BPI France sells CPI to trade

Francesca Veronesi
26 July 2018

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BPI France has sold its stake in French book printing group CPI to Netherlands-based Circle Media Group (CMG).

Impala group, a corporate investor that also held a stake in CPI, also exited in the transaction. Close Brothers Asset Finance supported and partially financed the transaction.

Pierre-Francois Catté will continue as CPI's CEO following the transaction.

Labelys, CPI's labelling activities, was carved out prior to the acquisition and will continue as a stand-alone business.

Circle Media Group has 2,700 employees and revenues of €550m. With the acquisition of CPI, Circle Media Group will have combined pro-forma annual sales of €900m and more than 5,000 employees. The group will have 26 printing sites in 10 European countries as well as an operation in the US.

In April of this year, Circle Media Group rebranded from Circle Printers, following the acquisition by Corelio Printing in Belgium.

Previous funding
Cognetas and CVC Capital Partners bought CPI in 2005 at an enterprise value of €416m. The private equity houses each took 32.5% equity stakes in the company and the management team held the balance.

In 2009, CVC and Cognetas lost their stakes in CPI, when it was taken over by its lenders, led by Royal Bank of Scotland. RBS, 17 other creditors and management held 100% of the company's equity. The negotiations saw the debt reduced from €400m to €123m and convertible bonds of €40m being issued. Additionally, lenders provided the company with €30m to fund CPI's new development plans.

In 2013, corporate Impala in combination and BPI France acquired the business.

Company
With roots dating back to 1713, CPI generates revenues of €360m, employing 2,500 people. The business operates 16 factories in France, the UK, Germany, Spain and the Czech Republic. CPI delivers literature, scientific, technical and medical books and printed documents for publishing houses, large industrial groups and administrative bodies. CPI is based in Boulogne-Billancourt.

People
Circle Media Group - Peter Andreou (chairman, CEO).
CPI - Pierre-François Catté (CEO).