Gimv exits Legallais in management buy-back

Francesca Veronesi
31 July 2019

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Gimv has sold its minority stake in France-based Legallais, an ironmongery distributor for building professionals.

Members of the founding family, management and employees will wholly own Legallais once the deal closes.

Under the GP's ownership, the company developed its multi-channel distribution strategy and an additional 10 new points of sale opened, bringing the total number to 23. In a statement, a spokesperson for Gimv explained that Legallais' sector had become increasingly competitive, due to the arrival of new entrants such as Amazon.

French GP NCI Gestion also invested in the business in 2016. The investor was not available for comment at the time of publication.

Previous funding
Siparex took a minority stake in Legallais in 2010 via the Siparex Midmarket II fund. At the time, Unquote valued the deal in the €5-12m range.

Subsequently, Gimv acquired a minority stake in Legallais in Q1 2016, alongside the founding families, CEO and chair Philippe Casenave-Péré, the management team and NCI Gestion. The rationale for the investment was based on the prospect of further expansion in the French market and the increasing shift towards e-commerce in the company's sales mix.

Company
With origins dating back to 1889, Legallais is a distributor of ironmongery, general construction goods and finishing products. Its customers include craftsmen, building operators and maintenance companies. The group employs 1,000 people and reported a consolidated turnover of approximately €300m at the end of 2018. Legallais is based in Hérouville Saint Clair.

People
Legallais – Philippe Casenave-Péré (CEO).
Gimv – Eric de Montgolfier (head of France).

Advisers
Equity – Invest Corporate Finance, Marc O'Neill, Rémi Pollet (corporate finance); Houdan Legrand Rétif, Samuel Retif, Pauline Guilbault (legal).