CM-CIC Investissement takes over La Croissanterie

Alice Tchernookova
02 December 2016

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CM-CIC Investissement has acquired sandwiches and patisseries retailer La Croissanterie, taking over from previous owner Pragma Capital.

The transaction marks the third LBO for the group, and comes three years after Pragma had already tried to sell the group in 2013 to no avail.

CM-CIC will become the new majority owner through the deal, which is expected to be closed in Q1 2017.

With Pragma's backing, the company has been registering an average 10% year-on-year growth, and opened 100 new shops, including franchises, which now represent a third of the group's 250 vending points.

With CM-CIC, and under the management of Marie-Pierre Soury (who had taken over the group from founder Jean-Luc Bret in 2013), La Croissanterie will look to continue its expansion in France and abroad. The group has recently been placing a particular focus on DOM-TOMs (French overseas departments and territories) and on the African continent.

Debt
Céréa Partenaire arranged a unitranche debt package to support the transaction. Céréa had previously arranged a mezzanine facility for the group alongside EMZ Partners.

Previous funding
In 2006, Pragma backed the secondary MBO of La Croissanterie, acquiring the group from Equistone Partners Europe. Royal Bank of Scotland underwrote debt facilities to support the deal. The deal value was not disclosed, but it was included within the €25-50m range, according to unquote" data.

Prior to this, in August 2001, Equistone Partners Europe had acquired the group for an estimated €36m, taking a majority stake.

Company
Founded in 1977 and based in Paris, La Croissanterie is a food retailer specialised in sandwiches and patisseries. With 250 vending points spread across France, the group currently generates revenues of €100m, according to various online sources.

People
CM-CIC Investissement – Frédéric Plas (executive director); Badri Ben Grine (director); Sandrine Olive (investor).

Advisers
Equity – Canaccord Genuity, Denis Vidalinc, Brieuc Jamain (corporate finance); Agilys Avocats, Pierre Jouglard, Baptiste Bellone, Carolle Thain-Navarro (legal); Deloitte, Cécile Rémy, Alban Cabanis (financial due diligence); Bento, Anne-Claire Paré (commercial due diligence); Brand Shake Up, Laurent Herlin (commercial due diligence).
Vendor – Natixis Partners, Bruno Stern, Valérie Pellereau, Simon Le Guillou (financial due diligence); Weil Gotshal & Manges, Frédéric Cazals, Pierre-Alexandre Kahn (legal); PwC, Arnaud Thibésart, Didier Sidois (financial due diligence); LEK Consulting, Rémy Ossmann (commercial due diligence).
Company – Gatienne Brault & Associés, Gatienne Brault (legal); Lamartine Conseil, Olivier Renault, Agathe Fraiman (legal).