Parquest Capital sells Homeperf

Alessia Argentieri
18 May 2020

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Parquest Capital has sold its majority stake in Homeperf to Italian company Sapio.

Parquest, alongside minority shareholders BNP Paribas Développement, Arkéa Capital Investissement and Daniel Caille's investment holding Vivalto, reinvested in the business and retained a minority stake.

Following the deal, Sapio CEO Mario Paterlini will be appointed as chair of Homeperf. Sapio is a provider of gases and gas mixtures for the food, healthcare, pharmaceuticals, biotechnology, chemicals, metallurgy and glass industries. The company employs 1,800 staff, has operations in Italy, France, Germany, Slovenia, Turkey and Spain, and generates revenues of €550m.

With this merger, Homeperf will enlarge its product offering and strengthen its innovation and digitalisation process, while Sapio will consolidate and further expand its presence in the French market, according to a statement.

Parquest acquired Homeperf alongside BNP Paribas, Arkéa and Vivalto from Creadev in September 2015. The company's management team, led by CEO Gaël Donadey, reinvested with the firms. The SBO was supported with a unitranche facility supplied by Idinvest Partners.

Parquest specialises in investments across the French mid-market. The firm span out from ING in 2014 and closed its second buyout fund, Parquest Capital II, on €310m in 2017. The vehicle targets French SMEs with enterprise values in the €20-150m range, revenues of €30m-150m and a strong potential for expansion in France and abroad. It writes equity checks of up to €50m.

Previous funding
3i invested €35m in Groupe Cair to acquire a 34% stake in its division Homeperf in 2007.

Homeperf was carved out from Groupe Cair by Creadev in 2009. The firm deployed equity alongside the management team, led by CEO Gaël Donadey, who secured a 10% interest in the business after the spin-out.

Company
Established in 1997 and headquartered in Aix-en-Provence, Homeperf is a home care provider specialising in perfusion, artificial nutrition, insulin therapy, oxygen therapy and mechanical ventilation.

The company employs 360 staff across a network of 37 agencies. It generated revenues of €52m in 2019.

People
Parquest Capital – Denis Le Chevallier (director).
Sapio – Mario Paterlini (CEO).

Advisers
Vendors – Rothschild (corporate finance); Goodwin (legal); Eight Advisory (financial due diligence).
Acquirer – Lincoln (corporate finance); Gide Loyrette Nouel (legal); NCTM (legal); EY (financial due diligence).