Bain Capital fully exits Maisons du Monde

Alice Tchernookova
19 May 2017

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Bain Capital has sold all its shares in listed business Maisons du Monde, more than a year after launching the group’s €769m IPO.

In March, unquote" reported that Bain had already sold half of its shares in Maisons du Monde. The sale included 7 million shares by way of an accelerated bookbuilding, representing approximately 15.5% of the total share capital and voting rights.

At the time, shares were trading at €27.00 with a €1.221bn market cap for the group, according to Euronext. The sale brought the group a capital increase of at least €185m, which followed a previous one of around €175m in October 2016.

Today, Maisons du Monde's market cap has reached €1.465bn, with shares currently trading at €32.95 apiece. Bain has now fully exited its investment. According to French publication Capital Finance, the original price per share announced by the GP was €29.60, with the sale representing around €210m in total.

Previous funding
In May 2016, Maisons du Monde completed its initial public offering with a €769m market cap. The offering comprised around 19 million shares, representing approximately €330m and priced at €17 apiece, including €170m sold by Bain Luxco and Compagnie Marco Polo – the selling shareholders.

Bain acquired Maisons du Monde in an SBO valued at around €680m in June 2013, representing 8x the company's EBITDA at the time.

Prior to that, Apax and LBO France acquired a majority stake in the group in a €435m SBO from Equistone in 2008.

Company
Maisons du Monde was founded in 1996 by Xavier Marie and is based in Vertou, near Nantes. The company specialises in home decoration and furniture retail, serving customers worldwide. The group has a network of 288 stores located in France, Italy, Spain, Belgium, Germany, Switzerland and Luxembourg. It also sells into Austria, the Netherlands, Portugal and the UK via an e-commerce platform.

In 2016, Maisons du Monde opened 25 new stores, recording a 26% growth with €881.8m in revenues and a €122.8m in EBITDA. Online sales account for 19% of the group's revenues, and international sales for 36%, while French sales represent around 63%. The group has 6,754 employees at present.

According to various sources, the group's debt amounted to €225.7m at the end of last year, representing a 1.8x multiple.