Prudentia buys George Mathai

The GP acquired a majority stake of 66% in the business, a source familiar with the situation has confirmed to Unquote.

The transaction values the deal at less than €25m, according to the source. 

The German and French families that respectively used to own a 50% and 25% stake have exited the business. A French family that used to own the remaining 25% stake increased it to 34%.

No debt was provided for the transaction. Prudentia will help the business finalise the merger, which started in 2016, and does not consider arranging financing necessary at this stage. A refinancing operation might follow in the coming years, though the transaction is not a priority. 

Prudentia is investing via its maiden fund, France Industrie I. The vehicle held a first and final close in January 2018 on almost €100m, Unquote understands. The fund provides equity tickets in the €2–30m range to companies generating a turnover of €10–100m. The GP has already invested in two businesses, France-based Arjobex and Ambonati Industries, according to Unquote Data.

The GP expects two more transactions to be completed between this month and January, after which the fund would be roughly 70% deployed. If the two transactions take place, the GP will commence the fundraise for its second vehicle sometime next year.

France Industrie I was backed by institutional investors (insurance companies and funds-of-funds), including BPI France. LPs are based in France and western Europe (the split was 50:50). Prudentia expects the percentage of non-French LPs to increase to around 75% in the second-generation vehicle.  

Company 
George Mathai is a manufacturer of hair colour charts, specialising in swatches, plastic and print finishes. It was created in 2016 as the result of the merger between George Groupe and Germany-based Eduard Mathai. The business posted a €25m turnover in 2018, half of which came from abroad, according to a statement from the firm. The business is present in 12 countries and employs 650 people worldwide.

People
Prudentia – Roland Germain, Dominik Zwerger, Douglas Rosefsky (founders). 

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