Arkea and Siparex in MBO for FPEE

The MBO saw FPEE's founder Marc Ettienne and CEO and managing partner Cécile Sanz regain a majority stake in the business. Investing alongside them were Arkéa Capital Investissement and Siparex, which secured a combined minority stake in FPEE after deploying each approximately €20m into the business.

On the sell side were previous shareholders Pragma, Equistone and Naxicap, which inherited Atria Capital Partenaires's stake when both firms merged in December 2011.

Debt
The transaction was supported by a senior debt facility underwritten by BNP Paribas.

Previous funding
FPEE was first acquired by institutional investors in December 2003, when Atria Capital Partenaires took it private for €113m alongside UI Gestion, AGF, Euromezzanine and the management. The GP first bought a 73.54% stake in the business via a block purchase, which increased to 95.03% when a tender offer was presented for the remaining shareholding.

In July 2009, Atria re-invested in the business via its third fund alongside new investors Pragma Capital, Equistone Partners Europe (then Barclays Private Equity) and the management team. The SBO, featuring both senior and mezzanine debt, saw FPEE founder Marc Ettienne retain a 30% shareholding, according to unquote" data.

Company
Founded in 1981, FPEE is a manufacturer of custom-made PVC and aluminium windows, doors, shutters and fences. Headquartered in Brûlon, the business distributes its wares to approximately 2,500 customers from 280 sales points in the country.

Employing a workforce of 700, the business operates six production sites across France and most recently reported €150m in turnover.

People
Arkea Capital Investissement was represented by managing director Marc Brière and investment director Eric Besson-Damegon. Meanwhile, associate director Florent Lauzet and director Alexandre Tremblin led the deal for Siparex. Marc Ettienne is founder of Groupe FPEE and Cécile Sanz is CEO and managing director of the business.

Advisers
Equity – Cornet Vincent Segurel, Olivier Greffard (Legal); Landwell, Guillaume Morineaux (Legal); BM&A, Alexis Thura (Financial due diligence).

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• Topics
• France
• Buyouts
• Exits
• Industrials
• France
• Naxicap
• Equistone Partners Europe
• Sparring Capital (formerly Pragma Capital)
• Secondary buyout