Capitem Partenaires exits Planett

Capitem acquired a majority stake in Planett in May 2015, investing from its maiden fund FCPI Capitem I.

The GP declined to comment on returns made through the exit. A source familiar with the matter told unquote" that although Capitem's holding period only spanned two years, the group recorded strong growth, with a year-on-year growth of around 20-30%.

The source said Planett had attracted the attention of a large number of industrial suitors, while private equity investors were sidelined pretty early on in the exit process. "Funds weren't called upon as the company's management was keen to establish a partnership with a sector competitor; for them, the priority was to grow in size and increase the group's geographical coverage," the source said.

Gel Groupe operates through a network of 50 agencies and generates €130m in revenues in France and the rest of Europe.

With Capitem's backing, Planett opened up five new agencies over the last two years, and increased its turnover from €53m to €70m.

The senior debt package put in place for the 2015 MBO has now been repaid, and will be replaced by an acquisition line co-provided by Caisse d'Epargne, CM-CIC and BPI France, according to the same source.

Planett will continue to operate as an independent brand and will maintain its headquarters in Orléans following the acquisition. CEO Alain Quentin and sales director Arnaud Gué will continue to lead the group.

Previous funding
Capitem Partenaires acquired a majority stake in Planett in 2015, backing the group's MBO. The GP invested through its maiden fund FCPI Capitem I, closed on €30m in 2015. The fund targets businesses with a turnover of up to €50m with equity tickets of €1-4m.

A senior debt package was arranged by Caisse d'Epargne and Credit Agricole to support the transaction.

Company
Founded in 1979 in Orléans, Planett is a temporary work placement agency focused on the logistics, building and public works, and industrial sectors. The group is active in Lyon, Caen and Paris and generates €70m in sales.

People
Capitem Partenaires - Hervé Letoublon, Stéphane Grès (founding partners); Frédéric Fiore (co-founder); Guillaume de Gottal (associate), Damien Gassies (associate).
Vendor - Alcya Conseil, Thibault Duméril (legal); Cofina Corporate Finance, Christian Tachon (M&A).
Buyer - Advance Capital, Olivier Poncin, Thomas Bettant, Alice Van der Schrieck, Jean-Charles Rousseau (financial due diligence); Dulatier & Associés, Aude Ravaine, Serge Cambie (legal); Pomelaw, Raphaël Cottin (tax); Mazars, Emmanuel Charnavel (environmental due diligence).

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