Arkéa et al. buy Malherbe from Siparex, NCI

Arkéa, Unexo, Socadif, Grand Sud Ouest Capital, Nord Capital Investissement, BPI France and BNP Paribas Developpement have backed the business. 

Siparex and NCI fully exited the investment. Siparex had acquired the business in 2013, drawing equity from its MidMarket III vehicle. Under the GPs' ownership, the business bolted on peers Codimas and Groupe Bernard.

Previous funding
Activa partnered with Alain Samson in the owner buyout of Malherbe in 2004, and then sold its 50% interest in a secondary MBO in 2008. Following the deal, the group's CEO, Alain Samson, reinvested and became majority shareholder alongside Nixen Partners, which took a minority interest.

Five years later, a consortium led by Siparex backed the tertiary buyout of Malherbe from Nixen. The transaction was believed to be valued in the €50-60m range. The Siparex-led consortium also includes CDC Entreprises (investing as part of the FSI France Investissement programme), Unexo, Socadif and NCI. The investors secured a minority stake in the business, while Malherbe's management retained 51% of the shares. 

Company
Founded in 1963, Malherbe is an industrial transportation business based in Rots. The company operates a fleet of 2,500 lorries through 30 agencies, providing services including transport of general merchandise, and distribution in France and the UK.

Malherbe employs 2,150 staff and expects to generate a €315m turnover this year, according to its website.

People
Malherbe – Alain Samson, Noël Samson (directors).
Siparex – Augustin de Jerphanion (partner); Jérôme Burtin (partner).

Advisers
Equity – Apollo Avocats (legal); Eight Advisory (corporate finance); EY (financial due diligence).
Company – UBS (M&A); PwC (financial due diligence); Racine Avocats (legal).

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• Topics
• Buyouts
• Exits
• France
• Industrials
• France
• BNP Paribas Développement
• BPI France
• Siparex
• Secondary buyout