Initiative & Finance sells Fil Rouge to Altavia

I&F took a majority stake in the buy-in management buyout of Fil Rouge in 2012, investing around €6m. The company's managers took a stake in the buyout and were joined by entrepreneur Alexandre Georgeault, who became president. CIC, Societe Generale and Neuflize OBC provided a debt package to finance the acquisition, based on a 45% leverage ratio.

I&F sold all its shares in the exit; it declined to comment on the investment's performance. Non-operational founders Pascale Morel and Pascal Eouzan also sold their shares, while current manager Georgeault will remain at the head of the company.

Andera (then Edmond de Rothschild Investment Partners) secured a 10% stake in French marketing business Altavia Group in 2015. It became Altavia's second largest shareholder, aside from the company's founder and current CEO Raphaël Palti. The investment was the fifth made from the Winch Capital 3 Fund, launched in September 2013.

Altavia generated a consolidated turnover of €739m in 2017, with gross income of €140m.

Company
Established in 2000, Fil Rouge specialises in point-of-sale merchandising and advertising, with a particular focus on small local businesses such as pharmacies, tobacconists and phone shops. The group posted a €10m turnover at the time of the 2012 deal – this has grown to €16m as of 2017. Fil Rouge employs 300 staff.

People
Initiative & Finance – Matthieu Douchet (managing partner); Marc Dagousset (business development).

Advisers
Vendors – DDA & Company (corporate finance).

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• Topics
• Exits
• Portfolio management
• France
• Media
• Andera Partners
• Build-up
• France
• Trade sale