholesale and distributes to retailers, restaurants, out of home food services, markets. ProNatura was founded in 1987 and is based in Cavaillon, France.

Buy €150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-18 Monviso

Andezeno, Italy

Monviso is a producer of rusks, salt-free breadsticks, crispy bread, gluten-free products, and biscuits. Monviso produces different product ranges, such as breakfast (which includes the renowned Biscotto Salute), wellbeing low-salt products and Io sono rusks), organic, snack, and pastry. Monviso was established in 1936 and is based in Andezeno, Italy.

Buy -
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