Naxicap buys Pronatura from Activa

Naxicap has acquired the business alongside president Lionel Wolberg, allowing Activa and Pronatura's founder, Henri de Pazzis, to exit.

Debt
SMC and CIC are acting as co-arrangers on a senior debt package for the deal, with participation from LCL and Banque Populaire Provencale et Corse. BPI France is providing a mezzanine package for the transaction.

Previous investment
Activa acquired a 50% shareholding in Pronatura in September 2005, investing via its €162m Activa Capital Fund, which closed above its €150m target in December 2003.

According to unquote" data, Pronatura's management team – then led by de Pazzis – held the remaining shares. Transaction R acted as the company's corporate finance advisers to source the deal. No debt was arranged for the buyout.

At the time of Activa's acquisition, Pronatura generated €30m in revenues and employed 88 staff.

Company
Founded in 1987 and headquartered in Cavaillon, Pronatura is a producer of 100% organic fruit and vegetables.

The company employs 150 staff and generated turnover of €82m last year.

People
Lionel Wolberg is the president of Pronatura. Naxicap partner Virginie Lambert worked on the deal. Activa partner Christophe Parier and investment director Benjamin Moreau worked on the exit for the firm.

Advisers
Equity – Bucephale Finance, Roman Petit, Jonathan Farrugia (Corporate finance); Kepler Corporate Finance, Olivier Dardel (Corporate finance); BM Partners, Karine Budin (Legal); Blum de Carlan & Associés, Amaury de Carlan (Tax); Fidal, Olivier Leroy (Legal); Exelmans, Eric Guedj, Manuel Manas, Thomas Charmeau (Financial due diligence); De Facto Avocats, Anne-Julie Guiberteau (Commercial due diligence); Fromont Briens, Laurence Urbani-Schwartz (Social due diligence); Lamy & Associés, Anne Bolland-Blanchard (Legal).
Management – Curtis, Carole Degonse, Diana Hund (Legal); Arsene Taxand, Franck Chaminade (Tax); Silver, Stéphane Argyropoulos (Corporate finance).
Vendor – Nabarro & Hinge, David Lussigny (Legal); Lacourte Raquin Tatar, Nicolas Jullich (Legal); EY, Emmanuel Picard (Financial due diligence).
Senior debt – Axten, Clyve Monfredo, Maryline Pic Dehongher, Vanessa Alvarez (Legal).
Mezzanine – De Gaulle Fleurance & Associés, Jonathan Souffir (Legal).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• France
• Consumer
• France
• Naxicap
• Activa Capital
• Secondary buyout