Qualium exits CMAI deal

Francesca Veronesi
07 February 2018

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Qualium has sold its majority stake in Compagnie Manufacturière d'Aménagements Intérieurs (CMAI), a French maker of closets and sliding doors, to Intermediate Capital Group (ICG).

Press reports mentioned an enterprise value of €110m (8x EBITDA) for the business; a source close to the situation told Unquote this is inaccurate, with EV being less than the reported figure.

CMAI was 70% owned by Qualium, with CM-CIC Investissement, UI Gestion and Fondation AlphaOmega holding minority stakes.

CMAI is composed of two French companies, Établissements Sogal and AGEM. The latter was acquired in a bolt-on for Sogal in 2015; at the time, Unquote reported that the two companies combined should generate a turnover of €100m. The newco created for the merger was named CMAI.

Previous funding
Crédit Agricole Private Equity, CIC Finance and IPO initially backed the company in 2008, having bought it from its founders.

The investors than exited the deal in 2010, when Qualium bought 70% of the firm. The transaction featured a debt package underwritten by HSBC, Banque Populaire Altantique and Societe Generale.

Company
Founded in 1981, Sogal is an interior furniture manufacturer focusing on cupboard doors, sliding room dividers and walk-in closets. Manufactured at three production plants in France, the company's products are sold under the brands Sogal, Iliko and Ykario and La Manufacture d'Intérieurs. The company is headquartered la Jumellière.

Sarthe-headquartered AGEM was established in 1988 with a focus on made-to-measure interior furniture services for kitchens and storage spaces.

People
Intermediate Capital Group – Hadj Djemaï (head of southern Europe); Erwan Le Tanneur (managing director); Pénélope Dietsch (assistant director).
Qualium Investissement – Jacques Pancrazi (managing director); Bastian Emery-Béziers (director).
CM-CIC Investissement – Stéphane Vermot-Desroches (director); Mélanie Salomez (investor).
UI Gestion – Olivier Jarrousse (managing director).
Fondation AlphaOmega – Maurice Tchénio (president).

Advisers
vendor – UBS, Fabrice Scheer, Nicolas Senlis, Julien Donarier, Philippine Zaro (commercial due diligence); Advancy, Sébastien David, Thomas Dubouchet (commercial due diligence); Willkie Farr & Gallagher, Gabriel Flandin, Grégoire Dumazy, Georges Balit (legal); BM&A, Emmanuel Conjard (financial due diligence).
Management – Desfilis, Guillaume Giuliani (legal); Oloryn Partners, Roland de Farcy (legal).