Andera closes Cabestan Croissance fund, inks first deal

The vehicle reached a final close on its target in Q1, after holding a €60m first close in December.

Cabestan Croissance will complement the Cabestan Capital family of funds that Andera has raised over the last several years. The most recent vehicle was Cabestan Capital II, which hit its €165m hard-cap in 2016. The Cabestan Croissance fund will follow a similar strategy of targeting small-cap growth capital and buyout transactions, but will target smaller deals.

The Cabestan team has doubled in size over the past five years, according to Andera, and now counts 15 professionals, including four partners.

Andera recently closed another fund for a separate strategy: the firm held a first and final close for its ActoMezz IV sponsorless mezzanine vehicle on more than €500m in late June.

Investments
Cabestan Croissance will target growth capital and buyout transactions (both minority and majority deals) for profitable French SMEs with revenues of less than €30m. It will deploy €2-5m per deal.

By comparison, Cabestan Capital II backs companies with turnovers of €10-100m, committing equity tickets of €4-10m in first investment rounds, that can then go up to €16m in subsequent rounds.

Cabestan Croissance has already inked its first deal, securing a minority stake in financial advisory firm Forex Finance. Founder Serge Assouline retains the majority of the share capital, following a non-intermediated process organised in lockdown. Caisse d'Epargne underwrote the whole debt facility for the deal, with a leverage level described as "moderate".

Based in Paris, Forex advises corporates and investment funds on managing currency and other financial risk. It employs 20 people and generates revenues of €7m.

Andera stated that Cabestan Croissance would aim to focus on proprietary, primary dealflow.

People
Andera Partners – Marianne Harlé, Pierre Morisseau (directors); Thibault Menel (chargé d'affaires); Thomas Guyenot (analyst).

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