Towerbrook, BPI take minority stake in La Maison Bleue

Alice Tchernookova
07 October 2016

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Private equity house Towerbrook and BPI France have taken a minority stake in nurseries manager La Maison Bleue, marking the exit of previous backers Activa Capital and EPF Partners.

As part of the transaction, management and CEO Sylvain Forestier will keep their majority stake in the group, amounting to around 60%.

Activa and EPF, minority shareholders since 2012, have fully exited the group. With their backing, La Maison Bleue raised its revenues from €40m at the time of acquisition to a projected €125m for 2016.

In 2013, Activa announced it would dedicate €30m to the financing of 30 new nurseries that year, as well as to complete a takeover of another company, and fund the group's entry onto the Swiss market.

Two bolt-on acquisitions notably accelerated the group's growth. In 2013, La Maison Bleue purchased Crèches Baby & Co, a business in eastern France that brought an extra 65 employees and €2.7m in revenues. In 2015, it bought La Part de Rêve, which reportedly saw the group reach 180 nurseries and a turnover of €100m in 2015. La Maison Bleue announced at the time that it would aim to achieve a €150m turnover by 2017.

The group will now aim to pursue this growth strategy in France and abroad, with international player Towerbrook set to play a role in expanding its network, company CEO Forestier said in a statement.

Previous funding
In December 2012, Activa acquired a minority stake in the group alongside EPF for an undisclosed amount, thought to be within the €25-50m range, according to unquote" data. Activa's stake amounted to around 40%, while EPF's amounted to around 6%. At the time, Activa stated it would support the nursery group's expansion via the creation of 20 new nurseries every year and external acquisitions.

Company
Founded in 2004, La Maison Bleue specialises in the creation and management of private nurseries. Having opened its first facility in 2007, the group has grown to employ 2,200 professionals across 180 nurseries in France and abroad, together representing an estimated €100m in turnover for 2015. The group expects total revenues of €125m for 2016 and claims to be the third largest business in its sector in France.

The company also offers other services to families, such as occasional care, emergency extracurricular care, family assistance with homework and baby-sitting.

People
Activa Capital – Charles Diehl, Pierre Chabaud (partners).
EPF Partners – Caroline Remus (CEO); Sylvain Giachino (associate).
BPI France – Nicolas Manardo (director, mid/large-cap).
Towerbrook – Nicolas Chavanne (director).

Advisers
Equity – KPMG, Vincent Delams (financial due diligence); DLA Piper, Xavier Norlain (legal); Ayache Salama, Alain Levy (legal).
Vendor – Lazard, Charles Andrez (corporate finance).
Company – Bucephale Finance, David Orban (corporate finance); August & Debouzy, Julien Aucomte (legal); Weil Gotshal & Manges, Didier Malka (legal).