Naxicap buys Findis from Activa et al.

Alice Tchernookova
11 April 2017

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Naxicap Partners has acquired French household appliances distributor Findis, taking over from Activa Capital as majority shareholder.

Naxicap's takeover marks the third leveraged buyout for Findis, which had welcomed Abénex as its first private equity investor in 2007. It also marks the exit of previous investors Capzanine, EPF Partners and Quilvest Private Equity, which had hitherto shared the group's ownership with Activa.

Ouest Croissance, Sodero Gestion, BPI France and SG Capital Partenaires have joined Naxicap as co-investors, taking a minority stake in Findis. Company CEO Frédéric Jumentier and his management team also reinvested alongside the GPs, staying on as minority shareholders.

With Activa's backing, the group's turnover increased from €175m in 2010 to €300m currently. In 2015, the company refinanced its debt with a package arranged by Crédit Agricole, Societe Generale, Bank of Ireland, CIC Ouest, LCL and BESV. The refinancing enabled Findis to acquire the group Désamais Distribution, which sells DIY, home improvement and gardening products. Activa did not inject any additional equity to finance the bolt-on.

Other bolt-ons completed during Activa's holding included the Ronzier and David Ménager groups in 2013, and audio-visual and culinary products retailer Cocélec in January 2012, for which Activa injected extra equity.

Findis will pursue its buy-and-build strategy with Naxicap.

Previous funding
In 2011 Activa Capital bought Findis from Abénex Capital in a deal valuing the business at around €85m. The new owner invested via Activa Capital Fund II, a €315m FCPR vehicle closed in 2007. Company management kept a stake in the group. The exit allowed Abénex – which had acquired Findis for €25-50m in 2007 - to reap an IRR and a money multiple in excess of 20% and 3x respectively. Leverage represented roughly 50% of the deal value.

Company
Founded in 1987, the Findis group is a wholesaler and distributor of household appliances focusing on local shops. Its range of products includes multimedia equipment and kitchen appliances. The company has a range of around 35,000 products that it distributes through a network 15,000 shops across France.

Founded in Saint-Barthélémy and now based in Beaucouzé, Findis employs 500 staff and generates a €300m turnover.

People
Naxicap Partners - Luc Bertholat, Cyriaque Viaud, Sophie Bouyer. Ouest Croissance - Henri Guillermit, Olivier Philippon.
Sodero Gestion - Jean-Philippe Dupont, Romain Engrand.
SG Capital Partenaires - Hervé Moreau, Arthur Millery.
BPI France - Marc Prévot, Samia Ben Jemaa.
Activa Capital - Charles Diehl, Alexandre Masson, Frédéric Singer. Capzanine - Laurent Benard, Guillaume de Jongh.
EPF Partners - Isabelle Hermetet, Sylvain Giachino.
Quilvest Private Equity - Thomas Vatier.

Advisers
Vendor - Natixis Partners, Bruno Stern, Bertrand Duquesne, Paul-Henri Morand, Philippe Charbonnier (corporate finance); Deloitte, Vincent Batlle, Vania Mermoud (financial due diligence); Indéfi, Julien Berger (commercial due diligence); Fidal, Mikaël Attrait (tax); Mayer Brown, Olivier Aubouin, Pierre-Alexis Moreau (legal).
Equity - Exelmans, Stéphane Dahan, Manuel Manas (financial due diligence); CVS, André Morice-Chauveau, Matthieu Guignard, Bertrand Salmon, Angélique Mérienne (tax, enviromental due diligence); Edge Avocats, Matthieu Lochardet, Claire Beaufine, Stéphanie Dourdin (legal)
Management - Hogan Lovells, Stéphane Huten, Arnaud Levasseur, Bruno Knadjian, Laurent Ragot (legal); Grant Thornton, Sylvain Quagliaroli (legal).