Pragma, GIMV complete EUR130m purchase of Leyton

Pragma Capital and GIMV combined to take a minority stake of Leyton & Associes in a secondary MBO alongside the founders and the management, who retain a majority. The deal sees iXEN Partners and Capzanine exit their stakes in a company they had purchased in 2006. The deal, which values Leyton & Associes at around EUR130m, provided iXEN with a 3x return on its investment.

Paris-based Leyton & Associes was founded in 1997 and offers consulting in cost reduction via solutions such as optimising strategic, social, financing, innovation and tax aspects within a company. It is the second largest of its kind in France behind Alma Consulting Group. A senior debt package of EUR40m was arranged by Banco Espirito Santo and a mezzanine tranche of EUR15m was provided by Tikehau Mezzanine, Banco Espirito and GIMV. (Page 43)

Also completed this month in the buyout market was Barclays Private Equity's purchase of a majority stake in Compin Group from LBO France. The deal valued the company at EUR95m. (Page 44)

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