IDI, Raise et al. to take over Mériguet-Carrère

Alice Tchernookova
20 July 2017

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A pool of investors led by IDI and Raise have acquired artistic renovation specialist Mériguet-Carrère from Qualium Investissement.

IDI and Raise acted as main investors in the round, with Tikehau Capital and BPI France joining as co-investors. The founding Courtois family re-invested alongside the GPs to retain a 30% stake. IDI was previously a minority shareholder in the business.

The pool of investors won the auction's second round on 14 July, with final bids submitted on 6 July, according to several news reports. Mériguet-Carrère had appointed Transaction R in early June to lead the exit process, and is said to be valued at around 11-12x EBITDA in the deal.

Several industrial groups, as well as funds Wendel and Core Equity Holdings, were among the most serious bidders in the auction, a source familiar with the matter confirmed to unquote".

Qualium, a minority investor in Mériguet-Carrère since 2013, is fully exiting the company. With the GP's backing, the company's revenues went up from €70m in 2012 to €160m at present, and its workforce increased from 370 to 730.

With its new backers, Mériguet-Carrère will continue to focus on international expansion; it currently generates around 60% of its business abroad, mostly in the UK, the US and the Middle-East.

Debt
CM-CIC, Banque Palatine and BNP Paribas provided a senior debt package to support the transaction. According to unquote" sister publication Debtwire, leverage stands at 4x.

Previous funding
In 2013, Qualium Investissement invested in the owner buyout of Atelier Mériguet-Carrère. Qualium joined existing investors IDI, company founder Antoine Courtois and other members of Mériguet's management team.

Company
Founded in 1960 by Antoine Courtois, Mériguet-Carrère is a decorative paintwork and arts specialist, creating or renovating artwork using materials including masonry, metalwork, panelling and paint. Some of the company's landmark restauration works include the Paris-based opera Palais Garnier, the Monte-Carlo opera and the Oval Office in the White House.

Headquartered in Paris, Mériguet-Carrère currently employs 730 people and generates €160m in revenues for a €17m EBITDA.

People
Raise Investissement - Gonzague de Blignières (CEO/founder); Alexandra Dupont (partner); Maria Beloqui (investment director); Vincent Sauzay (associate).
Qualium Investissement – Jean Eichenlaub (CEO); Paul Costa de Beauregard (managing director).
IDI - Marco De Alfaro (partner); Tatiana Nourissat (corporate secretary/general counsel); Jonathan Coll (investment director); Arnaud Pierucci (senior analyst).
Mériguet-Carrère – Antoine Courtois (CEO/founder).

Advisers
Vendor - Transaction R, Pierpaolo Carpinelli (corporate finance); Paul Hastings, Olivier Deren (legal); PwC Transaction Services, Arnaud Thibésart, Camille Coulon, Frédéric Chatillon, Guillaume de Baudreuil (financial due diligence).