BIP Capital backs La Boutique Officielle

BIP invested alongside the company's founders and management team, as well as new investors Arkéa Capital and BNP Paribas Développement. In addition, current shareholders Azulis Capital, Time for Growth, Cadipa and Showcase reinvested part of their proceeds from the sale in the company.

Following the deal, BIP partner Estelle Fornallaz will become new chair of LBO's supervisory committee.

BIP and its co-investors intend to support LBO in enlarging its brand and product portfolio, developing stronger strategic partnerships with existing brands, expanding its customer base in France and pursuing an active ESG strategy.

Previous funding
Capital & Dirigeants, along with business angels group Showcase, invested in LBO in June 2011. Capital & Dirigeants backed the company with €400,000.

Private equity firms Azulis Capital and Time for Growth acquired the business in July 2016. Capital & Dirigeants and Showcase reinvested as part of the deal, becoming minority shareholders in the group. Co-founders Pascal Vivier and Julien Cohen stayed with the company and retained a minority holding. Azulis invested in the business via its €215m Middle Market Fund V.

French GP Capza recently acquired Time for Growth as part of the expansion of its investment strategy into growth technology and the upcoming launch of its Growth Tech fund.

Company
Founded in 2006 and headquartered in Chaponost, near Lyon, LBO is an online retailer specialised in the sale of streetwear clothing and accessories, targeting mainly teenagers and young adults in France. The company has notably established partnerships with brands owned by hip-hop artists.

LBO offers clothing and accessories from more than 300 brands on its website. In addition, it has two own brands and offers a mobile app that generates around 50% of its online traffic.

The company expects to reach EBITDA of around €9.8m from revenues of €65m in 2020, according to press reports.

People
La Boutique Officielle – Julien Cohen (co-founder, chair).
BIP Capital Partners – Estelle Fornallaz (partner).
Azulis Capital – Yann Collignon (managing partner).
Time for Growth – Henri de Bodinat (managing partner).

Advisers
Equity – AyacheSalama (legal); KPMG (financial due diligence).
Company – Lincoln International (corporate finance); EY (financial due diligence); Goodwin Procter (legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• Azulis Capital
• Capzanine
• BNP Paribas Développement