Siparex closes Intermezzo mezzanine fund on €100m

The fund, which was launched in Q1 2015 and is Siparex's first mezzanine vehicle, hit its target after a year and a half on the road. It had held a first close on €40m in 2015.

Based in France, the fund is led by Richard Dalaud and Philippe Dutheil – both members of the executive committee at Siparex Mezzanine. 

The fundraising was led by Siparex itself, without the help of placement agents. The fund, which has a 10-year lifespan, actually hit its target in Q1 this year; however, the GP was waiting for some final commitments to be confirmed, a person familiar with the matter told Unquote". 

Investors 
The vast majority of inverstors in the fund are French, though there are some foreign contributions, the same source confirmed. The LP pool is made up at 80% of institutional investors - insurance companies, banks and pension funds - and at 20% of private individuals and family offices. Investors include insurer Credit Mutuel and cooperative financial institution Maison Desjardins, based in Canada.  

Investments
Focused on the small and lower mid-market, Siparex Intermezzo will provide financing to French small and medium-sized businesses, mainly in sponsorless buyouts as well as in mezzanine-type deals. 

Three sectors are principally targeted: oil & gas, technology, and utilities. The GP is planing to deploy the fund across 15-20 investments, mostly located in France, and perhaps in other European countries where Siparex has offices, including Spain, Germany and Italy. Investment tickets will go up to €10m. 

Five investments have already been made with the fund: electrical components provider Silfox, in which the group took a minority stake in January this year; speciality chemicals group Berkem, in which Siparex led an expansion round in May; healthcare provider Dial Invest; iron components and high-tech plastic components producer Safe, in which Siparex acquired a majority stake alongside Idinvest in August 2015; and a €4m expansion round for Neovivo in September this year. An agreement has besides been signed for a sixth transaction that should be closed soon, according to the GP.

People
Siparex Mezzanine – Richard Dalaud; Philippe Dutheil (executive committee members).

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