Eurazeo, Bridgepoint buy out Foncia shares from BPCE

The two firms have acquired BPCE's 18% shareholding in Foncia Holding.

The transaction is expected to complete by the end of November, at which time Eurazeo and Bridgepoint will equally hold the entire share capital of Foncia.

Previous investment
The three parties – Eurazeo, Bridgepoint and BPCE – acquired Foncia in May 2011 for €1.02bn, representing an EBITDA multiple of 10.5x.

Crédit Agricole, Goldman Sachs and Natixis provided a €395m debt facility for the deal, according to unquote" data. Prior to this new transaction, Eurazeo held a stake of 33.8% in the business.

Bridgepoint supplied €240m in equity via its €4.8bn Bridgepoint Europe IV fund, while Eurazeo committed the same amount through its €500m Eurazeo Co-Investment Partners vehicle. BPCE supplied the balance of €200m by reinvesting in the business.

Company
Founded in 1972 and headquartered in Paris, Foncia is a provider of residential real estate services. It currently manages 1.3 million properties, comprising 1.1 million joint properties and 256,000 lease management properties.

Since January this year, the business has made a total of 16 acquisitions to strengthen its market position.

The company employs 7,500 staff across 585 branches in France, Belgium, Switzerland and Germany. It generated €595m in revenues last year and an EBITDA of €102m.

At the time of the 2011 investment by Eurazeo and Bridgepoint, the company generated an EBITDA of €83m on revenues of €580m, according to unquote" data.

People
François Davy is the chairman of Foncia.

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• Topics
• Expansion
• France
• Real estate
• France
• Bridgepoint
• Eurazeo
• Unq2015Jan