Ardian takes over Diam from LBO France

Ardian will become the majority shareholder alongside the management team and BNP Paribas Développement, which also increased their respective stakes as part of the deal.

Ardian intends to maintain the management team's strategy and carry on with the company's international expansion, planning a number of bolt-ons. It will also look to boost innovation and develop new point-of-sale designs following the bolt-on acquisition in March of Maison Prugent Ebénisterie, a group focused on interior design.

LBO France, which took over the group from HIG Capital in 2012, has helped boost turnover above the €200m mark, up from an estimated €166m at the time of its acquisition. 

The company has also siginificantly expanded with the GP's backing, with US and Asian operations accouting for about a third of its sales.

This is the second transaction made from Ardian's Expansion IV fund, closed in June 2016 on €1bn. The first deal occurred only a few weeks prior, when Ardian acquired Ionisos from Agilitas.

Previous funding
In September 2012, LBO France acquired a majority stake in Diam through an SBO estimated at €70m. The deal included €20m of senior debt. LBO France invested from the White Knight VIII fund, which closed on €900m in late 2008.

The previous owner was HIG, which had acquired the company from US buyout house Heritage Partners. HIG reinvested €10m in the form of a mezzanine tranche in the 2012 deal.

Company
Founded in 1968, Diam creates, produces and installs branded point-of-sale displays. The company has 2,000 employees across 28 sites in 22 countries in Europe, America, Asia and North Africa. It posted revenues of €200m in 2015.

The group provides point-of-sale and interior design services to brands and retailers working in various industries, including perfumes, cosmetics, pharmaceuticals, beverages, jewellery and consumer goods. It has partnerships with brands such as Dior, Estée Lauder, Cartier, L'Oréal, Lancôme, Clarins and LVMH.

People
Ardian – Arnaud Dufer (head of expansion); Alexis Lavaillote (managing director); Caroline Pihan (senior investment manager). 
LBO France – Jean-Marie Leroy (partner); Eva Hoel (director); Karine Callec (general counsel).
BNP Paribas Développement – Jean-Charles Moulin (director); Delphine Larrandaburu (investment director). 

Advisers
Equity – DLA Piper, Xavier Norlain, Matthieu Lampel, Elodie Cavazza, Guillaume Valois, Maud Manon, Edouard Sarrazin (legal, tax, environmental due diligence); AT Kearney, Jérôme Souied, Pierre-Alexandre Koch, Guillaume Bochu (commercial due diligence); PwC, Philip Dykstra, Pierre-Mikhael Voyer (corporate finance).
Company – Callisto, Vincent Aymé, Tancrède Caulliez (management due diligence); Claris, Manfred Noé (legal). 
Vendor – Transaction R (Rothschild Group), Pierpaolo Carpinelli, Pierre Sader, Benjamin Osdoit (corporate finance); Mayer Brown, Thomas Philippe, Ségolène Dufétel (legal); Roland Berger, Olivier de Panafieu, Clément Le Chatelier, Matthieu Poitrimolt (commercial due diligence); Grant Thornton, Gregory Volpi, Louis-Olivier Martin-Prevel (financial due diligence). 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• France
• Consumer
• Exits
• France
• Secondary buyout
• LBO France
• Ardian (formerly Axa PE)
• BNP Paribas