Capza buys Groupe Saint Aubin in SBO

Capza has acquired a substantial majority stake, Unquote has learned, while existing backers A Plus Finance and BNP Paribas Developpement have sold their stakes.

Capza, known as Capzanine until early July, has invested via its Capza Transition fund. Unquote has learned that the vehicle, launched in Q1 2018 with a €190m target, should hold a final close in Q3 this year. Groupe Saint Aubin is the fund's second investment. 

The firm's transition strategy provides flexible asset-liability products (debt and equity) to assist companies in a transition phase, experiencing for example a temporary imbalance or strategic challenge. It invests €5-20m in SMEs with a turnover in the €20-250m range and positive EBITDA. Groupe Saint Aubin is the vehicle's second transaction. 

President Thierry Lafeuille invested via his holding Thop Gourmets.

Debt 
The equity debt ratio of the transaction is 50:50. Mezzanine was provided by Capza and senior debt was arranged by LCL, Unquote understands. 

Previous funding
A Plus and BNP Paribas acquired interests in the business in 2015. A Plus used its FIP Bourgogne and FCPR Transmission Partenaires funds at the time. The transaction also saw founder Yves Desbonnet hold a minority stake through his holding Financiere d'Emilie. At the time of the deal announcement, in Q1 2015, the business generated revenues of €20m.

Capza was not available for comment at the time of publication.

Company
Founded in 1995 and located in Charolais, Saint Aubin is a French producer of snacks, desserts and other frozen and fresh foods. Groupe Saint Aubin has a workforce of 116 people and expects a €25m turnover this year.

People
Groupe Saint Aubin – Thierry Lafeuille (president).
Capza – Emmanuel Bonnaud (managing partner).

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