Activa's Alliance Etiquettes buys 5 Sept Etiquette

Harriet Matthews
16 March 2020

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Alliance Etiquettes, a France-based label printing company for the wine and spirits industry backed by Activa Capital, has acquired market peer 5 Sept Etiquette.

The acquisition will expand the company's client base, as well as its label-printing and standardisation capabilities, according to a statement. Alliance Etiquettes' turnover will also be increased to €65m following the acquisition.

Activa said in a statement that the deal is the eighth add-on acquisition for the company during the investment period. The company's seventh acquisition, Irisgraphic, brought its turnover to €50m in April 2018.

The company acquired Group Etienne in February 2018, marking its sixth add-on.

The GP formed Alliance Etiquettes via the purchase of three France-based label-making companies in December 2015, investing via its third vehicle, Activa Capital III, which held a final close in October 2015 on €220m. Senior debt from Societe Generale, LCL and Crédit Agricole amounting to approximately 50% of the purchase price was used to finance the deal, which was valued at €30-40m.

The company is seeking further add-on acquisitions in France, Italy and Spain.

Company
5 Sept Etiquette is a Courthézon-based label producer. In addition to the wine and spirits industry, 5 Sept Etiquette also serves clients from the agri-food and cosmetics sectors. The company was founded in 1969 and taken over by Patrick Wack in 1995. The business has 23 employees, according to LinkedIn.

People
5 Sept Etiquettes – Patrick Wack (CEO).
Activa Capital – Alexandre Masson, Christophe Parier (managing partners).
Alliance Etiquettes – Olivier Laulan (CEO).

Advisers
Acquirer – 8 Advisory, Bertrand Perrette, Basile Cicuto, Florian Jarnoux (financial due diligence); Indefi, Julien Berger, Nicolas Lamour (strategic due diligence); Altaïr Avocats, Sébastien Péronne, Vincent Gorse (legal, tax and social due diligence).
Company – Crédit du Nord Corporate Finance, Raphaël Aubry-Marais, Corentin Grandin, Alexandre Quevat (M&A); Lexcap, Christophe Brachet (legal); BDO, Sébastien Haas, Guillaume Buscaglia (financial due diligence).