Ardian, Latour buy LBO France's Groupe RG

Groupe RG's management team is participating in the SBO alongside Ardian and Latour.

Ardian is investing via its Ardian Expansion strategy. The GP held a final close for Ardian Expansion V in September 2020 on EUR 2bn. The fund acquires stakes in mid-market, high-growth European companies, investing EUR 40m-180m in equity per deal.

Latour is deploying equity via Latour Capital III, which held a final close in November 2020 on EUR 1bn. The fund invests EUR 30m-120m per deal, backing companies valued in the EUR 50m-300m range. The investment in Groupe RG is the fund's sixth deal.

Following the deal, Groupe RG plans to continue its European expansion, with a focus on Italy, Spain, Germany, Switzerland and Slovakia, according to a statement.

LCL and CIC Private Debt have provided financing to back the buyout.

The company announced an impact refinancing in July 2021, as reported. The facility comprised a EUR 128m senior debt facility and a revolving credit facility. The refinancing was underwritten by impact and direct lending funds Eiffel, Amundi, Schelcher Prince, Lyxor and CIC PD, as well as by the company's existing banks: Crédit Lyonnais, Palatine, Crédit Agricole, Banque Populaire and BNP Paribas.

The impact component of the refinancing was intended to support ESG programmes launched by the company in the markets in which it operates, according to a statement issued at the time.

LBO France acquired a majority stake in Groupe RG from Abénex Capital in July 2017. The deal valued the company at around EUR 145m, equivalent to 10x its EBITDA at the time, according to Unquote Data. LBO France invested via its EUR 450m, 2013-vintage White Knight IX fund.

The company has made a series of add-ons under the GP's ownership, including three deals announced in 2020.

Company
Groupe RG was founded in 1987 and is headquartered in Reims. The company serves 7,000 customers, distributing PPE under six categories: head; hands; feet; body; breathing; and hygiene and safety. In addition, Groupe RG produces its own products under its Ergos brand, providing products for companies including industrial and service-focused SMEs, as well as public organisations.

Groupe RG posted revenues of EUR 180m at the time of its acquisition by LBO France and now generates a turnover of more than EUR 200m, according to its website. The company has a sales team of 650 people, according to a statement.

People
Ardian Expansion – Arnaud Dufer (head of Ardian Expansion France); Maxime Séquier (director); Claire d'Esquerre (senior investment manager); Alexis Auchère (investment manager); Pierre Peslerbe (private equity analyst).
Latour Capital – Philippe Leoni (founder, partner); Maxime Gutton (partner); Nicholas Whitbeck (director); Chloé Legrix de la Salle (associate).
LBO France – Jérôme Guez (partner).
Groupe RG – Pierre Manchini (chairman, CEO).

Advisers
Equity (Ardian) – McDermott Will & Emery, Grégoire Andrieux, Edouard Baladès, Côme de Saint-Vincent, Marianne Zwobada, Abdel Abdellah (legal, tax); Kearney Jerome Souied, Nicholas Veg (commercial due diligence) Eight Advisory, Christophe Delas, Sandrine Vouillon (financial due diligence); Eleven Strategy, Ambroise Huret, Christopher Rischard (technology due diligence); ERM, Julien Famy (ESG due diligence) Finaxy, Déborah Hauchemaille (insurance due diligence); Netsystem, Olivier Cazzulo, Lionel Gros (IT due diligence).
Equity (Latour Capital) – Willkie Farr & Gallagher, Christophe Garaud, Gil Kiener, Paul Lombard (legal).
Debt – De Pardieu Brocas Maffei, Christophe Gaillard, Thibaut Lechoux (legal).
Vendor – Mayer Brown, Emily Pennec (legal).
Company – Canaccord Genuity, Nicolas Royer (corporate finance); Delaby & Dorison, Emmanuel Delaby, Florian Tumoine; Valoren, Christine Le Breton (legal).

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• Topics
• Exits
• Buyouts
• France
• Healthcare
• France
• Secondary buyout
• LBO France
• Ardian (formerly Axa PE)