Pragma acquires IMX from Naxicap

The deal is the fifth investment from the GP's third fund, which most recently acquired a majority stake in French enterprise resource planning business TVH Consulting from previous owner XAnge Private Equity last year.

Pragma secured a majority stake in IMX, with management reinvesting to hold onto a significant minority stake. LCL arranged a debt package to finance the transaction.

Naxicap backed the management buyout of the French delivery services company in 2012. Naxicap was at the time believed to have acquired an 80% stake in the business from its founder and another private investor. LCL and Bred Banque Populaire reportedly provided a senior debt package to leverage the transaction on a 1:1 debt-to-equity basis.

IMX will now look to bolster its ColisExpat product, develop new services and boost its presence in Germany and other European countries.

Company
Established in 1989, IMX is a courier company than in recent years has increased its focus on cross-border deliveries of small parcels for e-commerce merchants.

Based in Pantin where it operates a logistics centre, IMX employs 80 staff and generates revenues of €23m.

People
Pragma Capital – Denis Catz (partner); Mohamed Amadel (associate); Léa Palas (analyst).
Naxicap Partners – Laurent Chouteau (partner); Simon Ricque (associate).

Advisers
Equity – Mayer Brown, Erwan Heurtel, Vincent Nedellec, Olivier Parawan, Remy Bonnaud (legal, tax); Red2Green, Nicolas Verrier (corporate finance); LEK, David Danon-Boileau, Olivier Asset, Maxime Julian (commercial due diligence).
Vendor – Capitalmind, Michel Degryck, Kilian de Gourcuff, Christopher Martin (corporate finance); Edge, Claire Baufine Ducrocq (legal); Exelmans, Stéphane Dahan, Manuel Manas, Thomas Charmeau (financial due diligence).

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• Topics
• Buyouts
• Exits
• France
• Support services
• Sparring Capital (formerly Pragma Capital)
• France
• Naxicap
• Secondary buyout
• Mayer Brown
• Groupe Exelmans