Groupe LFPI eyes Document Store

LFPI intends to acquire slightly more than 50% of the business, a source close to the situation has told Unquote. The deal was sourced via an auction organised by the French boutique Financière de Courcelles, Unquote has learned.  

The French competition authority is currently reviewing the transaction. 

LFPI provides growth capital and acquires both minority and majority stakes in French companies, investing €5-100m per business. Some of the most recent transactions of the GP include the acquisition of France-based Snadec and Conen Group in 2019, and Bioline in 2018. 

The GP's backing will help the business to pursue a buy-and-build strategy targeting businesses mostly in France.  

Prior to this transaction, the business was almost entirely owned by four members of its management team, including CEO Alexandre Lorey, Unquote has learned. Having said this, the business received junior and senior mezzanine facilities from Actomezz between 2015 and 2018.

The deal is the 11th investment for Acto Mezzanine II, which closed in 2015 in €210m. The GP invested alongside the company's CEO, Alexandre Lorey, who increased his stake and will control the business after the MBO. Meanwhile, founder Hubert O'Deland reinvested some of his proceeds to retain a minority interest in the company. A year after the acquisition, Actomezz was acquired by PE firm Andera. 

Andera exited the investment in Q3 2018, when the business went through a refinancing operation. The capital reorganisation saw  O'Deland sell his stake in the business, a source close to the deal disclosed to Unquote. 

LFPI has declined to comment on the transaction. 

Founded in 1998, Document Store provides document storage and management services, and sells stationery and IT-related material. Headquartered in Paris, it provides services to 3,500 clients, including insurers, legal firms and advertisers. The business generated revenues of €65m in 2018 and has a headcount of 80 people, according to its website.

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