Bridgepoint exits AEF Group

AEF became a Bridgepoint portfolio company after the firm acquired Edmond de Rothschild Capital Partners (EdRCP) through a merger in 2014, thereby taking over all of the group's assets. Other companies previously owned by EdRCP and still managed by Bridgepoint include Sotralu, Beaba, Moria and Pyxidis.

According to Bridgepoint, the merger between AEF and Sphere should encourage the synergies existing between both groups since 2016 with the launch of the joint venture Végéos, in which both groups own 50%.

Having mandated Transaction R to lead the exit process, Bridgepoint received several bids from private equity and trade players alike, the GP said.

According to French financial website Capital Finance, AEF could be valued around €48-56m in the deal, representing a 6-7x EBITDA multiple. Following the merger, the Sphere/AED entity group should generate sales of €600m and a €40m EBITDA.

Company
In June 2010, EdRCP created the Artedist group by merging Hyper Embal and Valeurdis, both specialised in food packaging.

With the GP's support, Artedist successively acquired Alpem in 2012 and Publi Embal in 2013, giving birth to the AEF group.

People
Bridgepoint – Olivier Nemsguern (partner); Mark Stroud (partner); Jean-Baptiste Salvin (investment director); Louis Paul-Dauphin (associate).

Advisers
Vendor – Rothschild & Cie, Pierre Sader, Benjamin Osdoit (corporate finance); Racine, Mélanie Coiraton-Mavré, Johannes Singelnstein (legal); PwC (commercial due diligencce); Stéphane Salustro, Abdelhamid Daoud (financial due diligence).
Acquirer – Lazard, Charles Andrez (corporate finance); KPMG, Antoine Bernabeu (corporate finance); De Pardieu Brocas Maffei, Jean-François Pourdieu, Matthieu Candia (legal).

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