Weinberg backs carve-out of Besson Chaussures

Unquote sister publication Mergermarket reported in March 2018 that Besson's EBITDA totalled €35-37m and that its valuation multiple was expected to stand at 6-8x.

Weinberg will invest via its third fund, WCP#3. The vehicle held a first close in January 2018 on €140m and is planning a final close by the end of June.

Household electrical appliances retailer Gifi is a co-bidder on the deal. Founded in 1981 and based in Villeneuve-sur-Lot, Gifi generated a turnover of €1.1bn in 2015.

The transaction represents the second disposal for Vivarte this year: La Chapelle & Co, Star Platinum and consultancy firm East Links International bought the womenswear retailer Naf Naf from Vivarte in a €52m deal in April.

Vivarte is a French clothing retailer with nine brands, generating a turnover of €1.8bn in 2017. Charterhouse acquired a majority stake in the secondary buyout of the business in 2006, worth around €3.5bn. In July 2014, Alcentra, Babson Capital Management, Oaktree Capital Group and Goldentree Asset Management took over a stake in Vivarte from Charterhouse as the company underwent a restructuring process. Creditors agreed to write off more than €2bn of debt and inject €500m in a debt-for-equity swap, according to Unquote Data.

Company
Founded in 1982, Besson Chaussures is a footwear retailer. The company operates 133 shops in France, with sales of €264m in 2017. The group is headquartered in Aubière.

People
Weinberg Capital – Serge Weinberg (chair).
Vivarte – Patrick Puy (CEO).

Advisers
Vendor – Lazard (corporate finance). 

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• Topics
• Buyouts
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• Weinberg Capital Partners