Siparex buys Ligier Group from 21 Partners

21 Partners fully exited the company through the transaction and Siparex has become the new controlling shareholder, alongside CEO François Ligier and the company's main executives.

Other investors in the round alongside Siparex include Edify, Crédit Agricole Régions Investissement, Crédit Agricole Centre-France Développement and BNP Développement.

During 21 Partners' holding period, Ligier's turnover went down from €139m to €120m, and staff numbers decreased from 350 to 225.

21 Partners stated it had worked on building cooperation between Ligier and Microcar, looking to make the group a single unified entity. It also focused on the group's European expansion.

Siparex will keep on expanding the group, and will try and refocus the company's product offering towards a younger clientele.

The deal, for which senior debt was provided by BNP Paribas, Banque Populaire and Shelcher Prince Gestion, is expected to be closed in early September.

Previous funding
In September 2008, 21 Partners took a 75% stake in Group Drive Planet with the remaining 25% held by the Ligier family. Drive Planet held 100% of Automobiles Ligier and 100% of Microcar as a result, with both companies retaining their own identity. 21 Partners purchased Ligier's rival Microcar from the Bénéteau Group, a sailboat manufacturer. The combined enterprise value exceeded €100m.

Senior debt made up of a A and B tranches was provided by BNP Paribas, LCL and Societe Generale. BNP Paribas also provided a €16m mezzanine tranche.

Company
Ligier Group is the result of a merger between Ligier and Microcar completed in 2008, upon 21 Partners' entry into the group. The company produces licence-free recreational vehicles, such as mini cars, quad bikes and open-top roadsters.

The group operates via a network of 740 specialised facilities, 212 of which are in France and 527 in the rest of Europe. It is currently headed by François Ligier, grandson of Ligier's founder, ex-motorbike and F1 pilot Guy Ligier.

The Ligier group counts 225 staff members spread between two production sites in Boufféré and Abrest, and produces 10,000 vehicles per year. It is headquartered in Abrest, near Vichy where Ligier was founded in 1968, and records a €120m turnover, half of which is generated abroad.

People
Siparex – Benoît Metais (executive board member); Romain Boisson De Chazournes (associate director); Mathieu Marc (deputy director). 
Edify – Jean-François Lours (CEO).
Crédit Agricole Régions Investissement (Carvest) - Hans De Breda (CEO);Paul Lambert (investment director). 
Crédit Agricole Centre-France Développement – Xavier Deyra. 
BNP Développement – Ludovic Robert (investment director); Emilie Gondal (investment associate). 
21 Centrale Partners – François Barbier (managing partner); Caroline Giral (principal); Amélie Furno (associate). 

Advisers
Vendor – Veil Jourde, Pierre Deval, Gabriel D'amecourt (legal); KPMG, Vincent Delmas, Duncan Low (financial due diligence); Arthur D Little, Delphine Knab (commercial due diligence); Lincoln International, François Rispoli, Fanny Mercieca, Serge Palleau, Julien Chevrier (M&A).
Equity – 8 Advisory, Xavier Mesguich, Christophe Delas, Aurélien Bettas-Regalin (financial due diligence); Nomos, Héléna Delabarre, Guillaume Leclair, Jean-Claude Bignon (tax, legal); Anne Ciret (environmental due diligence); Indefi, Julien Berger, Matthias Burn (commercial due diligence); De Pardieu Brocas Maffei, Jean-François Pourdieu, Matthieu Candia, Marie-Laure Bruneel, Hugues De Fouchier, Laure Givry, Alexandre Eberhardt Le Prevost (legal).  
Debt – Volt, Alexandre Tron (legal).

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• Topics
• Buyouts
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• Siparex
• 21 Centrale Partners
• Secondary buyout
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