Apax France et al. exit Silvya Terrade in SBO

Management retained a minority stake in the company. A refinancing was initially planned before settling on an LBO, according to a source close to the deal.  

Tikehau Capital has provided a unitranche package for the transaction, which was moderately leveraged according to a source familiar with the situation.

Entrepreneur Venture Gestion first provided backing in 2014 and followed up in 2016. In total, the firm invested around €6m and the IRR of the investment was around 50%, Unquote understands.

In early 2018, the group included 24 schools; the backing of Abénex is expected to help bring this up to 36 in Q2 2018, with more acquisitions to come later in the year. Silvya Terrade notably plans to complete further acquisitions in Switzerland.

Previous funding  
Entrepreneur Venture Gestion first provided backing in the early-stage phase of Silvya Terrade's growth in 2014. At the time, Silvya Terrade consisted of one school.

Subsequently, EPF Partners (now part of Apax France) acquired a majority stake in the business in April 2016, alongside Entrepreneur Venture Gestion and other undisclosed investors, while the management team retained the remainder.

Company
Founded in 2013 and headquartered in Paris, the Silvya Terrade group trains students in various beauty, well-being and hairdressing disciplines.

The group enrols 4,800 students every year. By the end of Q2 2018, the group will total 33 schools in France and three in Switzerland. 

The turnover of the company stood at €21m as of April 2017, although several bolt-ons have pushed this to around €30m currently.

People
Silvya Terrade – Grégory Declercq (CEO). 
Apax France – Caroline Rémus (president).
Abénex Capital – Antoine Houël (senior principal).

Advisers
Company – Corporate Hugot Avocats, Olivier Hugot, Safaa El Khammal, Floriane Verdier (legal).
Management – Oloryn Partners, Eric Lesieur (corporate finance); Jeausserand Audouard, Erwan Bordet, Jérémie Jeausserand, Eléonore Gaulier, Carole Furst (legal).
Vendor – Clearwater International, Thomas Hamelin, Sophie Lerond, Thibaut Couvrecelle (M&A); Villechenon, Tristan Segonds, Gilles Roux, Eléanore Griffiths (legal); KPMG, Damien Moron, Selim Jerfel, Jérôme Béchet (financial due diligence); CMI, Nicolas Kandel, Bastien Hontebeyrie (commercial due diligence).
Equity – McDermott Will & Emery, Grégoire Andrieux, Diana Hund, Louis Leroy, Anne Febvre (legal); Arsène Taxand, Alexandre Rocchi, Vincent Briand (tax), PwC, Philip Dykstra, Mike Eledjam, Tristan Jegourel, Othmane Mekkaoui (financial due diligence).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• Apax France SA
• Secondary buyout
• Abénex Capital