TA Associates takes minority stake in Foncia

Partners Group will retain a controlling stake in the business, which it acquired in 2016.

That year, Bridgepoint and Eurazeo sold all their shares in the French real estate group to Partners Group, Caisse de dépôt et placement du Québec (CDPQ) and CIC Capital Corporation in a deal valued at EUR 1.8bn. EBITDA stood at EUR 132m at the time. According to Unquote sister publication Debtwire, a group of banks including Natixis, BNP Paribas, Crédit Agricole, ING and UniCredit arranged a debt package to support the deal.

Partners Group said that it has since helped transform Foncia into a more institutionalised business, accelerated M&A activity with more than 260 acquisitions completed, and started the company's digital transformation through the in-house development of a new ERP software.

TA Associates closed its 14th flagship private equity fund, TA XIV, on its USD 12.5bn hard-cap earlier this year. Launched in January 2021, TA XIV exceeded its USD 10.5bn initial target. The fund is larger than its predecessor, TA XIII, which closed on its hard-cap of USD 8.5bn in May 2019.

Company
Founded in 1972 and headquartered in Paris, Foncia provides a range of services primarily to residential property owners and tenants, including joint property management, lease management, letting, and brokerage services. It also offers a range of ancillary, digital and B2B services, such as diagnostic solutions and B2B property management.

Foncia employs approximately 12,000 people across 600 branches and manages a portfolio of 2.5 million individual residential units across France, Germany, Switzerland, Belgium and Luxembourg. The company is expected to generate pro forma sales of EUR 1.25bn by the end of 2021.

People
TA Associates – Patrick Sader (managing director, co-head of EMEA services group).
Partners Group – Kim Nguyen (partner, co-head of private equity services).

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• Topics
• Expansion
• France
• Real estate
• Partners Group
• TA Associates
• Minority investing