Activa-backed Alliance Étiquettes buys Imprimerie D3

The deal comes less than a year after Activa Capital created the buy-and-build platform Alliance Étiquettes and marks the fourth bolt-on acquisition with the GP's backing.

Following the acquisition, the group's turnover will be multiplied by 2.5x. The deal was financed by way of capital increase, as with all three previous bolt-ons.

As in previous bolt-ons, the acquired company's management team invested in the common holding. 

The group was previously composed of three groups: Groupe Laulan, Groupe Enès and Maumy Impression. The acquisition will enable the company to strengthen its position in the south – an important region for French wine-making.

Two or three more build-up transactions are planned for the group, in the French Vallee du Rhone and in the Champagne region, and in the Spanish Rioja region. 

Debt
The deal was structured as a classic leveraged buyout, the GP said, with senior debt provided jointly by Societe Generale, Crédit Agricole, Caisse des Dépôts and LCL. The debt ratio was 50%, as in all previous bolt-ons.

Previous funding
In December 2015, Activa set up labelling group Alliance Étiquettes through the purchase of three separate businesses via its third investment vehicle. Alliance Étiquettes at the time comprised labelling specialists Imprimerie Laulan and Groupe Enes. The businesses were owned by Activa and made up a respective 45% and 35% of the group's total size. The two assets were then joined by a third in early January 2016, with plans to add more French and southern European assets to the group in the following months.

Representing a total €30-40m in enterprise value, the new group was to be based in Imprimerie Laulan's existing headquarters in south-west France and to be led by CEO Olivier Laulan. Activa secured a majority stake in Alliance Étiquettes, while the remaining shares were to be held by Olivier Laulan and Groupe Enes CEO Bruno Quaesaet.

It was Activa's first investment via its third fund, Activa Capital III. The firm expected the Alliance Étiquettes deal to spark LP interest in the run-up to the final closing.

The deal was supported by a senior facility provided by Societe Generale, LCL and Crédit Agricole, which is understood to have financed approximately 50% of the purchase price.

Company
Imprimerie D3 specialises in the production of sticky label rolls. Headquartered in Cépie and founded in 1987, it currently employs 16 people and generated €2.5m of revenue in 2010.

Created in December 2015, Alliance Étiquettes designs labels for winemakers and premium food producers. The group operates out of Imprimerie Laulan's production facilities in south-west France and kept the latter's headquarters in Pineuilh, near Bordeaux. The company announced an expected €18m turnover for 2016.

People
Activa Capital – Christophe Parier (partner); Alexandre Masson, Grégory Fradelizi (investment directors); David Quatrepoint (analyst).

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