LBO France et al. offload Flash Europe to Eurazeo PME

Pending regulatory approval, Flash Europe's change of hands is expected to complete by the end of September.

The deal will see Eurazeo PME, the listed GP's SME-focused arm, deploy €32m to control a 43% stake in Flash Europe. Investing alongside the GP will be members of the company's management team, including CEO Philippe Higelin – according to press reports, they will secure the remaining 57% share of the company, up from the 55% they held prior to the SBO.

Meanwhile, vendors LBO France and Siparex are understood by these same reports to have held a combined 45% interest in Flash Europe, which has now been fully divested.

Enterprise value was not disclosed, but Eurazeo PME typically seeks businesses valued within the €50-200m region.

Under the listed GP's ownership, Flash Europe intends to hasten growth across the urgent transport and controlled temperature transport segments. There are plans by the business to further develop its existing digital platform and expand internationally via external acquisitions.

The deal comes amid an active first half of the summer for Eurazeo, busy on the sell-side after divesting French computer maintenance business Cap Vert Finance to Carlyle Group for €137m and backing Europcar's €1.69bn flotation in late June.

Previous funding
According to unquote" data, LBO France and Siparex first invested in the company in 20111 via their €180m Hexagone III and €100m Siparex Midcap funds, respectively.

At the time, the company's new shareholders stated they would back its plans for international expansion, with bolt-ons since including the acquisition of express transport specialist Roberts Europe.

Company
Founded in 1981, Flash Europe offers express and controlled temperature transport services to clients within the aeronautics, electronics and agro-machinery sectors. In recent years, the company launched a digital platform intended to monitor and optimise road and air journeys.

Headquartered in Luxembourg, the business operates via a network of 38 agencies across 18 countries. In 2014, it posted sales of €153m, half of which was generated abroad.

People
Eurazeo PME's work on the deal was led by associate director Erwann Le Ligné, while LBO France was represented by partner Jean-Marie Leroy and director Dominik Zwerger. Philippe Higelin is CEO of Flash Europe.

Advisers
Vendor – Raphaël Financial Advisory, Florent Haïk, Benoit Perrin d'Arloz (Corporate finance); EY, Jean-François Nadaud, Hugo Primas (Financial due diligence); Roland Berger, Didier Bréchemier, Benjamin Entraygues, Medhi El Alami (Commercial due diligence); PwC, Sylvain Lambert, Emilie Bobi (Environmental due diligence); Jeantet & Associés, Philippe Matignon, Laurent Nogaret (Legal).
Management – Gatienne Brault & Associés, François Giné (Legal).

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• Topics
• Benelux
• Buyouts
• Exits
• Industrials
• Luxembourg
• LBO France
• Siparex
• Eurazeo