Capzanine returns to Pierre Guerin with minority investment

Capzanine secured a 23% stake in the group following its equity investment - the GP didn't provide mezzanine financing on this occasion. The growth capital transaction was structured without a newco and involved a senior debt package with Societe Generale, Banque Populaire Aquitaine Centre Atlantique, Crédit Agricole Charente-Maritime Deux-Sèvres and CA Ouest Alliance.

Capzanine made the investment via its third fund, Capzanine 3, which closed on its €350m hard-cap in mid-2013.

The GP's latest fund, Capzanine 4, hit its €350m hard-cap after just six months on the road in October last year. Targeting mostly France-based SMEs with a turnover of up to €150m, Capzanine provides a mix of equity and mezzanine debt. The new fund aims to complete 20-25 investments over a five-year investment period.

Capzanine is no stranger to Pierre Guerin: the GP backed the management buyout of the business back in 2006, enabling IK to exit the group. Capzanine divested the business in 2012 back to management.

Company
Established in 1946, Pierre Guerin supplies stainless steel products and equipment to the food processing (such as dairy, cheese and wine production) and healthcare industries, with a special focus on process vessels and containers.

Pierre Guerin has operations in France, Spain, China and the US. It employs 360 staff and generates revenues of €74m, against €49m when Capzanine first exited the business in 2012.

People
Capzanine – Christophe Karvelis (founding associate); Sabine Barral (chargée d'affaires); Clément Colin (senior chargée d'affaires).

Advisers
Equity – Agilys, Pierre Jouglard, Karine Violeau, Carolle Thain-Navarro (legal); Oderis, Jean-Christian Raymond, Nicolas Boucher (financial due diligence); Alcimed, Olivier Fedrigo, Hélène Fantasia (commercial due diligence); Reporting 21, Yannick Grandjean (ESG due diligence).

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• Topics
• Expansion
• Industrials
• France
• Capzanine
• France