Pragma et al. to sell Nasse-Demeco

Speaking to unquote", a source close to Nasse-Demeco confirmed the company's shareholders are keen on a divestment. 

Pragma and EdRip, which have yet to disclose the names of any potential suitors, have reportedly mandated UBS to initiate the sale process.

Founded in 1965, Nasse-Demeco is a logistics company providing removal and relocation services to individuals and companies. The business has carried out 100,000 removals since inception, and now boasts a fleet of 1,800 vehicles, according to its figures.

The group operates via partnerships with franchised agencies across France; factoring those in, the entire network employs 2,500 people and represents a total €250m in turnover. Meanwhile, the Demeco hub alone is expected to generate €80m in sales in 2015, almost doubling the €48m that was reported when Pragma and EdRip picked it up eight years ago.

Pragma acquired a majority stake in Nasse-Demeco in September 2007, drawing equity from its €345m second fund. Enterprise value was not disclosed at the time, but the vehicle typically deploys €75-150m per deal.

On the sell-side was Patrick Bornhauser, Nasse-Demeco's CEO since 1986 – he kept the role and rolled over 28% of his previous 88% interest. Meanwhile, EdRip, a minority owner of the company since 2003, reinvested to keep an 18% shareholding post-buyout.

The deal marked the end of a Grant Thornton-led auction process, with unsuccessful suitors including AtriA Capital Partenaires, Perfectis Private Equity and corporate buyers. It was supported by a €24m senior loan from LCL and a €10m mezzanine facility from Axa Mezzanine.

Should it be finalised, the sale would be Pragma's first after the summer recess. In late July, the firm exited its stake in industrial windows and doors manufacturer FPEE to Arkéa Capital Investissement and Siparex.

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