IK Investment Partners invests in B2S

Alice Tchernookova
06 June 2016

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IK Investment Partners has acquired a minority stake in customer services group B2S via its IK Small Cap I Fund.

Edmond de Rothschild Investment Partners, which since early 2012 owned around 40% of the company, also reinvested. IK becomes the second largest investor in the group, followed by Raise Capital. However, Maxime Didier, the group's founder and CEO, remains the majority shareholder.

B2S has also raised a senior debt in the transaction, provided by Societe Generale and BNP Paribas, and structured in A and B tranches.

B2S will use IK's support to try and further develop its service offering and expand geographically, consolidating its presence in the French and European markets, according to the GP.

B2S represents the fifth investment made by IK's Small Cap I Fund, following SVT in Germany, Auxiga in France, and TCM and Touristry in the Nordic region. IK held a final close for the buyout fund in March, having hit the €277m hard-cap.

Previous funding
Windhurst Participations acquired a 75% stake in B2S in 2009, with previous backer Ixen relinquishing its 40% stake. Windhurst supplied B2S with a €3.4m capital increase.

In January 2012, Windhurst fully exited the business when Edmond de Rothschild Investment Partners backed an OBO of the group via its Winch Capital 2 fund, acquiring around 40% of the company's capital.

Company
Established in 1996, B2S provides customer relations management services to businesses. It currently operates 13 contact centres in France, Morocco and Madagascar.

Its offering includes consulting, telesales, customer services, debt collection and technical assistance. Clients of the group include telecommunication operators Orange, SFR and La Poste Mobile, car companies Volswagen, Seat and Audi, and finance specialists LCL and Aviva.

In 2015, the company generated revenues of €150m, up from €108m five years earlier. The group employs approximately 6,000 people.

People
IK Investment Partners – Pierre Gallix (partner); Arnaud Bosc (associate director); Caroline Le Hen (associate).

Advisers
Equity – Willkie Farr & Gallagher, Eduardo Fernandez, Grégory de Saxcé, Gil Kiener (legal); EY, Daniel Benquis, Emmanuel Picard, Erick Uzzan (M&A); LEK, Rémy Ossmann, Gianluigi Indino (commercial due diligence);
Vendor – MBA, Jean-Philippe Jacob (legal); Volt Associés, Emmanuel Vergnaud, Aliénor Harel, Stéphane Letranchant, Lucille Pothet (legal); Natixis Partners, Jean-Baptiste Marchand, Benjamin Giner (M&A); Deloitte, Vincent Battle, Alberto Sillero (financial due diligence); EY, Etienne Coste (commercial due diligence); Societe Generale, Patrick Evin, Florence Juan (debt advisory).