
French deal pipeline: live, expected and pulled sale processes
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
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater