CrÃ©atifs

01 November 2006

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DÃ©veloppement & Partenariat (D&P) and Prado Finance have bought conference visual designerCrÃ©atifs for Â€4.5m in a turnaround sale by Alpha AssociÃ©s Conseil and Apax Partners. The acquiring duo share a 90% stake evenly, with management retaining the balance. Â€500,000 will be paid to the exiting parties. D&P and Prado also bought the senior debt, valued in 2002 at Â€53m, for a symbolic Â€1 and a better fortune clause. The turnaround auction, organised by Aforge Finance, attracted about 10 financial bidders, of which three or four were eventually short-listed. In 2002, Alpha and Apax had de-listed the company from the second MarchÃ© for approximately Â€67m, taking respectively 58.8% and 33%. The departure of key staff that were not successfully replaced and unfavourable market conditions are said to have contributed to the drop in the companyÂ’s turnover from Â€94 in 2001 to Â€60m in 2005. De-motivated staff was also mentioned as a factor.

Company

Founded in 1974, CrÃ©atifs provides marketing for companies at conferences by managing their visual impact. It also hosts exhibitions and conferences at some of the venues with which it maintains partnerships. The business, which is based in Vitry sur Seine and employs 250 staff, plans to increase profits by boosting its sales team and recruiting new specialised managers to head each division. It has also acquired Dispose, a complementary business which focuses on restaurants and banks.

People

Patrice Pierron and Chun Huang negotiated on behalf of Prado Finance, while Claude Decraeneworked for D&P. Christian Liagre is CrÃ©atifsÂ’ CEO.