Omnes Capital sells SVP Group to MML Capital

As part of the deal, company executives including CEO Olivier Lenormand, Bertrand Degruson and Francois de Laubier will increase their stakes in the company.

MML is investing in the group via its Fund VI, closed in March 2016 on €438m – ahead of its €350m target. The fund, which targets a total of 15-20 investments with initial commitments ranging between €10-50m, had already completed five investments representing 20% of its capital upon closing in March. This transaction marks the sixth investment made via the fund and is also the fund's fourth investment in France.

With backing from Omnes, SVP increased its turnover from €50m to €65m, and raised its EBITDA up to €10m.

The company also completed a number of build-up transactions with the GP's backing. In June 2012, SVP acquired a majority stake in training services group FYM Conseil. Other recent bolt-on acquisitions included Canadian groups Synesis and Nova Concept, which were both completed in 2015 and enabled the group to kick off its international expansion.

MML said it would keep on aiming to expand the group in Europe and North America following the deal.

Debt
Senior debt was provided by SVP's usual supporting banks: BNP Paribas, Crédit Agricole d'Ile de France (CADIF) and Banque Palatine.

Previous funding
In June 2006, SG Capital Europe backed the secondary buyout of SVP, acquiring 88% of the business via its fund SG Capital Europe Fund III LP, while management retained the balance. BNP Paribas had refinanced the company's senior debt not long before the deal, which meant only a €10-15m mezzanine facility was provided for this deal, according to unquote" data. Pechel Industrie, which had acquired 42% in 2005, exited the group.

In September 2011, Omnes (then Credit Agricole Private Equity) acquired a majority stake in the group by investing €22.65m alongside management. Socadif also acquired a minority stake as part of the deal, which was estimated to be worth around €50-100m in total. BNP Paribas, CADIF and Palatine provided senior debt for the deal, consisting of A and B tranches. In addition, mezzanine funding was provided by IFE Mezzanine.

In March 2015, as part of the group's two bolt-on acquisitions in Canada, SVP benefited from a refinancing of its acquisition debt taken out in July 2011, and proceeded with the repayment of the mezzanine debt carried by IFE and CM-CIC private debt.

Company
Established in 1935, SVP provides specialist advice in a range of professional fields, including finance, administration, human resources, technical information, law and marketing, to business clients.

The company is based in Saint-Ouen and registers a turnover in excess of €65m for a headcount of 600.

People
MML Capital – Henry-Louis Mérieux (managing partner).
Omnes Capital – Bertrand Tissot (partner).

Advisers
Vendor – UBS (corporate finance).

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• Topics
• Buyouts
• France
• Exits
• France
• Secondary buyout
• Omnes Capital
• MML Capital Partners