Bridgepoint et al. sell Béaba to BlueGem

Bridgepoint inherited the shareholding in 2014 following its acquisition of Edmond de Rothschild Capital Partners, which had acquired the asset in a €100m buyout in 2010.

The GP committed new capital as part of a restructuring operation for the French baby care products company in late 2017. Financial details were not disclosed, though it was reported at the time that the company's debt of more than €20m was wiped out.

Bridgepoint was understood to have secured a 75% stake in the business, with a significant portion of the remainder in the hands of Indigo, which provided mezzanine as part of the original 2010 buyout.

Bridgepoint mandated Clearwater International for a potential sale in early Q3 this year. BlueGem said it pre-empted the sales process by submitting a firm offer in early September.

BlueGem and the management team intend to pursue the group's current growth strategy, it said. That includes further digitalisation efforts; bolt-on acquisitions; and the internationalisation of the Béaba brand, particularly in the US, the Asia-Pacific region, Germany and the UK.

Bank financing will be provided by Oldenburgische Landesbank Aktiengesellschaft.

BlueGem is no stranger to the childcare products sector: the GP bought UK-based retailer Mamas & Papas out of administration late last year, having already owned the parent group since 2014.

The GP targets investments in the European branded consumer space. It raised €370m for BlueGem II in 2015; the fund deploys tickets of €25-75m (or more with co-investments). BlueGem launched BlueGem III in July 2019, with a €400m target and €500m hard-cap. At the time, it was expected to hold a final close in the summer of 2020. 

Company
Established in 1989, Béaba designs and manufactures childcare products. Béaba's products are distributed in France, other European countries, and the US, mainly through networks of specialised baby care stores. It is based in Oyonnax, employs 100 people and generates revenues of €50m, half of which come from exports.

People
Bridgepoint – Olivier Nemsguern (partner); Louis Paul-Dauphin (investment director).
BlueGem Capital Partners – Marco Capello (founder, managing partner); Mathieu Develay (investment director).

Advisers
Vendors – Clearwater International, Philippe Guézenec, Matthias Krimmel, Alexis Vernay (M&A); PwC, Stéphane Salustro, Maxence Pleynet (financial due diligence); Racine Avocats, Mélanie Coiraton, Elena Pintea-Pouchkine (legal).
Equity – Oaklins France, Thibaut de Monclin, Hadrien Mollard (M&A); Alvarez & Marsal, Jonathan Gibbons (financial due diligence); Baker & McKenzie, David Allen, Antoine Caillard (legal); Arsene Taxand, Alexandre Rocchi (tax); Marlborough Partners, Romain Cattet (debt advisory); Willkie Farr, Paul Lombard (legal).

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• Topics
• Buyouts
• Exits
• Consumer
• France
• Secondary buyout
• Bridgepoint
• BlueGem Capital Partners