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Unquote
  • Portfolio management

Equistone’s Bretèche Industrie acquires Shick

  • Katharina Semke
  • Katharina Semke
  • 28 July 2016
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Equistone’s portfolio company Bretèche Industrie has acquired US-based baking industry equipment business Shick.

Bretèche will finance the acquisition through a €20m credit facility, negotiated as part of the company's refinancing in January 2016, and its own cash reserves. Following the bolt-on, the group expects to generate consolidated sales of €230m in 2016.

This investment is part of Bretèche's buy-and-build strategy. It follows the acquisitions of French company Estève and German company IsernHäger in 2011 and 2015, respectively. The deal also enables the business to establish a presence in the US, which it claims is the single largest market for industrial baking supplies.

Shick

  • DEAL:

    Portfolio management

  • LOCATION:

    Kansas City

  • SECTOR:

    Industrial machinery

  • FOUNDED:

    1956

  • TURNOVER:

    $50m

Previous funding
In January 2016, Bretèche replaced its existing senior and mezzanine facilities as part of a €80m debt restructuring. According to French publication Capital Finance, the refinancing brought in €60m of fresh senior debt.

The two-tranche facility replaced the debt put in place by LCL, CIC, Societe Generale, Palatine, Crédit Agricole and BNP Paribas as part of Equistone and Céréa Capital's takeover in 2013.

Meanwhile, according to the same source, the refinancing allowed Bretèche to fully repay the mezzanine package it had received from Capzanine and Céréa Mezzanine that same year. In addition, the refinancing is understood to have involved a new €20m capex line, which Bretèche dedicated to external acquisitions.

In February 2015, Bretèche wholly acquired German baking products supplier IsernHäger. Equistone stated it has supported the bolt-on, which was completed shortly before the end of 2014.

The GP bought Bretèche from Azulis Capital and Unigrains in 2013. Céréa and Bretèche's management team invested alongside Equistone.

Companies
Founded in 1956 and located in Kansas City, Shick produces equipment for the baking industry. Its products include silos and dosing equipment for use prior to the kneading phase. It generated $50m of sales in 2015.

Founded in 1988, Bretèche designs, partly manufactures and installs industrial equipment for the food sector, with a particular focus on bakeries, pastry mixing and dairy production. The Nantes-based group generates revenues of approximately €180m and employs 870 people.

People
Equistone Partners Europe – Arnaud Thomas (director).
Bretèche Industrie – Didier Soumet (CEO).
Shick – Joseph Ungashick (CEO).

Advisers
Equity – Pramex - Natixis Group New York, Nicolas Ferry (M&A); RSM New York (financial due diligence, tax); OC&C Chicago (commercial due diligence); Kroll (risk due diligence); Reed Smith New York, David Grimes (legal); Paul Hastings, Olivier Deren (legal); Mounir Letayf (legal); Allard de Waal (legal); Ayache Salama Alain Levy (legal).

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  • Equistone Partners Europe
  • Build-up

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