Siparex, EdRip back Minafin

Previous investors in Minafin included CM-CIC Investissement, Croissance Nord-Pas-de-Calais, Matignon Investissement et Gestion and Cathay Capital – all holding a minority stake.

The current transaction, which comes six months after Minafin benefited from a €65m refinancing, enables its pre-existing backers to generate liquidity. While CM-CIC and Croissance Nord-Pas-de-Calais remain invested in the business, Matignon and Cathay – which backed the company in 2006 and 2011 respectively – are fully exiting.

Company CEO and founder Frédéric Gauchet will stay in control of the business, retaining a majority stake.

With its new backers, Minafin said it would put a stronger focus on external growth. The last acquisition it completed was that of a manufacturing unit located in Louvain-la-Neuve, Belgium, in 2015.

Previous funding
CM-CIC first backed Minafin in 2005, supporting an MBI and taking a minority share. Six years later, the GP was joined by French-Chinese investor Cathay, which led an expansion round and acquired a minority stake. The transaction was valued in Cathay's usual €5-15m investment range, according to unquote" data.

In 2016, Minafin was refinanced with a €65m syndicated debt package. The refinancing was provided by the group's existing lenders – including senior debt holders Societe Generale – as well as new financiers.

Company
A subsidiary of the larger fine chemicals manufacturing group Minakem, Minafin was established in 2005 by Frédéric Gauchet as a spinout of chemical company SEAC. It specialises in fine chemicals, advanced cosmetology, pharmaceutical intermediates and active pharmaceutical ingredients.

With six manufacturing sites in France, Germany and the US, the company generated revenues of €159m in 2016 and employed around 600 people.

People
Edmond de Rothschild Investment Partners – Sylvain Charignon, François-Xavier Mauron (managing partners); Sophie Nordmann-Caetano (investment director); Aurélie Denieuil (analyst).
Siparex – Benoît Métais (executive board member); Antoine Krug (managing partner); Stéphanie Malysse (director); Quentin Brias (senior associate).
CM-CIC Investissement – Philippe Traisnel, Xavier Blain (managing directors).
Croissance Nord-Pas-de-Calais (Groupe IRD) – Thierry Dujardin (CEO); David Leprêtre (investment manager).
Matignon Investissement et Gestion – Philippe Dhamelincourt (co-founder/managing director).

Advisers
Equity – Deloitte, Frédérique Chenevoy, Lisa Lauv (financial due diligence); Paul Hastings, Olivier Deren, Charlotte Dupont (legal); Allard de Waal, Thomas Pulcini (tax); Liedekerke Wolters, Damien Conem (tax).
Company – BCTG & Associés, Séverin Kullmann, Paul-Henri Dubois (legal).
Vendor – Hottinguer Corporate Finance, Pierre de Bousingen, Philippe Bonhomme, Djilali Bou-Abdallah, Daniel Rahal (corporate finance); Agilys Avocats, Pierre Jouglard (legal); PwC, Eric Douheret (financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Expansion
• Exits
• Industrials
• France
• France
• Credit Mutuel Equity (ex CM-CIC Investissement)
• Cathay Capital
• Andera Partners
• Siparex