Siparex and Somfy buy Sofilab

Siparex invested via its Midcap II FCPR vehicle, which closed on €120m last year. The fund typically invests €2.5-10m per transaction in businesses valued in the €10-40m range.

Management and existing backers Crédit Agricole Régions Investissement and Irpac Dével reinvested as part of the transaction. Former backer Alliance Entreprendre exited the business.

Debt
A "moderate" amount of leverage was provided by a banking pool led by LCL. The syndicate comprised Crédit Agricole Nord Est and Caisse d'Epargne Lorraine Champagne Ardennes.

Company
Established in 1947, Sofilab designs and distributes livestock watering troughs under its La Buvette brand. It generated a €21m turnover in 2012, 30% of which was generated outside of France.

People
Pierre Bordeaux-Montrieux and Nathanaël Martin led the deal for Siparex. Somfy was represented by Wilfrid Le Naour.

Advisers
Equity – Salans, Jean-Louis Bedos, Emmanuel Scialom, Madalina Suru (Legal); Advance Capital, Olivier Poncin (Financial due diligence).
Vendors – Sodica Corporate Finance, Sébastien Neiss, Julien Robillard (M&A); HPML, Thomas Hermetet, Anna Gassner, Aurélie Bonsch (Legal).

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• Topics
• France
• Buyouts
• Industrials
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• France
• Siparex
• Secondary buyout