Naxicap buys BVA from Montefiore

Montefiore is exiting the group after a four-year holding, having taken over from Ixen Partners in 2013.

BVA CEO Gérard Lopez and managing director Pascal Gaudin, who previously held around 49% of the company's share capital, will maintain their positions.

According to unquote" sister publication Debtwire, BVA currently generates roughly €20m in EBITDA and is expected to fetch a €200m valuation. Banks and funds pitched to private equity bidders during the sale process, the publication added, with first-round bids due at the beginning of May. Alpha Private Equity, LBO France and Naxicap were reportedly battling for BVA in the second round, with bids due last week. Ergon was also admitted to the second round, but left the process before binding offers came in, Debtwire said.

With Montefiore's backing, BVA successively increased its turnover from €65m in 2012 to €155m in 2016. BVA made four acquisitions during the holding period, including French market research companies Masters Consultants in 2013, LH2 and Dynamic Mystery Shopping in 2014, and, in 2016, US-based Perception Research Services, whose $60m revenues enabled the company to significantly increase its turnover.

With Naxicap, the company will look to pursue its international expansion (around 50% of its revenues are currently generated outside France), and accelerate its digital transition.

Previous funding
In April 2013, Montefiore acquired a 51% stake in BVA, investing through the €240m Montefiore Investment III fund. The transaction was the third investment made with the vehicle. BVA's management retained the remainder of the company's share capital.

In 2007, Natixis-owned investment structure Ixen had acquired a 49% stake in BVA, taking over from Edmond de Rothschild Investment Partners (EdRip). As part of the deal, the management, which previously held 22%, gained control of the business. EdRip, which had invested approximately €4m of expansion capital for a 44% stake in 2004, generated an IRR of 32% with a 2.4x money multiple, according to unquote" data.

Company
Founded in 1970, BVA specialises in market research and opinion polling. The company conducts quantitative and qualitative studies, as well as satisfaction assessments. Based in Boulogne-Billancourt, the group generated €155m in revenues in 2016 with an EBITDA of €20m.

People
Naxicap Partners – Angèle Faugier (partner); Caroline Lachaud (investment director).

Advisers
Vendor – Hottinguer Corporate Finance, Arnaud Bochet (corporate finance); Eight Advisory, Eric Demuyt, Florent Garnier (financial due diligence).

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

• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• Montefiore Investment
• Naxicap
• Secondary buyout