Céréa Capital and BPI France invest in GPS Group

According to Céréa, the deal was a result of the GP's longstanding relationship with company president Benoit Arnaud, going back 16 years.

Céréa and BPI France's investment involves the partial exit of three minority shareholders – Arkea, BNP Développement and Etoile ID, which backed the group in 2008. Meanwhile, incoming CEO Jean-François Baus will see his stake in GPS increase.

The deal also marks the fourth transaction completed with Céréa Capital II, which held a final close on €225m in January. The vehicle typically targets majority or co-majority stakes in primary and secondary buyouts in EU companies with a turnover in the €20-250m range.

With its new backers, GPS intends to continue the growth plan it initiated in 2008 by doubling its fleet of crates and extending its geographic presence in Asia, Africa and South America.

Debt
The transaction includes a refinancing of GPS's loans by the five regional banks that are incumbent lenders to the group: Bank Crédit Agricole d’Aquitaine, Arkea, Banque Courtois, Banque CIC Sud-Ouest, and BNP Paribas. Bonds provided by debt funds Céréa Dette, BPI France and Artemid will also be refinanced.

Company
Founded in 1950 and based in Bordeaux, GPS is specialised in industrial packaging logistics used for the transport of viscous or liquid materials such as natural and synthetic rubber as well as food products.

The family business first began as a major wooden pallet and crate manufacturer, before launching its metal crate leasing activity in 1994. The group has since gradually expanded its operations across eight international subsidiaries.

People
Céréa Capital – Gilles Sicard (executive managing director); Xavier Renault (investment director); Anthony Frasca-Caccia (analyst).
BPI France – Thierry Sommelet, Emilie Brunet, Romain Fourcade (investment directors); Philippe Vuarchex (investment manager).   
Arkea – Yves Turpault (director).  
BNP Paribas Développement – Christophe Plaud (investment director); Julien Lemaire (analyst). 
Etoile ID – Marc Dussart (investment director). 

Advisers
Company – Ingefin (corporate finance).
Equity – PwC, Didier Sidois, Sophie Brunot, Clémentine Svartz, Camille Saint-Chamand (financial due diligence); Advention, Alban Neveux, Eric Lesavre, Iska Pivois (commercial due diligence); Crystal Consultants, Alain Rodriguez, Elodie Porte (corporate finance); Barvadid, Tourneur & Halphen, Jean-François Tourneur (environmental due diligence); Marsh, Sophie Tournilhac (insurance due diligence); RSE Agro, Laurent Leveque (environmental due diligence); Goodwin Procter, Thomas Maitrejean, Félicien Bardsley, Mikael Brainenberg (legal); Exeme, Pierre Gramage (legal); Arsène Taxand, Alexandre Rocchi, Edith Benfredj-Coudounari (tax); Ulysse (tax).
Debt – Goodwin Procter, Adrien Paturaud (legal); Hogan Lovells, Baptiste Gelpi, Claire Fruchet (legal).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• France
• BPI France
• Secondary buyout