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Unquote
  • Buyouts

Activa, Ardian and SocGen back HR Path OBO

  • Alice Tchernookova
  • Alice Tchernookova
  • @alicetcherno
  • 10 April 2017
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Activa Capital, Ardian and Societe Generale Capital Partenaires (SGCP) have backed the owner buyout of human resources services specialist HR Path.

The three investors have backed the buyout with an investment of €25m, partly in equity and partly in convertible bonds, according to a source familiar with the situation.  

The funding round is to be completed by a senior debt of €30m, arranged by Societe Generale and currently being syndicated, the source told unquote". According to the same source, Activa provided slightly more than half of the round. The group’s founders retained a 52% controlling stake, with the balance going to the three financial backers.

HR Path

  • DEAL:

    OBO

  • VALUE:

    €25m

  • LOCATION:

    Paris

  • SECTOR:

    Business support services

  • FOUNDED:

    2001

  • TURNOVER:

    €60m

  • STAFF:

    500

While Activa joins in as a new investor, Ardian and SGCP had already contributed a joint €5m in 2015.

HR Path intends to use the funds to boost its international growth, complete acquisitions in France and recruit extra staff.

Since Ardian and SGCP’s first investment in the group in 2015, the company’s turnover increased from €45m to €60m and its workforce from 400 to 500.

Previous funding
In June 2015, HR Path raised €5m from Ardian and SGCP. The round was split evenly between Ardian and SGCP. The former invested via its €70m Growth Fund, which typically writes €10m cheques for growth capital deals in French and international SMEs. HR Path’s management retained a majority stake in the business.

Company
Founded in 2001 by François Boulet and Cyril Courtin, HR Path is a consultancy firm focusing on human resources services. The business provides IT software and advice on payroll and staff management issues.

Headquartered in Paris, the company operates via several agencies in France and runs subsidiaries in 13 locations including in the Benelux region, Switzerland, Germany, the US, Canada, the UAE and Morocco. With around 500 consultants, the business currently generates €60m in revenues.

People
HR Path - François Boulet (co-founder, CEO).
Ardian – Alexis Saada (Ardian Growth managing director); Laurent Foata (Ardian Growth head).
SGCP – Marc Jacquin (director); Marc Diamant (deputy director); François Rivolier (private equity director).
Activa Capital – Christophe Parie, Alexandre Masson (partners).

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  • Ardian (formerly Axa PE)
  • Societe Generale
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  • Owner buyout

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