Pragma and Gimv exit Leyton & Associés

Led by founders François Gouilliard and Olivier de Beauminy, Leyton's management team is reacquiring the company through a sponsorless buyout transaction.

Pragma and Gimv became shareholders in the business in 2009 after leading a secondary buyout alongside the two founders and a team of 40 managers.

With the GPs' backing, Leyton largely focused on its international development, having extended its presence to Morocco, Belgium, the UK, Canada and Spain.

The company said its current performance should enable it to continue growing without a sponsor, with a turnover currently amounting to €66m, up from an estimated €50m in 2009.

Previous funding
Pragma and Gimv – with the latter as a minority investor – purchased the company in 2009 from Ixen Partners and Capzanine, which had bought it in 2006. Pragma invested through Pragma Capital II, closed on €345m in 2007.

Leyton was valued at around €130m in the 2009 transaction, which was supported by a senior debt of €40m arranged by Portuguese bank Banco Espirito Santo and co-arranged by CIC, LCL and Societe Generale. A €15m mezzanine tranche provided by Tikehau Mezzanine, Banco Espirito and Gimv completed the transaction.

Company
Founded in 1997, Leyton is a consulting company specialising in cost reduction. It also offers innovation incentives advice, restructuring support and legal advisory services for all employment and HR issues.

Leyton employs 700 people across France, Morocco, Belgium, the UK, Spain and Canada, and generates €66m in revenues.

People
Pragma Capital – Arnaud Leclercq (partner); Léa Palas (analyst); Emilie Termignon (finance manager).

Advisers
Vendor – Weil Gotshal & Manges, Frédéric Cazals, Adrien Coulaud (legal).

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• Topics
• Exits
• France
• Industrials
• France
• Sparring Capital (formerly Pragma Capital)
• Gimv
• Management buy-back