Apax Partners, UI Gestion et al. back Routin SBO

Crédit Mutuel Equity, the majority backer of the company since 2012, reinvested in the business.

The company generates EBITDA in the €5-6m range, according to French publication Capital Finance. The sale process, started in April and organised by Transaction R, saw private equity firms UI Gestion, MBO Partenaires and Apax Development reach the final round, according to the report.

The new backers will support the business in improving its sales and marketing structure, pursuing a digitalisation strategy and external growth opportunities.

LCL and Céréa Partenaire provided senior and mezzanine debt respectively. Céréa drew equity from its €200m Céréa Mezzanine III fund. 

Previous founding
The Clochet family sold the group in 2012 to a pool of investors made up of Crédit Mutuel Equity and two managers with experience in the food industry. The Clochet family kept a stake in the company.

Company
Established in 1883, Routin makes syrup under its brands 1883 and Fruiss, as well as under white-label agreements with retailers. Routin generates revenues of €60m, of which 40% came from international markets. The business employs 160 people and is based in La Motte-Servolex.

People
Maison Routin – Loïc Couilloud (CEO).
Apax Partners Development – Caroline Rémus (president); Martin Bouilleux (chargé d'affaires senior); Antoine Desjeux (chargé d'affaires).
UI Gestion – Olivier Jarrousse (managing partner); François Gressant (managing director).
Crédit Mutuel Equity – Frédéric Plas (director); Laurent Vasselin (investment director); Pierre Yvinec (chargé d'affaires senior).

Advisers
Equity – Degroof Petercam (corporate finance); Villechenon (legal); Advance (financial due diligence); LEK (commercial due diligence).
Management – Lamartine (legal); NG Finance (corporate finance).
Vendor – Rothschild (corporate finance); Duteil Avocats (legal); Eight Advisory (financial due diligence).

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• Topics
• Buyouts
• Exits
• France
• Consumer
• France
• Credit Mutuel Equity (ex CM-CIC Investissement)