BNP Paribas, UI Gestion invest in La Boucherie

Naxicap renewed its commitment to the group as part of the transaction. Founder Bertrand Baudaire and managing director Christophe Mauxion, via the holding Morgalex, remain majority shareholders.

Since Naxicap's investment in 2008, growth efforts by La Boucherie have included the acquisition of two brands last year – Le Bistrot du Boucher and l'Assiette au Bœuf – and the launch of a central kitchen and a learning centre for its subsidiaries and employees. It also increased the number of its restaurants under management from 80 in 2011 to around 160 currently across seven EU countries. Group revenues increased from €70m to €150m last year.

La Boucherie will now pursue its international growth, with potential expansions in Spain and Germany.

Previous funding
In 2000, Siparex led a first €1.2m expansion round for La Boucherie, half of which was invested via Siparex Développement and half via Siparex SPF II, taking a minority stake in the group.

In 2008, a further €8m round was led by Naxicap. Other investors in the round included Perspectives et Participations Bred and BNP Paribas. The founding Baudaire family and managing director Christophe Mauxion retained a majority stake in the company following the transaction. At the time of acquisition, La Boucherie had 60 restaurants under management including 53 in France and claimed revenues of €70m. The aim was to double the group's size, aiming for 100 restaurants by 2011.

Company
Founded in 1987 and based in Saint-Barthélemy, near Angers, La Boucherie operates a chain of grill restaurants based in France and abroad, the first of which was opened in Megève in 1974. Brands managed by the group include La Boucherie Café and La Boucherie Grill restaurants in motorway service stations, as well as the recently acquired Le Bistrot du Boucher and l'Assiette au Bœuf.

The La Boucherie group has 160 restaurants under management in seven European countries. It claimed revenues of €150m in 2016.

People
UI Gestion – Lionel Robin (associate director); Sylvain Querneau (investment director); Côme de Lamberterie (associate).
BNP Paribas Développement – Benoît Picart (investment director); Anne de Sousa (analyst).
Naxicap Partners – Luc Bertholat (associate director); Cyriaque Viaud (senior associate).

Advisers
Equity – Deloitte, Philippe Serzec, Armel Pédron (financial due diligence); David Sebban (legal).
Vendor – Edmond de Rothschild Corporate Finance, Christophe Marchand, Arnaud Petit, Aurélien Bouvier (corporate finance); Oderis Consulting, Thomas Claverie, Paul Locatelli (financial due diligence); Indefi, Julien Berger (commercial due diligence).

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• Topics
• Expansion
• France
• Consumer
• France
• Naxicap
• BNP Paribas
• UI Gestion