EdRIP backs Groupe DEFI spin-off

The business was bought by its founder's son, Erminio Deodato, from US trade player Clear Channel Outdoor. The latter had bought DEFI from founder Gaetan Deodato and EdRIP in 2000.

The latest deal includes the European activities of Groupe DEFI, Romanian subsidiary Clear Channel Roumanie and the Chinese activities of Groupe IKONIK. The businesses will be regrouped in the Financière DEFI newco.

EdRIP backed the spin-off via its €250m Winch Capital 2 fund. Two private investors also took a stake in the transaction and Groupe DEFI's management will soon have the opportunity to invest via a dedicated vehicle.

Debt
BNP Paribas, Caisse d'Epargne Ile-de-France and Bank of China provided a senior debt package to support the transaction. CDC Entreprises contributed mezzanine funding.

Previous funding
EdRIP initially backed Groupe DEFI in 1990, before selling its stake to Clear Channel Outdoor in 2000.

Company
Established in 1977, Groupe DEFI operates more than 500 advanced advertisement spaces, such as neon signs, giant banners and wallscapes, and LED screens. It is present in 15 countries including France, Italy, Portugal, Romania and Russia.

China-based IKONIK manufactures commercial signs. Its clients include Carrefour, IKEA, Mercedes and Hilton.

The enlarged Groupe DEFI generates a turnover in excess of €40m.

People
Antoine Le Bourgeois and Damien Ricordeau led the deal for EdRIP.

Advisers
Equity – Mayer Brown, Serge Lévine, Marie Mans, Paul Leroy (Legal); PricewaterhouseCoopers / Landwell, Karine Olivier, Caroline Lachaud, Stéphanie Pollet (Financial due diligence, tax); AMR International, Florent Jarry (Commercial due diligence).
Debt – De Pardieu, Christophe Gaillard, Camille Mercier (Legal).
Mezzanine – Orsay, Samira Friggeri, Valérie Dixneuf (Legal).
Vendor – CMS, Richard Bull (Legal).

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