CM-CIC Capital Finance buys 12% stake in Courtepaille
CM-CIC Capital Finance has acquired Salvepar's 12% stake in Courtepaille, a French restaurant chain owned by Fondations Capital, for €9m.
Industrial holding Salvepar could receive a further amount should CM-CIC sell its stake before the end of 2018.
Fondations Capital bought Courtepaille from ING Parcom for €245m, or 8.7x EBITDA, in early 2011. The GP invested through its maiden fund, a €300m vehicle raised in 2007, to secure a majority stake. At the time, Salvepar invested €12m for a 12% stake.
Company
Courtepaille was founded in 1961. Its restaurants specialise in grilled meats and are generally found alongside main roads, outside French cities. It posted a €288m turnover in 2012.
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