UI Gestion backs Sofilab management buy-back

UI Gestion has backed Sofilab since 2003 through its Irpac Développement vehicle. In this latest deal, the GP reinvested through Irpac as well as through its Cap Est entity.

Siparex and Nord Est Expansion have both been invested in the company since 2013 and also reinvest alongside UI Gestion. Edify, which became a shareholder alongside Siparex in 2013, is exiting its 25% stake in the company for an estimated €3.9m.

The transaction enables Sofilab managers Jean-Philippe Bousquet and Eric Moreaux, as well as a pool of company executives, to buy back shares from previous backers, and to become the new majority owners.

With the fresh capital, Sofilab will look to continue its expansion in France and abroad, where it currently generates around 30% of its €20m turnover.

Debt
A senior debt package provided by Crédit Agricole Nord Est, Caisse d'Epargne Lorraine Champagne-Ardenne and Societe Generale supported the transaction.

Previous funding
In 2013, Siparex and Edify (then Somfy Participations) took a majority stake in Sofilab. Siparex invested via its Midcap II FCPR vehicle, which closed on €120m in 2012.

Management and existing backers Crédit Agricole Régions Investissement and UI Gestion, which had backed the company since 2003 through the Irpac Développement vehicle, reinvested as part of the transaction. Former backer Alliance Entreprendre exited the business at the time.

According to unquote" data, a "moderate" amount of leverage was provided by a banking pool led by LCL. The syndicate comprised Crédit Agricole Nord Est and Caisse d'Epargne Lorraine Champagne Ardennes. Sofilab generated an estimated €21m in revenues at the time.

Company
Established in 1947, Sofilab designs and distributes livestock watering troughs under the La Buvette brand, servicing the agricultural sector. It also offers cattle fences and rotational moulding services for the industrial sector.

Based in Tournes, Sofilab claims to hold a 60% market share in its sector in France. It reports €20m in revenues, 30% of which is generated abroad.

People
UI Gestion – Arnaud Grandclerc (investment director); Elisa Le Tallec (analyst).
Siparex – Pierre Bordeaux Montrieux (executive board member); Nathanaël Martin (director); Yann Rinckenberger (senior associate).
Nord-Est Expansion – Ludovic Kessler (investment manager).

Advisers
Equity – HPML, Thomas Hermetet, Aurélie Bonsch (legal).

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

• Topics
• Buyouts
• Exits
• France
• Industrials
• France
• UI Gestion
• Siparex
• Crédit Agricole Private Equity
• Management buyback