EdRip supports Ipside's MBO

Alice Tchernookova
09 September 2016

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Edmond de Rothschild Investment Partners (EdRip), via its vehicle Cabestan Capital, has supported the MBO of patent rights specialist Ipside.

EdRip's investment in the group is thought to amount to less than €5m.
The founders of Ipside (previously known as Schmit-Chrétien) are fully exiting the company, while CEO Christophe Cornuéjols and members of the management team will take a majority stake.

The company is aiming to become one of the top five legal offices specialised in its field in France by 2020. Ipside will pursue its growth plan, hoping to develop its national activity by 50% and to develop its international activity via its China and US subsidiaries, which over the next five years are expected to generate around 15% of its revenues.

The deal marks the 18th investment made by EdRip's Cabestan Capital fund, a buyout vehicle closed in 2011 with €112m in commitments, of which 94% has now been invested.

The most recent investments made with the fund were Travelsoft in July – an MBO in which EdRip took over from MBO Partenaires and A Plus Finance – and Marietton in January, when the GP took part in a €12m funding round alongside Siparex and other backers.

Debt
BPI France, Banque Populaire and LCL jointly provided an A tranche of senior debt, representing a 3x EBITDA multiple. Ipside's EBITDA amounted to around €1m in 2015.

Company
Created in 1998, and based in Toulouse, Ipside advises clients on intellectual property rights, including author rights, patents and copyright. It is the result of a merger between the Ravina, Poupon and Schmit-Chrétien firms.

The group has 70 staff members, including 22 patent engineers and 13 legal professionals, spread across six offices in France and three in the US and China. It recorded a €15.5m turnover for 2015.

People
Edmond de Rothschild Investment Partners – André Renaison (investment director); Sabrina Bazire (senior associate).

Advisers
Equity – Oderis Consulting, Julien Passerat, Norian Lebrot (financial due diligence); Advention Business Partners, Alban Neveux, Ivan Pavlocic (commercial due diligence); Ideact Avocats, Maud Partouche, Carole Hadrys (legal).