Siparex exits Le Temps des Cerises in management-backed SBO

Siparex saw a slight increase in the exit multiple paid compared to the entry multiple, partner at the sponsor Romain Boisson de Chazournes told Unquote.

The GP invested in the Marseille-based company in 2014 in a leveraged buyout via its Siparex ETI 3 fund, with financing provided by French investment bank Bpifrance, according to a press release. The fund closed on EUR 180m in mid-2012, said Boisson de Chazournes.

The debt package received at the time was about double the company’s EBITDA, he said.

Siparex decided alongside management to prepare the company for exit at the end of 2021, he added.

“We had all the necessary elements to exit about two years earlier, as we were very satisfied with the digitalisation of the business, especially with the brand’s flagship website, as well as the sales increase achieved via an expanded multichannel sales network,” he said. “We decided to wait and cope with the difficult economic environment created by the COVID-19 pandemic, which actually strengthened the business and redefined completely the supply chain sourcing.”

Over the last three years, the company quadrupled its online ales, which now represent nearly 20% of its retail turnover, according to the press release. Siparex also supported management in its desire to develop the business model and improve brand visibility, design and frequency of collections’ launch, including the optimization of the supply chain and commercial organization, according to the press release.

Siparex has EUR 3.2bn in capital under management, with EUR 800m under its ETI strategy, which supports the expansion of French and European growth-oriented midmarket companies in several sectors.

Siparex held a EUR 450m final close for ETI 5, its latest fund dedicated to medium-sized companies in July 2022, as reported by Unquote. The fund is 60% larger than its predecessor, according to Unquote Data.

Company
Founded in 1997 in Marseille by the Richardière family, Le Temps des Cerises offers a range of clothing developed from jeans, the central product of its offering. The company designs its collections in-house and organizes production through subcontracting partners. It operates through a set of channels, including multi-brand points of sale in France and abroad, a wholesale segment via independent shops and department stores, a retail network of about 80 points of sale -both privately owned and affiliated businesses – as of the end of 2021. It also has digital channel including the brand’s flagship site of the Le Temps des Cerises brand, marketplaces and omnichannel. The group's activity has steadily increased to reach turnover of EUR 80m with 300 employees.

People
Siparex − Romain Boisson de Chazournes (partner).
Le Temps des Cerises − Lylian Richardière (president), Peggy Bienvenu (DG).

Advisers
Vendor & Company − Agylis (Baptiste Belonne, Chloé Journel, Carolle Thain-Navarro); VLG avocats (Marie-Hélène Guidon Vermesse, Guilhem Fabre).

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