Naxicap exits caterer Bertrand Restauration

Olivier Bertrand, Groupe Bertrand's CEO, secured an agreement to wholly acquire the business in February. Naxicap had succeeded L Capital as a minority shareholder in the company in 2012, with Capzanine providing the mezzanine debt.

As part of the management buy-back, Bertrand Restauration also restructured its senior and mezzanine debt tranches, with a new package made up of a unitranche debt and a capex line, amounting to €120m.

The company has arranged for an additional credit facility in the form of a €40m subordinated PIK note, which brings the total leverage to 6x EBITDA.

Company
Groupe Bertrand develops and operates restaurants, hotels and beverage distribution companies. It also supplies food for cultural and sporting events.

In addition, it designs, selects and distributes French gastronomy products to specialist retailers in luxury groceries, as well as upmarket hotels and restaurants.

Founded in 1994 and based in Paris, Bertrand Restauration has more than 250 restaurants under management and is currently valued at €200m, up from €130m in 2012. The company recorded a €542m turnover for 2015.

Advisers
Equity – Degroof Petercam Finance (corporate finance); Olswang Avocats (law).
Private lenders – Sherman & Sterling (law).

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• Topics
• Exits
• Consumer
• France
• France
• Management buy-back
• Naxicap