Bridgepoint to acquire 5àSec from Rive et al.

unquote" previously reported on the process in late August, although a deal had not been formally secured at that stage. According to information obtained by French publication Capital Finance at the time, the deal could value 5àSec in the region of €50m.

Bridgepoint will acquire the asset via its small- and mid-cap arm, Bridgepoint Development Capital - the latest fund dedicated to that strategy closed on £600m in 2016.

Capzanine confirmed the sale to Bridgepoint in a statement, adding that it would exit its minority stake. Previous backers Quilvest and IFE Mezzanine will also fully exit the business. Rive Private Investment and Parquest Capital will retain a minority stake.

Edmond de Rothschild Corporate Finance intermediated the sale process.

Previous funding
The transaction marks the fifth change of hands for the business in the space of two decades.

Rive Private Investment acquired 5aSèc as part of a recapitalisation in 2014. Rive injected €10m of fresh capital into the company alongside previous owners Parquest and Quilvest, which reinvested to retain an interest in the business. Other existing backers Capzanine and IFE Mezzanine, both of which provided mezzanine financing in the 2007 buyout by Parquest, also reinvested.

Parquest (then ING Parcom Private Equity) acquired 5aSèc in a tertiary buyout in July 2007. The deal is believed to have valued the company at around €60m, according to unquote" data, and saw Parquest buy a majority stake from Milestone Capital (formerly European Acquisition Capital). Societe Generale CIB, Barclays, Capzanine and IFE provided a debt package comprising senior and mezzanine facilities. At the time of the buyout, 5aSèc employed 6,000 staff and generated €250m in turnover.

Quilvest invested in the company in January of the following year, according to its website.

Milestone had acquired an 86% stake in the business in May 2001, buying the company from SPEF and BNP Développement, according to unquote" data. SPEF and BNP bought the business in 1998.

Company
Founded in 1968 and controlled by a Paris-based holding, 5aSèc is a provider of dry-cleaning services operating a number of own stores as well as a franchise. The group currently has a network of 1,740 locations across 30 countries. In 2016, the chain generated sales of €80.6m and EBITDA of €9.5m.

People
Bridgepoint Development Capital – Olivier Nemsguern, Aymeric Marraud des Grottes, Thomas Moussallieh, Amaury Blanloeil.
Capzanine – Maxence Radix.
IFE Mezzanine – Jean-Pascal Ley.
Parquest Capital – Pierre Decré.
Quilvest Private Equity – Thomas Vatier.

Advisers
Equity - Alantra (M&A); DLA Piper (legal); Indefi (commercial due diligence); 8 Advisory (financial due diligence); Taj (legal).
Vendors - Edmond de Rothschild Corporate Finance, Grégory Fradelizi, Marguerite Mell, Mohamed Rtel Bennani (M&A); Gide, Anne Tolila, Paul Jourdan-Nayrac (legal); Mayer Brown, Xavier Jaspar (legal); KPMG, Rémy Boulesteix, Mohamed Macaigne (financial due diligence); Arsène Taxand, David Chaumontet (tax).

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• Topics
• Buyouts
• Exits
• Consumer
• France
• Bridgepoint
• France
• Capzanine
• Secondary buyout