Raise Investissement invests €200m in Epsa

Francesca Veronesi
20 September 2019

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Raise Investissement has acquired a minority stake in France-based management and purchase consultancy Epsa.

The transaction sees the management team, led by founder Matthieu Gufflet, retain the majority, while Capelia and Initiative & Finance, backers since 2008, reinvest in the business.

Impact Partenaires, which joined through an LBO in 2017, exited the company's capital, according to French publication Capital Finance. The report claimed that the transaction values Epsa at €200m.

In the past few years the business has grown exponentially thanks to both organic growth and external acquisitions. Debt for the transaction was provided by the historical banking pool led by BNP Paribas, BPRI and Banque Palatine.

Previous founding
Andera backed the business via Cabestan Capital, acquiring a minority stake in a €3m investment in 2013. Four years later, Initiative & Finance, Capelia and Impact Partenaires took over Andera's minority stake in a partial secondary buyout transaction.

The transaction was meant to accelerate the growth of the company by leveraging the resources and expertise of the new investors. At the time, Banque Populaire and BNP Paribas provided debt to support the acquisition.

Company
Founded in 2001 and based in Paris, Epsa is a consulting company that provides purchasing management and indirect procurement analysis services. It also offers purchase training and outsourcing, project management support, and purchasing team project services.

The business currently generates revenues of €350m and has 16 offices worldwide. The company reported a turnover of €78.5m in 2016, according to Unquote Data.

People
Epsa – Matthieu Gufflet (founder, president).
Raise Investissement – Alexandra Dupont (managing director).

Advisers
Company – BNP Paribas (corporate finance); Jones Day (legal); KPMG (financial due diligence).
Equity – Mayer Brown (legal); Oderis Consulting (corporate finance); Auraia (commercial due diligence); PwC Societe d'Avocats (legal).