ICG provides Funecap with €350m unitranche

Approximately €190m was used to refinance two bond lines that ICG had set up in 2015 and early 2017. The remaining €160m will be used to finance the company's ongoing investment and acquisitive growth strategy. The debt package has some covenants attached and will not trigger a dividend for shareholders, a spokesperson for Funecap confirmed.

Funecap was founded and is managed by Thierry Gisserot and Xavier Thoumieux, via their investment company Groupe Ophiliam. The holding owns a majority of the shares.

Ophiliam specialises in investment in unlisted SMEs. It is investing via the FPCI Volta Entreprises IV and FPCI Funéraire Entreprises III funds, the latter being dedicated to Funecap exclusively.

Previous funding
ICG provided debt to the tune of €140m for the business in July 2015.

Company
Founded in 2010 and headquartered in Paris, Funecap runs 600 funeral agencies and 28 crematoriums. The group plans to complete nearly 30 acquisitions in 2017, while 14 acquisitions were made in 2016. Funecap's EBITDA amounted to €30m in 2016.

Total turnover for 2017 is expected to reach €270m, including €110m from franchises.

People
Intermediate Capital Group – Mathieu Vigier (managing director).
Groupe Ophiliam – Xavier Thoumieux, Thierry Gisserot (founders).  
Funecap – Xavier Thoumieux, Thierry Gisserot (managing directors); Olivier Serin (CFO); Benoit Duval (business development).

Advisers
Debt – Ayache Salama, Alain Levy, David Puzenat, Mickaël Labigne (legal).
Company – DLA Piper, Maud Manon, Julien Godlewski, Cécile Szymanski, Arnaud Riou (legal).

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• Topics
• Refinancing
• France
• Consumer
• France
• Intermediate Capital Group