M&A Deal Summary

Intermediate Capital Group and Trail Capital Acquire Courtepaille

On March 1, 2011, mezzanine finance firm Intermediate Capital Group and private equity firm Trail Capital acquired restaurant Courtepaille from Parquest Capital for 160M USD

Acquisition Highlights
  • This is Intermediate Capital Group’s 5th and Trail Capital’s 1st transaction in the Restaurants sector.
  • This is Intermediate Capital Group’s 69th and Trail Capital’s largest (disclosed) transaction.
  • This is Intermediate Capital Group’s 61st and Trail Capital’s 12th transaction in France.
Investment Fate
  • Courtepaille was sold to a strategic buyer in 2020 for 17M EUR.

M&A Deal Summary
Date 2011-03-01
Target Courtepaille
Sector Restaurants
Buyer(s) Intermediate Capital Group
Trail Capital
Sellers(s) Parquest Capital
Deal Type Secondary Buyout
Deal Value 160M USD

Target

Courtepaille

Courcouronnes, France
Courtepaille is a chain of grill restaurants across France that follow a uniform concept. Courtepaille was established in 1961 and is based in Courcouronnes, France.

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Buyer(S) 2

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 228 of 292
Sector (Restaurants) 5 of 7
Type (Secondary Buyout) 71 of 114
Country (France) 61 of 72
Year (2011) 3 of 8
Size (of disclosed) 69 of 82
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-01 Loyalty Partner

Munich, Germany

Loyalty Partner GmbH is a provider of customer relationship management solutions.

Sell $685M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-03-15 Quorn Foods

Westport, Connecticut, United States

Quorn Foods trades under the brands Quorn and Cauldron. Quorn is a UK market leader in meat-alternative foods and is one of the largest meat-alternative brands in the world.

Buy £205M
Buyer

Trail Capital

Paris, France

Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 750M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Trail Capital is a private equity firm focused on small to medium-sized French companies. Trail looks to make control equity investments and seeks to commit €20 to €50 million per transaction. The Firm is a 'hands on' investor and looks to work alongside management in building companies. Trail Capital was formed in 2007 and has offices in Paris, Beijing, and Luxembourg.

DEAL STATS #
Overall 12 of 25
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 5 of 8
Country (France) 12 of 22
Year (2011) 2 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-02-01 AMS

Cedex, France

AMS (Assistances Médicales Spécialisées) home support market distributing specific medical equipment for: respiratory diseases, insulinotherapy, stomathology-urology, enteral nutrition.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-01 Talentia Software

Paris, France

Talentia Software is an international supplier of HR and finance software solutions. Talentia Software is based in Paris, France.

Buy -

Seller(S) 1

SELLER

Parquest Capital

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 610M EUR
Size Middle-Market
Type Sector Focused
DESCRIPTION

Parquest Capital is a private equity firm focused on acquiring and investing in mid-sized French companies. The Firm pursues companies with €20 to €150 million in revenue and is capable of committing up to €100 million per transaction. Sectors of interest include business services, consumer products, retail, and healthcare. Parquest Capital was originally established in 2002 as a unit of ING Insurance's French practice. Parquest Capital is based in Paris, France.

DEAL STATS #
Overall 7 of 21
Sector (Restaurants) 1 of 1
Type (Secondary Buyout) 6 of 15
Country (France) 7 of 20
Year (2011) 2 of 3
Size (of disclosed) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-05 Altair

Wasquehal, France

Altair is a manufacturer and distributor of cleaning and home care products and household insecticides sold mainly through specialized channels. Altair was founded in 1946 and is based in Wasquehal, France.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-12-09 Unither Pharmaceuticals

Amiens, France

Unither Pharmaceuticals is a developer and manufacturer of pharmaceuticals products. Unither operates six manufacturing sites in France, the United States, and Brazil, and has a dedicated research and development center in Europe. Unither Pharmaceuticals was founded in 1993 and is based in Amiens, France.

Sell -
Mergr

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