Oaktree takes majority stake in Groupe SAF

BPI France, BNP Paribas Développement and Crédit Agricole des Savoies Capital, which were all previously invested in the group, retain a minority stake in SAF.

Following the transaction, which should be completed in the coming weeks, Oaktree will hold around 49% of the share capital, while BPI, BNP and Crédit Agricole will hold a combined stake of 44%, with the balance (6%) going to the management team led by Christophe Rosset.

The deal also enables the exit of previous backer Amundi Private Equity Funds and Portuguese company United Helicopter Service.

Since 2012, SAF's turnover has increased from €29.8m to €35m, and the company nearly doubled its workforce. With Oakree's support, SAF will look to keep expanding its international activity, especially in Africa and the Middle East, aiming to generate around 20% of its sales in those regions.

Previous funding
In 2012, FSI Régions, CDC Entreprises, BNP Paribas, Amundi Private Equity, Crédit Agricole and Portuguese trade player United Helicopter Service invested in SAF, taking a combined stake of around 70%. Both FSI and Crédit Agricole were previous investors in SAF. Management increased its stake in the business following the transaction.

In 2016, a debt refinancing enabled SAF to acquire Reunion-based company Helaligon.

Company
Founded in 1979, SAF specialises in helicopter rescue services and is composed of three subsidiaries. SAF Hélicoptère focuses on mountain-based helicopter rescue; Hélicap is a partnership with French emergency services SAMU; and SAF Industries specialises in aircraft maintenance and repair. The company has a fleet of 45 helicopters operating in France and Africa.

Based in Albertville, SAF generates revenues of €35m and employs 200 people.

People
Oaktree Capital Management – Vincent Catherine, Baptiste Vaissié (managing directors).
BPI France – Nicolas Manardo (managing director); Francis Estellat (senior investment director).
BNP Paribas Développement – Patrice Vendenbosche (investment director); Guillaume Wolf (associate).
Crédit Agricole des Savoie Capital – Jean-Yves Riowal (managing director).

Advisers
Equity – Hottinguer Corporate Finance, Anthony Gribe, Arthur Gautier (corporate finance); Willkie Farr & Gallagher, Grégory de Saxcé, Eduardo Fernandez (legal); Bichot & Associés, Nicolas Bichot, Mathieu Odet (legal); Eight Advisory, Christian Berling, Côme Gentile (financial due diligence); AT Kearney, Patrick Rabbat, Stanislas Lajouanie (commercial due diligence); Lockton, Ian Canham (insurance due diligence); ERM, Aurélien Beckmann, Fabien Belot-Arnaud (environmental due diligence); Mayer Brown, Elodie Deschamps, Paul de Préval (tax).
Vendor – UBS, Jérôme Pin, Nicolas Senlis (corporate finance); Shan Finance, Cyrille Teinturier (corporate finance); Lamartine Conseil, Stéphane Rodriguez, Ugo Audouard (tax); De Pardieu Brocas Maffei, Jean-François Pourdieu, Hugues de Fouchier (legal); KPMG, Mathieu Wallich-Petit, Mohamed Macaigne (financial due diligence).
Company – Goutagny, Denis Dord (legal); Adamas, Denis Santy (legal).

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• Topics
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• Amundi Private Equity
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