Mirabaud invests €10m in sports apparel brand Le Coq Sportif

Investment holding company Airesis, which is listed on the SIX Swiss Exchange, acquired a stake of around 70% in Le Coq Sportif in 2005 and will retain a majority holding.

Mirabaud deployed capital from its Mirabaud Patrimoine Vivant fund, which held a €155m final close in December 2018. The vehicle plans to make 10-12 investments in European "living heritage" businesses that have been running for at least 50 years and generate annual turnover of around €50m. It deploys equity ticket of approximately €10-15m and targets businesses based in France, Italy and Switzerland. Unquote understands that the fund has already made four investments, including Le Coq Sportif, and is now around 30% deployed.

Company
Established in 1882 and headquartered in Romilly-sur-Seine, Le Coq Sportif specialises in designing and producing sports clothing, shoes and accessories for professional athletes and the retail market. The company has production facilities located in France, in Aube Tricotage and France Teinture, while product assembly is undertaken by a partner based in Morocco.

Le Coc Sportif is the official kit supplier of the Tour de France, French football club Saint Etienne, Italian football club Fiorentina, tennis player Richard Gasquet, the male and female national French rugby teams, and the Renault F1 team.

The company generated EBITDA of around €5m from revenues of €122m in 2018, and expects to reach revenues of €135m in 2019 with an EBITDA margin of at least 4%. 

People
Mirabaud Asset Management – Renaud Dutreil (head of private equity).
Airesis – Marc-Henri Beausire (CEO).

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• Topics
• Expansion
• France
• Consumer
• France