Argos Soditic buys Sasa Demarle from Weinberg Capital

The deal marks the full exit of Weinberg and the company's CEO Patrice Jacquelin, whose shareholding was 43% after Weinberg's 2007 MBO.

Jacquelin will retire from his position as chair of the board, a company statement read. Rudy Boussemart, new chair of Sasa Demarle, will be leading the management team.

In 2005, the business recorded sales of €64.4m with profits of €8.5m, compared to its most recent results of €60m and €7-9m, according to Argos Soditic. About half of the group's sales are currently generated outside France, through a network of 80 distributors worldwide, said the GP.

Debt
The transaction was supported by a €30m unitranche facility provided by Idinvest Partners and Céréa Partenaire.

Previous funding
In 2007, Weinberg and COO Patrice Jacquelin launched a take-private of Sasa Industrie in a transaction valued at €92.6m.

Weinberg held a 54% stake in the holdco used for the transaction, while 43% was held by Patrick Jacquelin and 3% by management. Following the deal, Jacquelin was nominated CEO of Sasa Industrie. The deal also meant the exit of founder Roger Messio, whose shares were purchased at a unit price of €41.50, unquote" reports.

This same price was paid to minority shareholders for the disposal of their shares in a tender offer that was due to start before the end of January 2007.

The deal valued the entire company at €92.6m with an €80.7m enterprise value, on the basis of the net cash balance forecast at €11.9m at year end 2006, according to unquote" data.

CIC was mandated to underwrite the mezzanine-less multi-tranche debt supporting the deal. The total net debt was €55m.

Company
Headquartered in Le Cateau Cambresis, Sasa manufactures a range of equipment for bakers and the food sector. These include anti-adhesive trays and moulds, as well as washing and packaging machines. The company's four production sites are located in France, but the group generates a large portion of its turnover from exports. Its turnover currently amounts to €60m, while its EBITDA has reached around €7-9m, according to Argos Soditic.

The group comprises two different branches: Sasa, specialised in rigid and semi-rigid baking equipment; and Guy Demarle, producing flexible supports and molds under the Flexipan and Silpat brands. It has two production sites in France and three recoating centres in France, China and the US.

People
Argos Soditic – Karel Kroupa, Raphaël Bazin (senior associates); Alexandra Billet (analyst).
Weinberg Capital Partners – Serge Weinberg (CEO); Benjamin Rousseau-Calisti (director).

Advisers
Equity – Jeantet, Philippe Matignon, Marie-Emmanuelle Amphoux, Pascal Georges (legal); HPC Envirotec, Xavier Pellier, Stéphane Vircondelet (environmental due diligence); CLR Finance, Charles Ranunkel (corporate finance); CMI, Jean-Guillaume Bayada, Hugo Perier (commercial due diligence); Arsene Taxand, Franck Chaminade, Olivier Janoray, Louis-Augustin Jourdan (tax); Siaci Saint Honoré, Eric Rémus, Vincent Martial (insurance due diligence); Eight Advisory, Eric Demuyt, Benoît Bestion, Laetitia Vo (financial due diligence).
Vendor – Oddo & Cie, Raphaël Rio, Thomas Devineau, David Taupin (corporate finance); Vulcain, Thierry Falque-Pierrotin, Pierre Roche (corporate finance); PwC Transaction Services, Eric Douheret, Adrian Derousseaux (corporate finance); Indefi, Julien Berger, Mehdi Belefqih (commercial due diligence); Weil Gotshal & Manges, Arthur de Baudry d'Asson, Louis Gosset (legal).

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• Topics
• Buyouts
• Exits
• Industrials
• France
• France
• Argos Wityu
• Weinberg Capital Partners
• Secondary buyout