Demeter backs Piscines Magiline in MBO

Previous stakeholders UI Gestion, BPI France, Esfin Gestion and BTP Capital Investissement have remained backers of the business. The MBO sees director Hervé Ricard and the management increase their stake in Magiline.

Demeter invested via its European Fund of Materials vehicle, specialised in supporting innovative companies in the field of materials processing and industrial processes. Demeter typically invests €500,000-30m.

Senior debt for the transaction was provided by Crédit Agricole Champagne Bourgogne, CIC Est and LCL.

The transaction will support Magiline in its organic growth projects (export, extension of the French distribution network, innovation and R&D, investments in the production site) and taking advantage of new market opportunities (home automation, renovation, sales shop, services).

Previous funding
France-based GP Perfectis acquired a 70% stake in French group Magiline in a BIMBO deal in 2007. Nine years later, a consortium of investors, led by UI Gestion and including BPI France, Esfin Gestion and BTB Capital Investissement, bought a 50% stake in the business.

UI Gestion secured a stake of less than 10% via its FCPI CapEst and IRPAC Developpement funds. At the time the transaction was expected to allow Magiline to develop on a technological level and strengthen its position on the European and Asian markets.

Company
Created in 1994 and based in Troyes, Magiline is a swimming pool designer and manufacturer. Operating in 33 countries with a strong presence in northern Europe and Asia particularly, the business delivered around 42,000 pools since 1994, and produced 87 patents. It currently generates a turnover of around €25m and employs 100 people.

People
Piscines Magiline – Hervé Ricard (managing director).
UI Gestion – Fabien Patillaud (director).
Demeter – Guillaume Laffineur (investment director).
BPI France – Olivier Fosse (investment director).
Esfin Gestion – Patrice Baticle (investment director).
BTP Capital Investissement – Charles-Henri Dollé (investment director).

Advisers
Equity – KPMG, Olivier Jauze, Kevin Nurdin, (financial due diligence); LimeStreams, Jean Houzé de L'Aulnoit (commercial due diligence); All Winds, Arnaud Leurent, Emmanuel Lefèvre, Natasha Litovtsenko (commercial due diligence); HPML, Thomas Hermetet, Virginie Florance, Themis, Charlotte Lagrange (legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• UI Gestion
• BPI France
• Demeter Partners