Andera Partners backs Groupe Panhard MBO

The deal was finalised on 31 March 2020, according to a statement.

Company founder Alain Panhard will retain a significant minority stake in the business and the management team have also invested.

Managing director Christophe Bouthors joined the company in 2012 and has since assisted with the group's restructuring and growth plans, according to a statement, including the expansion to asset management and residential projects. The GP plans to support the company's growth in these areas.

Senior debt was provided by Banque Palatine and Socfim (BPCA Group), BIL, BNP Paribas and Societe Generale.

The deal is the eighth investment from Andera's Winch 4 fund, which held a final close in December 2018 on €445m. The fund deploys equity tickets of €12-50m and generally focuses on France-based and Italy-based SMEs with an EV of €30-300m. The fund is now around two thirds deployed.

Company
Founded in 1995, Panhard manages logistics, and commercial and residential real estate projects. According to its website, its client base includes Lidl, La Poste, Office Depot, DPD France and Auchan. The company is based in Paris and has 34 employees, according to LinkedIn. It reports revenues of €187m.

People
Groupe Panhard – Christophe Bouthors (managing director); Alain Panhard (founder).
Andera Partner – François-Xavier Mauron, Antoine Le Bourgeois (associates).

Advisers
Equity – Paul Hastings, Olivier Deren, Sébastien Crépy, Nicolas Lovas, Lorraine Dorval, Allard de Waal, Olivia Sibieude (legal, tax); KPMG, Jack Rupchandani, Meryem Moumna, Alexandre Ben Hassen (financial due diligence); Paul Hastings, Sébastien Crépy, Nicolas Lovas (corporate due diligence).
Company – Mayer Brown, Olivier Aubouin, Renan Lombard-Platet, Alexandre de Puysegur, Patrick Teboul, Constance Bouchet, Stéphanie Alexandrino (legal); Degroux Brugère, Philippe Delattre (legal); Arsene Taxand, François Lugand, Driss Tof, Pierre Lucas (legal); A7Tax, Benoit Pauly (legal); Clearwater, Laurent Camilli, Salwa Nadir, Victor Lebreton (corporate finance); Eight Advisory, Philippe Méjean, Kaoutar Dehaumont (financial due diligence); Arsene Taxand, François Lugand, Driss Tof, Pierre Lucas (tax).
Management – AMI Capital, Bertrand Robert (corporate finance).
Debt – Simmons & Simmons, Colin Millar, Aurélien Jugand, Antoine Venier (legal).

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• Topics
• Buyouts
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• Andera Partners