Ciclad buys back FrogPubs from Amundi PEF

Alessia Argentieri
12 September 2019

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French private equity firm Ciclad has acquired a majority stake in Paris-headquartered FrogPubs, an operator of English pubs and microbreweries.

Amundi Private Equity Funds (PEF) sold its stake to Ciclad, while the company's founder and CEO, Paul Chantler, retained a minority holding in the business.

The GP deployed capital from its Ciclad VI fund, which closed on €180m in September 2018. The vehicle provides equity tickets in the €4-15m range for France-based mid-sized companies with valuations not exceeding €50m.

This is the 10th investment made by the fund, which is now around 45% deployed. The GP plans to launch a new vehicle in the coming months, dedicated to lower-mid-market companies.

Ciclad intends to support the company's growth by opening new pubs and microbreweries across France and by increasing the sale of its craft beers in French supermarkets.

Previous funding
Initially, Ciclad acquired a 37% stake in FrogPubs in a management buyout inked in December 2005. CEO Chantler retained a majority stake, while co-founder Thor Gudmusson, Avenir Tourisme and a group of private investors exited the company. BNP Paribas and LCL underwrote a senior debt and capex facility package for the Ciclad-backed buyout. Subsequently, Ciclad sold its stake in FrogPubs to Amundi PEF in December 2014.

Company
Founded in 1993 and headquartered in Paris, FrogPubs is a pub chain operating 10 English premises located across France. In addition, the company also brews its own craft beers, including blonde ale, IPA and stout, produced daily on site in six of its pubs, as well as in its own industrial brewery located in the town of Pierrefitte-sur-Seine.

FrogPubs operates 10 venues overall: six microbreweries and pubs in Paris, one in Bordeaux and one in Toulouse, as well as two burger bars, named FrogBurger, located in Bastille and St-Michel in Paris. It employs 300 staff and generates revenues of €20m.

People
Ciclad – Didier Genoud (managing partner).
FrogPubs – Paul Chantler (founder, CEO).