Tikehau Capital sells Ecotel Chomette Favor stake to Naxicap Partners

Tikehau announced it realised gross pre-tax capital gains of €18.2m from the sale, representing 2.8x its investment after fees and costs.

Tikehau had acquired a stake in the group in 2011 by making a €10m investment alongside then-majority owner Weinberg Capital Partners. Tikehau invested through the holding Salvepar – a French investment company in which it acquired a 51.42% stake from Societe Generale in 2012.

Previous funding
In December 2016, Naxicap Partners took over from Weinberg Capital Partners as majority shareholder in ECF, valued at 10x EBITDA in the transaction. The deal marked ECF's third LBO, after Chequers Capital and Weinberg Capital Partners had successively become majority shareholders in 2006 and 2011 respectively. The transaction was supported by a transferrable debt package put in place during a refinancing transaction completed in 2015, and which included senior debt provided by LCL and CM-CIC Private Debt, and mezzanine debt arranged by CM-CIC Private Debt and Capzanine.

Initiative & Finance and Five Arrows, which had been supporting the group since 2011, exited the group on that occasion.

Weinberg Capital had bought ECF from Chequers in 2011 through a buyout valuing the company within the €100-150m range.

Company
Founded in 1880, ECF distributes small equipment and non-food consumables to catering and hotel professionals in France, including tableware, small kitchen equipment, and hygiene and maintenance products. Based in Grigny, France, the group currently reports a €220m turnover and has more than 800 employees.

People
Naxicap Partners – Axel Bernia (partner), Frédéric Jouenne (investment manager).

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• Topics
• Exits
• France
• Industrials
• Expansion
• Naxicap
• Weinberg Capital Partners
• Chequers Capital
• France