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Unquote
  • France

French deal pipeline: live, expected and pulled sale processes

  • Rosa Dsouza (Mergermarket), with analytics by Pravin Pai
  • 18 September 2020
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A round-up of sale processes ongoing or expected to launch in the coming months in France, as well as auctions that have been paused or cancelled since the beginning of the year, courtesy of Unquote sister publication Mergermarket

Deals involving private equity firms in France this year are at a seven-year low, with 163 transactions announced and €23.25bn changing hands in deals with value disclosed. Intelligence compiled by Mergermarket shows a total of 31 ongoing and expected sale processes, in which financial investors are either selling or looking to buy France-based targets. Another five sale processes were paused or cancelled since the beginning of the year.

Click here for a full list of live, expected and paused/cancelled deals.

Top 5 live deals
Ongoing sale processes in the region

Sector Target Vendor Sell-side Adviser Financials Latest Intel
Financial services HSBC France

Retail banking unit
HSBC Holdings Lazard €2.23bn 2019 revenues 20/05/2020 - Les Echos reported Oddo BHF and funds AnaCap, via its Milleis unit, and Cerberus were understood to be back in the auction for the asset.
Meeschaert

Private banking specialist
    €40m 2019 revenues,
€8m 2019 net profit
12/06/2020 - Les Echos reported that the auction had entered its second round with four bidders.
Industrials and chemicals Altuglas International

Acrylic glass producer
Arkema Morgan Stanley €1bn deal value, €600m
2019 revenues
26/06/2020 - Mergermarket reported that teasers have been distributed to prospective bidders.
Pharma, medical and biotech Ipackchem

Plastic packaging company
Sagard Natixis €120m turnover,
EBITDA €21m 2019
31/07/2020 - Mergermarket reported on the appointment of an adviser, with IMs expected in September.
The Elitech Group (Molecular Diagnostics Unit) PAI Partners Jefferies, Natixis €1bn potential valuation 27/08/2020 - Bloomberg reported that appointed advisers have started approaching prospective buyers to gauge interest in the asset.


Top 5 expected sale processes
Auctions yet to launch in the region

Sector Target Vendor Sell-side Adviser Financials Latest Intel
Business services Les Petits Chaperons Rouges

France-based nursery chain
Jean-Emmanuel Rodocanachi, BPI France, Eurazeo Lazard €400m revenues 17/03/2020 - L'agefi reported that an adviser has been appointed to prepare a sale process.
Consumer Groupe Cémoi

Chocolate producer
  BNP Paribas €800-900m  revenues, €50-60m EBITDA 26/06/2020 - Mergermarket reported that the sale could start as soon as Q4, with buyside advisers divided on when it should resume.
Industrials and chemicals Saverglass

Glass bottles maker
Carlyle   €100m  EBITDA; €500m-plus revenues 25/02/2020 - Mergermarket reported that the sale was expected to launch later this year.
Pharma, medical and biotech DomusVi

Retirement homes operator
Intermediate Capital Group Deutsche Bank, Clearwater €1.37bn 2018 revenues,  €193m 2018 EBITDA 07/07/2020 - Capital Finance reported that the company has appointed advisers to seek a new long-term investor, looks to raise €500m-1bn.
Technology Sogetrel

Telecoms systems and networks integrator
Latour Capital DC Advisory €400m expected EV; €600m revenues, €40m EBITDA 15/02/2020 - Capital Finance reported on the appointment of an adviser for a majority stake sale.


Paused/cancelled sales
Situations put on hold that could resume in the future; auctions reported to be cancelled or where seller has made an announcement about cancellation, or opted for an IPO instead

Sector Target Vendor Sell-side Adviser Financials Latest Intel
Financial services Santiane

Insurance broker
BlackFin Capital Partners   €15m EBITDA;  €63m 2018 revenues 14/04/2020 - Debtwire reported that the sale has been put on hold due to uncertainties around the Covid-19 pandemic.
Industrials and chemicals Document Store

Office supplies and printing equipment distributor
Andera Partners, Acto Mezzanine   €70m potential deal value, €65m 2018 revenues  23/03/2020 - Capital Finance reported that Investment fund LFPI has invoked a MAC clause to allow LFPI to walk out of the acquisition due to current market conditions.
Dedienne Aerospace

Maintenance services provider
  Transaction R €15-20m EBITDA; €15m 2018 revenues 16/04/2020 - Debtwire reported that the sale was put on hold due to the aerospace sector's exposure to the Covid-19 crisis.
Pharma, medical and b Curium Pharma

Radiopharmaceutical products maker
CapVest Rothschild, JP Morgan €200m EBITDA 17/03/2020 - Mergermarket reported that the vendor decided to defer the sale due to volatility and uncertainty in global financial markets related to the pandemic.
Telecommunications Orange Concessions

Fibre broadband assets
Orange Credit Suisse €2.5bn potential EV 24/03/2020 - Mergermarket reported on the temporarily suspension of the stake sale amid the rising spread of coronavirus.


Situations up to date as of 10 September 2020

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  • Topics
  • France
  • Exits
  • Buyouts
  • France
  • Sagard Private Equity
  • PAI Partners
  • Eurazeo
  • Carlyle Group
  • Intermediate Capital Group
  • Andera Partners
  • BlackFin

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