Ixo et al. acquire 40% in Groupe GA from Aermont Capital

The transaction is the third buyout for GA, and comes nine and a half years after Aermont invested in the group, when it took a 60% majority with the balance going to management.

The capital distribution will be shifted around, with management holding a 60% stake in the group and the remaining 40% going to a pool of investors led by Ixo.

Other investors in the consortium include BNP Paribas Développement, BPI France, Multicroissance and Grand Sud Ouest Capital.

During Aermont's holding period, GA's turnover increased from €140m to €230m, according to a statement. Over the last year alone, the group grew by 35.3%, according to Ixo. Its turnover amounted to €170m in 2015.

Under its new ownership model, the company will look to expand its activity into new sectors, including hospitality, apartment blocks and health sites.

Debt
A senior debt package was provided by Crédit Lyonnais, Caisse Régionale de Crédit Agricole Toulouse 31, Banque Populaire Occitane, Societe Generale and Banque CIC Sud-Ouest.

Previous funding
In 2007, Aermont (previously known as Weinberg Partners) took a 60% stake in GA, with the balance held by management and company executives.

Company
Based in Toulouse and founded in 1875, GA designs, builds, promotes and manages properties. Its sites are used as hotels, student accommodation, office spaces and second homes.

GA manages five manufacturing sites in Colmar, Criquebeuf, l'Aigle and Labège. It recorded €170m in revenues in its most recent financial year and employs 400 people.

People
Ixo Private Equity – Olivier Athanase (partner); Rémi Chériaux (investment director); Marie-Laure Joubard (associate).
BNP Paribas Développement – Emmanuel Del Agua (investment director).
BPI France – Thierry Decker (inter-regional funds manager); Christine Busque (investment director).
Multicroissance – Sylvie Leroy (investment manager).
Grand Sud-Ouest Capital – Frank Stéphan (CEO).

Advisers
Equity – Oloryn Partners, Eric Lesieur, Roland de Farcy, Frédéric Jannin (corporate finance); Lamartine Conseil, Olivier Renault, Fabien Mauvais, Maeva Suire, Perrine Sauzay (legal); Opléo, Pierre-Olivier Bernard, Thomas Fitte (legal); PwC, François Antarieu, Skander Belkadi (financial due diligence); Atem, Isabelle Camus (other due diligence); Delta Assurances, Anne Deutsch, Anne-Sophie Ciccoli, Laurent Feruglio (insurance due diligence); Jones Lang Lasalle, Franck Hort (commercial due diligence).
Vendor – EY, Emmanuel Picard, Sébastien Thomas (corporate finance); EY, Johan Gaulin, Odile Frankhauser (environmental due diligence); Allen & Overy, David Sorel, Jean-Yves Charriau, Frédéric Moreau, Eric Loubet (legal).
Debt – Hogan Lovells, Sabine Bironneau, Stéphanie Bigo (legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Exits
• France
• Consumer
• BNP Paribas
• Secondary buyout
• iXO Private Equity
• France
• BPI France
• Multicroissance