Azulis, Time for Growth take over La Boutique Officielle

Previous investors Capital & Dirigeants Partenaires and Showcase Holding are reinvesting as part of the deal, and will become minority shareholders in the group. 

Azulis and Time for Growth now hold a majority stake, while Pascal Vivier and Julien Cohen – both CEO and co-founders of the company – remain minority shareholders. Azulis invested via its MMF V vehicle, expected to close in Q4 2016 on €180m.

The company has achieved solid growth in recent times, with a 30% year-on-year growth on average since 2012. Its turnover amounted to €20m in 2015, compared to €3m just five years earlier. A source close to the deal said the new investors' target will be to more than double revenues over the next few years. 

With the support brought by two new GPs, La Boutique Officielle aims to strengthen its position in its sector, online urban clothing retail. It will also look to establish partnerships with new brands, to develop its mobile phone service and expand its presence on social networks. Currently male-focused, the brand would also like to extend its offering to female users.

Debt
Senior debt was provided jointly by CIC Lyonnaise de Banque, BNP Paribas and Neuflize OBC, and reportedly represented less than a 2x EBITDA multiple.

Previous funding
The business angels group Showcase Holding has been supporting the group since inception in 2011. Capital & Dirigeants entered the group in 2011 with a €400,000 contribution.

Company
Founded in Lyon in 2007, La Boutique Officielle is a website specialised in the sale of streetwear clothing and accessories. The company has notably established partnerships with brands owned by rap or hip-hop artists.

The company currently employs 40 people and registered a €20m turnover in 2015.

People
Azulis Capital – Yann Collignon (founding partner); Gabrielle Delle Vigne (associate).
Time for Growth – Henri de Bodinat (CEO); Raphaël Horreard (senior associate).

Advisers
Equity – Advance Capital, Jean-Charles Geoffroy (financial due diligence); Goodwin Procter, Thomas Maitrejean, Benjamin Garçon, Hind Badreddine (legal)
Vendor – Transaction R, Laurent Buiatti, Philippe de Montreynaud, Tancrède Colas (corporate finance); Lamartine Conseil, Olivier Renault, Cindy Nlem (legal); Paul Hastings, Antoine Ricol, Etienne Mathey (legal); Lamy Lexel, Alexandre Bideau, Sybille Audet (legal).

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• Topics
• France
• Buyouts
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• France
• Secondary buyout
• Azulis Capital