Bridgepoint buys 28% stake in French asset manager Cyrus

Cyrus is valued at around €190m, which equates to 12.6x its 2019 EBITDA of €15m, according to press reports.

Ardian provided a unitranche facility to support the deal.

The company's management team, led by president Meyer Azogui, retained the remaining 72% stake in the business.

The deal was made by the GP's lower-mid-cap subsidiary, Bridgepoint Development Capital (BDC), via its BDC III fund, a £600m vehicle raised in 2016. The GP recently launched a fourth BDC fund, which is aiming to raise £1bn.

BDC III and IV focus on buyouts and growth capital investments, typically in businesses with an enterprise value of between £30-200m. They deploy equity tickets in the £20-100m range in companies with the potential for value creation through organic growth, acquisitions and operational improvement.

The funds invest across the UK, France and the Nordic region, with a particular focus on the consumer, leisure, healthcare, life sciences, industrials, media, technology and business services sectors. They also support their portfolio companies with further capital for expansion and buy-and-build opportunities.

Previous funding
UI Gestion acquired a 30% stake in Cyrus for €3.3m in July 2008 and exited the investment in 2011, when BlackFin Capital Partners bouht a 33% stake in the company via its debut fund.

The GP sold its stake in 2017 to the company's management team and employees, who became the sole owner of the business. Ardian provided a unitranche facility to support the management's buy-back. It invested via its €2bn fund Ardian Private Debt III.

Company
Established in 1989 and headquartered in Paris, Cyrus Group is a wealth management company with 12 branches across France. The group comprises Cyrus Conseil, which specialises in asset management; Eternam, an expert in real estate investment; and Invest AM, a provider of bespoke financial services.

Cyrus employs 200 staff and manages assets worth €4bn for around 4,500 clients. It generated revenues of €50m in 2019.

People
Cyrus – Christophe Mianné (CEO); Meyer Azogui (president).
Bridgepoint Development Capital – Bertrand Demesse (associate).

Advisers
Equity – Fuzall Corporate Finance (corporate fianance); EY (financial due diligence); McDermott Will & Emery (legal); KPMG (financial due diligence); PwC (legal, tax).
Company – Cambon Partners (corporate fianance); Jeausserand Audouard (legal); Grant Thornton (financial due diligence).

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• Topics
• Buyouts
• France
• Financials
• Bridgepoint
• Ardian (formerly Axa PE)
• France
• Minority investing
• KPMG
• PwC
• EY (Ernst & Young)
• McDermott Will & Emery
• Grant Thornton