Activa Capital exits Bruno Saint Hilaire

Alice Tchernookova
27 January 2017

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Activa Capital has exited clothing brand Bruno Saint Hilaire (BSH), seeling the group back to the company's management after eight years at the helm.

The GP confirmed to unquote" that it had completely exited the group, without providing further comment on returns. The company management, led by CEO Fabrice Dorr and deputy director Vincent Lefebvre since 2012, reacquired 100% of the shares in the management buy-back.

BSH had been in financial difficulty at the time of Activa's investment. In 2007, it posted revenues of €42m, declining by almost half within three years, hitting €22m in 2011. The company's revenues have held steady around the €20m mark in the past two years.

During its holding period, Activa refocused the group's offering on its trademark products and grew the group by way of acquisitions. The group will now look to increase its turnover to €22-23m in the next two years, a report said.

As part of the transaction, BSH was able to negotiate a 50% reduction of its debt with its creditors.

Previous funding
In 2008, Activa took a 66% stake in BSH in a secondary buyout deal alongside Institut Régional de Développement Industriel de Midi-Pyrénées (IRDI), which acquired 12%, while the management, led by Dominique de la Tournelle and Nicholas Roux, held the remaining 22%.

The deal saw CDC Entreprises and Banque de Vizille cede their interests in the company. Through a long-standing relationship with de la Tournelle and Roux, Activa were able to avoid an auction process, unquote" reported at the time.

Banque Palatine, BNP Paribas and CIC had provided a senior debt package to support the transaction, with A and B tranches.

CDC and Banque de Vizille had originally invested in the company in the 1990s. The company had an enterprise value of around €30m at the time.

Company
Based in Toulouse and founded in 1973, BSH is a clothing company that sells apparel for both men and women.

BSH claims to sell its wares in more than 1,200 multi-brand outlets in France and 50 department stores. It also sells items through a further 1,500 outlets outside France. The company currently registers revenues of around €20m.

People
Activa Capital – Christophe Parier, Charles Diehl, Benjamin Moreau (partners).