Abenex in partial Prosol exit, reaps 3x multiple

Financing for the transaction will consist of mezzanine debt provided by Capzanine, completed by a senior loan provided for the most part by CACIB, CIC and Natixis.

Abenex will however keep on supporting the group as a minority shareholder over the next few years, alongside new backers Sagard, Siparex, Five Arrows and Carvest. The group's founder, Denis Dumont, will increase its majority stake in the business.

The transaction was designed to allow Abenex to realise part of its investment, while providing Prosol with the resources to open further stores.

Since Abenex's investment in Prosol in 2011, the group has witnessed significant growth, seeing its turnover increase three-fold while the number of its shops almost doubled from 90 to 170.

The deal value remains undisclosed.

Previous funding
In February 2011, Abenex Capital acquired a minority stake in Prosol Gestion for an undisclosed amount via its Abenex IV fund.

Company
Founded in 1990, Prosol Gestion retails fruit, vegetables, cheese, meat and milk products under its trading names Grand Frais and Cerise et Potiron. It owns and operates a network of stores in the eastern part of France.

The company was founded in 1990 and is based in Chaponnay, France.

People
Abenex Capital - Florent Rey (partner), Mathieu Mauhourat (manager).
Five Arrows - Younes Zemmouri (partner), Aurelie Cayet (partner).
Sagard - Frederic Stolar (partner), Berangere Barbe (principals), Agnes Huyghues-Despointes (principals).
Siparex -  Bertrand Rambaud (chairperson), Guillaume Rebaudet (director Lyon office), Florent Lauzet (partner).
Carvest - Hans de Breda (chairperson), Mikael Brelot (investment director).

Advisers
Equity - Natixis Partners, Artiscap (M&A); Mayer Brown, IXA avocat (legal); PWC (financial due diligence); OC&C Strategy Consultants (commercial due diligence); Taj (tax, commercial due diligence).
Vendor - Weil Gosthal & Manges, Brocas Maffei, Arsene Taxand (legal); Eight Advisory (financial due diligence).
Debt - Paul Hastings (legal); Gide (legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• Secondary buyout