Blackstone takes minority stake in Groupe Premium

Eurazeo will retain majority control of the group. The sponsor had earlier been attempting to make a full exit from Groupe Premium, in a process being managed by Cambon Partners and Goldman Sachs which was expected to market the asset off EBITDA of EUR 100m. 

Local press reported in early June that the process had been paused after offers did not meet expectations. 

The transaction values the company at EUR 1.15bn. Under the earlier sale attempt, Eurazeo had been targeting a EUR 1.5bn-EUR1.7bn valuation based on a 15-17x EBITDA multiple, as reported. 

Blackstone's fresh capital will be used to help grow the business via a strengthened product range and digitalisation, Eurazeo said in a statement. 

Eurazeo has realised a 3.3x money multiple via the stake sale, with EUR 185m in cash proceeds. EUR 65m of that capital will be returned to Eurazeo's balance sheet and EUR 135m will be reinvested in the company. 

The sponsor first acquired the company in 2021 from Montefiore, which remained a minority shareholder, via the 2021-vintage Eurazeo PME IV. 

Groupe Premium is aiming to reach EUR 263m revenue in 2023, having reported EUR 188m sales in 2022. The group manages EUR 8.5bn in assets. 

On the financing side, incumbent lender Barings has supported the group with a new debt package of EUR 300m.

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• Expansion
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• Eurazeo
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