Cobalt makes 3.5x money on TCS sale to Meeschaert

Meeschaert is accompanied by a consortium of investors in the transaction, including Idia Capital Investissement, Swen Capital Partners and two Crédit Agricole-managed entities.

According to a source close to the deal, Cobalt made 3.5x money on the exit. With the GP's backing, the group grew its turnover by two thirds, with €56m at the time of investment compared to €93m in 2016. During Cobalt's tenure, TCS completed four add-on transactions.

The deal is subject to approval by the relevant authorities.

Debt
A senior debt package arranged by Crédit Agricole, LCL and Muzinich & Co supported the transaction.

Previous funding
In 2009, Cobalt purchased a 75% share in specialist delivery company TCS, alongside founder Jean Clavel, who retained a 25% share. The management team held the balance.

Societe Generale and Crédit Lyonnais co-arranged a debt package featuring a senior A and B tranche to support the transaction, while CIC and BCME joined the financing structure through syndication before the deal closed. The transaction was financed with equal amounts of debt and equity, according to unquote" data.

Company 
Bordeaux-based TCS is an express delivery company specialising in fixed-schedule and daily small parcel and document shipping for the banking, insurance and pharmaceutical industries.

TCS operates a network of 30 branches in France and has a network of 35,000 delivery points.

According to Cobalt, the group recorded revenues of €93m in 2016, with a 9-10% EBITDA margin. It currently employs 550 people.

People
Meeschaert Capital Partners – Hervé Fonta (managing partner); Geoffroy De Chezelles (partner).
Idia Capital Investissement – Arnaud Pradier (managing partner); Matthieu Adoir (investment director).
Swen Capital Partners – Isabelle Combarel, Diego-Felipe Aponte Vargas (investment directors).
Cobalt Capital – Christophe Fercocq (CEO); Julien Berger-Perrin (manager).

Advisers
Equity – EY Transaction Advisory Services, Pierre Jouanne (financial due diligence); Neovian Partners (commercial due diligence); Marsh, Humbert d'Autichamp (insurance due diligence); Hoche Société d'Avocats, Jean-Luc Blein, Jennifer Pernet (legal); LL Berg, Grine Lahreche, Nathalie Jacquart (legal).
Vendor – Transaction R, Pierpaolo Carpinelli, Philippe de Montreynaud (corporate finance); DLA Piper, Jeremy Scemama, Elise Aubert (legal); Eight Advisory, Stéphane Vanbergue, Joris Toulet (financial due diligence); Roland Berger Strategy Consultants (commercial due diligence).
Debt – Jones Day (legal).

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