Céréa Partenaire backs management buyout of Store Novation

Céréa said the investment was financed via its Céréa Capital II fund, which closed in January 2017 on €225m. The fund was used for the €150m buyout of Organic Alliance earlier in October.

Store Novation plans to use the funding to complete build-up acquisitions for complementary business activities and to expand geographically.

Previous funding
Azulis Capital first acquired Store Novation in 2011 from Argos Soditic. Azulis Capital acquired an 89% stake from Argos, while the management team retained a 11% stake, a spokesperson from Azulis confirmed.

Argos backed the primary MBO of Shop Novation in 2006 – the sale to Azulis allowed it to reap a 2.7x multiple on its investment.

Company
Based in Argenteuil, Store Novation provides point-of-sale advertising, such as signage, price labelling and merchandising, mainly for large-scale food retailers.

With sales of nearly €40m, it has roughly 150 employees. The group is active in France and exports to more than 50 countries.

People
Céréa Partenaire – Antoine Peyronnet (managing director).
Azulis Capital – Yann Collignon (partner).
Store Novation  – Eve Stockel (CEO).

Advisers
Equity – Advance Capital (financial due diligence); Lamartine (legal, tax, social due diligence).
Vendor – Rothschild Global Advisory (M&A); Deloitte (financial due diligence); Agilys (legal).

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• Buyouts
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