Capzanine backs EOS Corrugated in MBO

Capzanine secured a majority stake and also invested mezzanine debt.

A spokesperson for Capzanine confirmed the Capzanine 4 fund was used for the transaction. The vehicle targets mostly France-based SMEs with a turnover of up to €150m, investing with both equity and mezzanine debt.

Eximium is a family office that manages investments in listed and unlisted businesses. The firm invests €10m of its own capital per deal, with no time constraints. It currently backs around 20 French SMEs in all business sectors.

Senior debt was provided by Banque Rhône Alpes, Crédit Du Nord Corporate Finance, Banque Européenne du Crédit Mutuel and Crédit Agricole Sud Rhône Alpes.

The company plans to expand internationally, specifically in China and the US, as well as in new adjacent markets (automobiles, ballistics and the mining industry specifically), through organic and acquisitive growth.

Company
Founded in 2013 as a result of a merger between Rodicut and Bricq (formerly Voith Paper), EOS Corrugated is a global producer of technical consumables including polyurethane anvil covers, rotatory cutting dies and corrugated belts; these are mainly used in the corrugated cardboard industry.

The group, which has 120 staff and generates a turnover in excess of €20m, is present in 70 countries. Its headquarters are in Romans Sur Isère.

People
Capzanine – Maxence Radix (managing director); Clémence Megarbane (chargée d'affaires).
Eximium – Céline Gasco Guénault (investments manager).
EOS Corrugated – Philippe Ramirez (president).

Advisers
Equity – Gowling, Jérôme Patenotte, Sophie Mesnier Teissedre (legal, tax); EY Société d'Avocats, Didier Laresche, Régis Lepetit, Natacha Liaboeuf (legal); Roland Berger, Georges de Thieulloy, Gwendal Louis (commercial due diligence); Aca Nexia, Hervé Krissi, Romain Bardou (financial due diligence); Reporting 21, Yannick Grandjean, Margot Varache (environmental due diligence).
Management – Cadra, Emmanuel Maître, Marlène Alonso (legal).

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