Alliance Entreprendre et al. sell Safir to trade

Accedia specialises in electronic security, access control, video protection and automation of industrial and residential doors and gates. Founded in 2007 and based in Ivry sur Seine, the business generates a turnover of €80m and has a workforce of 350. 

In December 2003, MBO Partenaires backed the management buy-in of Safir, acquiring a majority stake.

MBO Partenaires subsequently exited the deal in Q1 2011, with CM-CIC Capital Finance and Alliance Entreprendre taking over as minority shareholders, and management regaining a majority.

At the time, CM-CIC Capital Finance invested €2.7m, Alliance Entreprendre €2.5m, and management €500,000. Senior debt was arranged with a group of four banks. Subsequently, the venture capital affiliate of CIC Finance, CM-CIC Capital Privé, was created and took over some of the shares previously owned by CM-CIC Capital Finance.

Company
Founded in 1988 and based in Gargenville, Safir manufactures and distributes automatic garage doors and gates, and has an estimated 60% market share in the Ile-de-France region. It caters to installation professionals, including small local distributors and garage installers. The firm generates a turnover of €24m and employs 100 people. 

People
Accedia Group – Dominique Pinault (CEO).  
Groupe Safir – Paul-Marie Edwards (president); Jean-Luc Roulet (CFO).
Alliance Entreprendre – Camille Chosseler (investment director); Bertrand Penicaud (managing partner).
CM-CIC Investissement – Laurent Vasselin (principal).
CM-CIC Capital Privé – Chloé Miller (associate).

Advisers
Equity – Gide Loyrette Nouel, Christophe Eck (legal).
Vendor – Clairfield International, Bertrand Hermez, Marie Dokchine (corporate finance); Lamartine Conseil, Vincent Libaud (legal).

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• Topics
• Exits
• France
• Industrials
• France
• Alliance Entreprendre
• Credit Mutuel Equity (ex CM-CIC Investissement)
• Trade sale