MBO Partenaires takes 70% stake in Cosmogen

Alice Tchernookova
12 December 2016

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MBO Partenaires has backed the management buyout of cosmetics packaging and applicators producer Cosmogen, taking a 70% stake in the group.

The group's management team, led by Renaud van den Berg, will stay on as minority shareholders.

The transaction comes two years after MBO Partenaires had taken a 51% controlling stake in Groupe Alkos through an MBO.

The GP has now reduced its stake in Alkos, enabling founder Gérard Gieux to re-increase his share.

With Cosmogen, the GP will now focus on establishing new partnerships with international brands in the cosmetics industry, including L'Oréal, Dior, Yves Saint Laurent, Estée Lauder, and more. Cosmogen currently operates in China, Brazil, the US and Latin America and plans to continue its international expansion.

Debt
A two-tranche senior debt package provided by Banque Populaire Val-de-France, LCL and CIC supported the transaction.

Previous funding
In 2008, BPI France, alongside Qualium Investissement and NCI Gestion, took a 24% minority stake in Alkos Cosmétiques via the holding vehicle Alkos Développement. Gérard Gieux, who has been leading the company since 1996, held the remaining 76% stake. The investment was used to finance the acquisition of Inter Cosmétiques and Sagal.

In 2014, MBO Partenaires took a majority 51% stake in the group through an MBO, leaving founder Gérard Gieux with a minority stake. The deal also saw Dominique Vautier acquire a minority stake in the group and become Alkos's CEO, replacing Gieux. Previous backers BPI, NCI and Qualium exited the group on this occasion.

Company
Created in 1982, Cosmogen is specialised in the design and manufacturing of packaging and applicators for cosmetics, and of brushes and accessories. The group currently registers €26m in revenues, half of which is generated abroad, with 20% in Latin America only.

Alkos is based in Boulogne-sur-Mer. The company's roots date back over 200 years when it was a part of Faber-Comté. It was bought in distress in 1996 by Gérard Gieux and started operating under the Alkos Cosmétiques brand.

The company develops and produces make-up products, principally eye liner and lip liner. The acquisitions of Inter Cosmétiques and Sagal, based in Angers and Gaillardon respectively, enabled the company to expand into three new market segments: corporal hygiene, corporal health and make-up. Following the acquisitions, the group rebranded as Groupe Alkos.

The combined entity Alkos/Cosmogen, based in Paris, currently generates a €77m turnover.

Advisers
Equity – Finexsi, Erick Uzzan (financial due diligence); Lamartine Conseil, Olivier Renault, Bintou Niang, Vanessa Placerdat, Nicolas Cuchet (legal); EY, Mathias Roth, Alex Larue (corporate finance).
Vendor – Societex Corporate Finance, Bernard Maussion (corporate finance).
Debt – Agilys Avocats, Frédéricque Milotic (legal).