EdRip, AccorHotels to acquire Potel & Chabot from 21 Centrale

21 Centrale will make a full exit from the business. EdRip will hold 51% of the share capital and AccorHotel 40%.

EdRip is investing through the Winch Capital 3 FPCI fund, which closed on €300m in 2014 and focuses on minority investments in French SMEs with revenues within the €30-300m range, with equity tickets of €7-25m.

The sale process was launched in summer 2016, according to a source close to the matter. The transaction is expected to close in May 2017, and will be the last divestment for 21 Centrale's fund III. The GP's most recent vehicle is 21 Centrale Partners IV, closed on €380m in 2011.

21 Centrale mainly intended to develop the group's international presence when it invested in 2007. Potel & Chabot has since established subsidiaries in Shanghai, Geneva, Sao Paulo and London, as well as in Switzerland and in the Mediterranean region.

In February, Colony Capital exited the Paris-listed Accor group, which it had first backed in 2005 through a €1bn investment; the GP was one of the largest shareholders, with around 5% of shares and 10.4% of voting rights. Eurazeo still owns 3.7% of the share capital through the holdco Legendre Holding.

Previous funding
In 2007, 21 Centrale backed the management buyout of the gastronomy subsidiary of Euronext-listed food group Bongrain. The group employed 880 staff and generated revenues of €94m at the time, with a profit margin of 9.4%.

Company
Founded in 1820 and based in Paris, Potel & Chabot provides luxury catering services in France and abroad. Through its two brands Potel & Chabot and Saint Clair le Traiteur, the group covers three main areas of activity: catering for private clients; the organisation of large sporting, commercial and cultural receptions; and the management of luxury venues in Paris.

Potel & Chabot currently generates around €100m in revenues, and employs 550 people – a number that can go up to 1,800 during peak season. The group claims to be organising more than 10,000 receptions a year across Europe.

People
Edmond de Rothschild Investment Partners – Pierre-Yves Poirier, Sylvain Charignon (partners); Tanguy Tauzinat (investment director).
Potel & Chabot – Franck Jeantet (CEO).
21 Centrale Partners – Gérard Pluvinet (chair).

Advisers
Equity – Mazars, Firas Abou-Merhi, Sébastien Voisin (financial due diligence); Allen & Overy, Marc Castagnede, Romy Richter, Jules Lecoeur, Jean-Yves Charriau, Jean-Christophe David, Geraldine Lezmi (legal); Advention, Alban Neveux (commercial due diligence).
Management – Alantra, Franck Portais, Oriane Durvye, Basile Paul-Petit (corporate finance); Mayer Brown, Alexandre Dejardin (legal).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• 21 Centrale Partners
• Andera Partners
• Secondary buyout