FCDE supports Christian Bernard takeover with €15m

FCDE’s €15m investment is part of a €40m refinancing round, which includes a €25m debt package arranged by Christian Bernard’s lenders. The GP will hold a minority stake in the group following the transaction.

Previously number one in France in its sector of activity, Christian Bernard was placed into receivership in December last year, having previously been backed by Butler Capital Partners since 2010.

According to FCDE, Marcel Robbez-Masson currently employs around 300 people in France, Morocco and Portugal. The acquirer aims to benefit from the Christian Bernard's production facilities in the Doubs region in France, and in Vietnam.

FCDE is a vehicle managed by Consolidation & Développement Gestion, and is backed by French financial institutions including BPI France, as well as banks and insurance companies (BNP Paribas, BPCE, Crédit Agricole, HSBC, Société Générale, le Crédit Mutuel-CIC, AG2R La Mondiale, Allianz, Axa, CNP, Groupama). Its management team does not receive carried interest.

With a €400m investment capacity, FCDE typically takes minority stakes in French SMEs with investments up to €15m.

Previous funding
In 2010, Butler Capital invested €15m in Christian Bernard, acquiring slightly less than 50% of the company. The company's founding shareholders retained the remaining stake at the time of the deal.

Company
Christian Bernard was founded in 1973 and launched its first collection in 1976. The company designs, manufactures and distributes watches and jewellery under its own name and through licensing partnerships. In 2005, the company purchased the retail chain Oro Vivo in order to sell its products in Germany, Switzerland, Spain and Portugal. Christian Bernard has also expanded into Asia, with a Vietnam facility manufacturing and distributing some of its products.

The group currently makes around €80m in turnover. 

People
FCDE - Benoît Sellam (managing partner); Réjean Guern (investment director); Minorie Nollet (analyst); Anne-Laure Dupont (analyst).

Advisers
Equity - KPMG, Pascal Bonnet, Antoine Bernabeu, Arnaud Deméocq, Yoann Lefort, Julien Sortais (financial due diligence); Fidal, Florence Olivier, Xavier Lemaréchal, Albane Eglinger (tax/legal); OC&C Strategy Consultants, Jean-Dominique Daudier de Cassini, Frédéric Cazals, Elodie Fabre, Célia Chiche (commercial due diligence); Weil, Gotshal & Manges, Jean-Dominique Daudier de Cassini, Frédéric Cazals, Elodie Fabre, Célia Chiche (legal).

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• Topics
• Expansion
• France
• Consumer
• France
• BPI France
• Butler Capital Partners