21 Invest sells LV Overseas to MML, BPI France in SBO

The company's management team will reinvest; however, it is not known whether previous minority backers BNP Paribas Developpement and Balguerie Gestion Participation will exit or reinvest.

21 Invest France invested in LV Overseas in April 2019 through its 21 Centrale Partners Fund V. The vehicle held a final close in December 2018 on EUR 230m after two years on the road. The fund invests in small to medium-sized France-based companies with enterprise values of EUR 50m-200m, providing tickets in the range of EUR 20m-50m. It focuses on technology, healthcare, business services, consumer, leisure and specialised industries, according to Unquote Data.

The GP acquired LV from France-based private equity firm Azulis Capital in April 2019, for an undisclosed sum. At the time, the company's management team, the Balgueire group, and BNP Paribas Developpement reinvested in the company, according to Unquote Data.

The company will rely on the expertise of MML and BPI France to accelerate its sustainable growth projects and continue its development plans, according to a press release. LV generated a turnover of EUR 500m in 2022 versus EUR 150m in 2018.

MML is a global mid-market private equity firm that invests in partnerships with management teams. It has four offices internationally. According to its websites, it has 140 companies in its portfolio and EUR 2bn in assets under management. The GP recently exited Waystone, a fund governance and regulation management firm, to Montague and Hg for 11x money, as reported.

The investment is the eighth done via MML Capital Partners VII, which closed on EUR 670m in July 2021. MML focuses on the pan-European market

Company

The LV Overseas group was founded in 1932 and has 22 offices globally. It is an international freight forwarding and logistics specialist. The company offers bespoke services and expertise to support various stages in the supply chain, including handling industrial projects. It employs 500 people and has made six international acquisitions since 2019.

People
LV Overseas – Philippe Massot (CEO).
21 Invest France – Stéphane Perriquet (managing partner); Dorothée Chatain (principal).
MML Capital – Henry-Louis Mérieux (managing partner); Louis Molis (director).

Advisers
Equity (MML Capital) – EY (corporate finance); McDermott Will & Emery (legal); Advention (strategic due diligence).
Equity (BPI France) – Chammas & Marcheteau (legal); Canaccord Genuity (M&A).
Management – Coruscans (financial due diligence); Cabinet Jeausserand-Audouard (legal).

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