Naxicap explores ECF Group sale advised by Lazard

Myriam Mariotte and Francesca Veronesi
18 November 2022

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Naxicap is working with Lazard for the sale of ECF Group, a French distributor of small equipment and consumables for the caterers, six sources familiar with the matter said.

Lender education for the auction has already taken place, five of the sources said, as well as coffee meetings with potential investors, three sources added. Although conversations are ongoing, the sale process will launch next year, three of the sources said.

The company will be marketed off a 2022 EBITDA in the EUR 70m-80m range, two sources said, adding that it has a 10% EBITDA margin. ECF Group posted EUR 425m in revenues in 2021, according to a press release.

PAI Partners is looking into the company, four sources said, with two of them adding that Cinven was also interested.

UK-based supplier Bunzl was named as a potential bidder by two sources, although a third source said the company had not manifested itself yet. Bridgepoint could also be in the race two sources said. BC Partners was also named by two sources while a third mentioned Lonestar.

Towerbrook and ICG expressed interest as well, a source familiar said.

ECG Group was acquired by Naxicap in 2017 for EUR 18.2m. It carried out eight bolt-ons this year, a source familiar said, with two to three still to be announced.

This August, the company bought Australian distributor of hygiene equipment and products for hospitality, health and government institutions Chemworks. In September, it acquired Gastro Total Production, a German company kitchen equipment specialist in September, as well as Australian peer HISCO last month.

ECF Group also acquired Australia and New-Zealand-based peer Safco this year, as well a camping expert in France, this source familiar added.

Established as Maison Chomette in 1880, ECF Group is active in 20 countries but mainly operates in France, Dubai and Australia, according to the same press release. It has 1,300 employees and 80,000 clients, it said.

The company operates 15 brands, including Chomette, Ecotel, Coldis and Pro Inox.

Naxicap, Lonestar, PAI Partners, Cinven, ECF Group and Towerbrook declined to comment. Lazard, Bunzl, Bridgepoint, ICG and BC Partners did not reply to a request for comment.