Activa sells Alliance Etiquettes to Chequers

Alessia Argentieri
09 April 2021

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Activa Capital has sold its majority stake in label printing business Alliance Etiquettes to Chequers Capital.

The deal values the company at around €200m, which equates to 10x its €20m 2020 EBITDA, a source close to the situation told Unquote.

Activa reaped a 4x return on the investment, the GP told Unquote.

Activa hired Natixis Partners and Amala Partners to run the sale of the company in October 2020. The process attracted numerous bidders, receiving several non-binding offers before Christmas. Five bidders made the second round: Chequers, Sagard, L-Gam, Naxicap and a trade buyer, a source close to the situation told Unquote.

Activa has reinvested in the business in exchange for a minority stake, via its ACF IV fund. This is the second deal made by Activa via its new fund, following its investment in French software provider Cityzen.

The fund held a €100m first close in March 2021. It has a €200m target and €250m hard-cap, and expects to hold a final close by the end of the year. The vehicle invests in French SMEs with high growth potential and enterprise values of €20-100m.

Activa Capital acquired a majority stake in Imprimerie Laulan in 2015. The GP invested via its third vehicle, Activa Capital III, which held a final close in October 2015 on €220m. Senior debt from Societe Generale, LCL and Crédit Agricole amounting to approximately 50% of the purchase price was used to finance the deal, which was valued at €30-40m.

With Activa's support, the business pursued a consolidation strategy aimed at building a platform in the labelling sector. It acquired Enes Group in December 2015 and rebranded as Alliance Etiquettes. It bolted on eight companies, including Maumy Impression, Imprimerie D3, Applic'Etains, Groupe Etienne, 5 Sept Etiquette and Alliance Entreprendre.

Since Activa's investment, the group's turnover and EBITDA have increased by more than 8x and 7x respectively.

Company
Founded in 2015 and based in Floirac, Alliance Etiquettes specialises in high-end labelling for the wine, spirits, food, cosmetics and industrial sectors.

The company generates EBITDA of €20m from revenue of €70m.

People
Activa Capital – Alexandre Masson, Christophe Parier (managing partners).
Alliance Etiquettes – Olivier Laulan (chair).

Advisers
Vendors - Amala Partners (M&A); Natixis Partners (M&A); 8 Advisory (financial due diligence); Indefi (commercial due diligence); PwC (ESG due diligence); Mayer Brown (legal); Ellipse Avocats (legal); Altaïr Avocats (tax).