Bain Capital backs Maesa in SBO

The global private equity investor is replacing funds managed by Andera Partners (formerly EdRip), which had been the company's reference backer for eight years. 

Maesa's co-founders and management will remain in place and will continue to be significant shareholders in the new structure.

The value of the SBO has not been disclosed. However, equity was drawn from the €4.35bn Bain Capital Europe Fund V and debt was provided by Pemberton. 

Previous Funding
Funds managed by Andera (then called Edmond de Rothschild Investment Partners, or EdRip) first backed the €40m take-private of Maesa in October 2011, some five years after the business had listed on the Euronext exchange. Funding for the deal came from the backer's Partenariat & Innovation vehicle, which took a minority stake in the newly created holding company, F&B Group; management retained a majority stake.

Three years later the backer structured a second LBO in which its €250m Winch Capital 2 fund acquired the stake previously held by the Partenariat & Innovation fund. Again, the co-founders retained a majority stake. Tikehau Investment Management provided a unitranche debt package to support the deal.

Company
Founded in 1997 by Julien Saada and Gregory Mager, Maesa is a provider of beauty brand incubation and strategic outsourcing. The group provides vertically integrated marketing, design, engineering and product development services to businesses across the beauty industry, including haircare, colour cosmetics, personal care and fragrance.

It has incubated the creation of brands such as Kristin Ess Hair Care and Flower Beauty, as well as partnering with retailers such as Walmart, Target, Sephora, AS Watson, Ulta, Dollar General and H&M. 

The company is jointly headquartered in France (Levallois-Perret) and New York, and employs 300 staff across seven offices worldwide. It generates approximately $230m in annual sales.  

People 
Maesa – Julien Saada, Gregory Mager, (co-founders). 
Bain Capital – Nigel Walder (managing director); Miray Topay (principal). 

Advisers 
Equity – Lazard (corporate finance); RBC Capital Markets (corporate finance); Kirkland & Ellis (legal).
Company – Financo (corporate finance); Bredin (legal).

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