Argos Soditic buys Lampe Berger in SBO

Argos bought Lampe Berger via its Euroknights VII fund, which reached a €300m first close at the end of last year en route to a €500m target. European Capital put a unitranche debt in place to finance the buyout, and management reinvested in the transaction.

Financial details were not disclosed, although a source close to the transaction described the leverage ratio as "very moderate". Argos declined to comment on Lampe Berger's profit levels – however, according to French publication Capital Finance, the company generates EBITDA in the region of €10m.

The deal seals the end of a 10-year holding period for Azulis, which acquired the asset in 2007, along with CIC Finances and M3 Investissements, from L Capital.

Azulis mandated DC Advisory to initiate a sale process towards the end of 2016, according to the same source. Argos was approached to take part in the process and eventually secured the deal, having been attracted by the company's strong brand, profitability and management team.

With Argos's backing, Lampe Berger intends to bolster R&D, develop its product range beyond its traditional catalysis-based lamps, pursue marketing efforts and strengthen distribution in key international markets. Acquisitions will not be a priority but could be considered to achieve the aforementioned development goals, the source added.

Company
Founded in 1898, Lampe Berger specialises in the design, production and distribution of decorative fragrance lamps, home fragrances, candles and decorative accessories. The company is based in Bourgtheroulde and employs a staff of 150 people.

Lampe Berger generates revenues of €50m, 80% of which comes through exports. According to a statement, turnover increased by a third over the past five years.

People
Argos Soditic – Karel Kroupa (partner).
Lampe Berger – Charles O'Quin (CEO).

Advisers
Acquirer - Sodica, Cyril d’Assigny, Jean Colsy (M&A); Gibson Dunn, Benoît Fleury, Audrey Paul, Cécile Antoine-Melon, Pierre-Alain Marquet (legal); SCP, Stéphane Prats, Damien Schmitz, Benjamin Forlani (commercial due diligence); Eight Advisory, Eric Demuyt, Cyrille Palitzyne, Ghislain De Robien, Chloé Pouget (financial due diligence); Arsène Taxand, Franck Chaminade, Olivier Janoray, Valentine Roulin (tax); HPC Envirotec, Xavier Pellier (environmental due diligence); Digital Value, Arnaud de Baynast, Abdellah Moutaçalli, Alice Wu (IT due diligence).
Vendors - DC Advisory (M&A).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• Argos Wityu
• Secondary buyout
• Azulis Capital
• France