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.
Financial services	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.
Pharma, medical and biotech	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.
Industrials and chemicals	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.