Cathay backs Finance Active

Francesca Veronesi
04 February 2019

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Cathay Capital has acquired a significant minority stake in France-based Finance Active, a digital finance services provider, investing alongside management.

Finance Active's founders, Jacques Descourtieux and Patrice Chatard, as well as key managers of the business, have acquired stakes in Finance Active.

The transaction sees Cathay Capital taking over from Capzanine, which sold its minority stake in the company, acquired in 2016. Capzanine had invested in the business via its Small Cap 3 vehicle, closed on €200m in 2016. The fund typically provides equity tickets in the €10-25m range.

The LBO transaction is lightly leveraged, according to a source familiar with the situation. Cathay intends to support Finance Active's international development and grow its client portfolio.

Previous funding
Access2Net invested FFr 3m to support the early-stage expansion of Finance Active in return for a minority stake in the business in 2001. Five years later, the GP injected an additional €404,000 in Finance Active, acquiring a 20.8% stake.

Access2Net then divested the business in 2016, when Capzanine acquired a 25% stake in an expansion deal. At the time Finance Active was aiming to double its turnover from €17.1m to €35m by 2018.

Company
Founded in 2000 in Paris, Finance Active provides SaaS-based digital products to improve debt management and financial risk performance. It claims to have around 10,000 users worldwide, including businesses such as private SMEs and global multinationals, but also local authorities and financial institutions in France and around the world. The business employs 150 people.

People
Finance Active - Jacques Descourtieux, Patrice Chatard (co-CEOs).
Capzanine - Maxence Radix (managing partner), Sabine Barral (chargée d'affaires).
Cathay Capital : Edouard Moinet (founder, managing partner), Jérémie Falzone (director), Victor de Tracy, Thierry Auzel (associates).

Advisers
Vendor - Natixis Partners, Nicolas Segretain, David Feiner, Adrien David (corporate finance); Deloitte, Thomas Fischer, Aurélien Louis (financial due diligence); PMSI, Rémi de Guilhermier (commercial due diligence); Volt Associé, Lucas d'Orgeval (legal).
Equity – Oderis, Julien Passerat, Stéphane Fersing (financial due diligence); Indefi, Julien Berger, Nicolas Lamour, Mehdi Belefqih, Tatiana Amorelli, Yannick Hamida (commercial due diligence); Hogan Lovells, Stéphane Huten, Ludovic Geneston, Sophie Han, Alexander Premont, Luc Bontoux (legal, tax).