LBO France buys ID Market, Sourcidys

Harriet Matthews
26 November 2021

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LBO France is to acquire home and garden product distributors ID Market and Sourcidys, merging the two businesses and investing alongside the companies’ managers and shareholders.

Founders Emmanuel Antunes, Guillaume Besnier and Olivier Roor expect that the cooperation with LBO France and the merger of the two companies will strengthen the activities of both companies and promote operational and sales synergies. They will remain shareholders in the group, according to a statement.

LBO France is investing via its Mid Cap strategy, which targets companies with enterprise values of more than EUR 100m. The GP is deploying equity via its White Knight IX vehicle, which held a final close in January 2017 on EUR 450m.

Societe Generale, Crédit Agricole, BNP Paribas and Banque Postale have provided debt to back the deal, according to a statement.

LBO France's announcement follows its recent exit from personal protective equipment producer Groupe RG to Ardian and Latour, as well as its acquisition of boating equipment manufacturer Alliance Marine.

Company
Soliers-headquartered ID Market and Tour-based Sourcidys focus on the design and home and gardening products. ID Market focuses on B2C, while Sourcidys focuses on B2B. The combined group will have revenues of EUR 130m. Sourcidys was founded in 2007 and posted revenues of EUR 46.3m in 2019.

People
LBO France – Jérôme Guez (Mid Cap partner); Simon Couturier (investment director); Jean-Christophe Miège (operating partner).
ID Market, Sourcidys – Emmanuel Antunes, Guillaume Besnier, Olivier Roor (founders).

Advisers
Equity – Mayer Brown, Emily Pennec, Renan Lombard-Platet, Adriane Budillon Rabatel, Patrick Teboul, Constance Bouchet, JeanMaxime Blutel, Orianne Scalbert (legal); Mayer Brown, Olivier Parawan, Pauline Barbier, SimonPierre Ben Soussan (tax); KPMG, Vincent Delmas, Romain De Bisschop, Amine El Mostaine (financial due diligence); Advention, Alban Neveux, Marianne Benichou (strategic due diligence).
Vendor – CMS, Jean-Robert Bousquet, Geoffroy Loncle de Forville, Victor Grillo, François Bossé-Cohic, Claire Vannini, Guillaume Melot, Caroline Froger-Michon, Aurélie Parchet (legal); CMS, Pierre Dedieu, Chloé Delion, Inès Mzali (tax); UBS Mid Cap, Jérôme Breuneval, Nicolas Henry, Florent Keufer, Dylan Nakache (M&A); Eight Advisory, Christophe Delas, Maxime Goerens and Benoît Madelaine (financial due diligence).
Debt – De Pardieu Brocas Maffei, Christophe Gaillard (legal).