LBO France buys Bexley majority stake

A source close to the deal has confirmed that debt for the transaction comprised senior and mezzanine facilities and amounted to approximately €50m.

The enterprise value of the company is around €120m, representing an EBITDA multiple of around 12x, a source close to the deal has disclosed.

LBO France drew equity from its Mid Cap White Knight IX fund for the transaction. The vehicle closed in January 2017 on €450m, significantly below its €1bn target.

LBO intends to help Bexley develop its e-commerce platform and open new facilities in France, London and Berlin.  

Company
Created in 1985 and headquartered in Lyon, Bexley's primary business is distribution of accessible luxury men's shoes with a secondary line of men's clothing and accessories. The company's turnover stands at just less than €35m, and it generates an EBITDA of around €10m.

The company's e-commerce platform accounts for one third of its sales and has more than 400,000 customers. Bexley employs 75 people and has 14 stores located in Paris, Lyon, Annecy, Aix, Marseille and Brussels.

People
LBO France – Jérôme Guez (partner);  Guy Latourette (operating executive); Laurent Mabileau (investment director); Karine Callec (general counsel).
Bexley – Eric Botton (founding director).

Advisers
Acquirer – 8 Advisory, Florence Khayat (M&A); Mayer Brown, Xavier Jaspar, Emily Pennec (legal); Jones Day, Diane Sénéchal (legal); Advention, Alban Neveu (commercial due diligence);  Arsene Taxand, Denis Andres (tax).

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• Topics
• Buyouts
• France
• Consumer
• France
• LBO France
• 8 Advisory