Siparex exits microcars maker Ligier

Minority shareholders Crédit Agricole Régions Investissement, Crédit Agricole Centre-France Développement and BNP Développement also exited the investment.

Following the deal, investment holding company Edify will become the majority shareholder, while Ligier's management team, led by CEO Francois Ligier, will increase its current stake. Edify invests in mid-market companies based across Europe that operate in the industrial and consumer sectors.

The sale ends a holding period of almost five years for Siparex, which acquired a majority stake in Ligier from 21 Partners, investing alongside the company's main executives. The deal saw Edify, Crédit Agricole Régions Investissement, Crédit Agricole Centre-France Développement and BNP Développement become minority investors in the business.

Under Siparex's ownership, the company bolstered its growth and increased its revenues from €98m in 2015 to €156m in 2019, while expanding its presence across Europe.

Siparex is currently investing via its fund Siparex ETI4, which controls 13 portfolio companies, including Topsolid, Valentin Traiteur, Clayens NP, Jacky Perrenot, Batibig and Gérard Perrier Industrie. Siparex invests across Europe, primarily in France, Italy and Germany, as well as in North America, where it operates in partnership with Quebec-based fund Desjardins Capital.

Siparex has more than €2bn in assets under management across its equity, mezzanine and innovation divisions.

Previous funding
21 Partners created the Ligier Group with the merger of car specialists Ligier and Microcar in 2008. The deal was made via a new holding company, Group Drive Planet. 21 Partners acquired a 75% stake in the company, while the Ligier family retained the remaining 25%. The combined group's enterprise value exceeded €100m.

Senior debt made up of a A and B tranches was provided by BNP Paribas, LCL and Societe Generale. BNP Paribas also provided a €16m mezzanine tranche.

Company
Founded in 1968 and headquartered in Abrest, near Vichy, Ligier specialises in manufacturing licence-free recreational vehicles, such as mini cars, quad bikes and open-top roadsters.

The company markets its products under the Ligier and Microcar brands and has a distribution network composed of 550 dealerships across 11 European countries.

Ligier employs 225 staff spread between two production sites in Boufféré and Abrest, and produces around 10,000 vehicles per year. It generated revenues of €156m in 2019.

People
Siparex – Alexandre Tremblin (managing partner).
Edify – Valérie Marqués (chief financial officer).
Ligier – Francois Ligier (CEO).

Advisers
Vendor – Natixis Partners (M&A); Roland Berger (commercial due diligence); Hogan Lovells (legal); KPMG (financial due diligence); Fidal (legal).
Acquirer – Advancy (commercial due diligence); PwC (financial due diligence); De Pardieu Brocas Maffei (legal).

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• Topics
• Exits
• Consumer
• France
• Siparex
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• KPMG
• PwC
• Natixis
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