EdRCP in Groupe Moria take-private

Greg Gille
16 September 2011

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Edmond de Rothschild Capital Partners (EdRCP) has acquired 85.27% of listed French medical equipment company Groupe Moria, with a view to take it private.

The newco Financière Cronos - controlled by EdRCP's €300m LBO Fund II - secured 85.27% of the shares. Management also took a "significant" stake in the buyout. Selling shareholders included French GPs Siparex - which held a stake in Moria via the SPF III Middle Market fund - and MMA Participations.

EdRCP paid €51.02 per share for the stake held by holding company Altamo (hitherto Moria's largest shareholder) and €50.67 per share to other vendors. This represents a premium of around 13% on Moria's last trading price prior to the transaction.

EdRCP now plans to file an offer for the remaining Moria shares, at a price of €51.02 per unit. This would give the company a market cap of around €116m. Moria's net debt stood at €9.7m at the end of 2010.

Debt
LCL, BNP Paribas and Banque Palatine provided senior debt for this acquisition. Indigo Mezzanine provided mezzanine funding.

Company
Antony-based Groupe Moria specialises in the manufacture of surgical instruments for use in ophthalmology and orthopedics. It posted revenue of €49m in 2010, 80% of which was generated outside of France. Moria currently employ around 260 people.

People
Erick Fouque, Bertrand Demesse and Aymeric des Grottes led the deal for EdRCP. Siparex was represented by Bertrand Rambaud, Florent Lauzet and Henri Dumas Marze.

Advisers
Equity - CACEIS (Corporate finance); Paul Hastings, Alexis Terray, Mounir Letayf, Sébastien Crépy (Legal); Landwell et Associés, Anne-Valérie Attias-Assouline, Marc-Olivier Roux (Tax); Arthur D. Little, François Deneux, Frédéric Thomas (Commercial due diligence); 8 Advisory, Katia Wagner, Aurélien Vion (Financial due diligence).
Vendors - DC Advisory Partners, David Benin, Edmond Massaad (M&A); Fidal, Marie-Isabelle Levesque, Manfred Noé (Legal); Preuilh Vidonne Croizat Huguenin & Associés, Frédéric Huguenin (Legal); KPMG, Axel Rebaudières, Philippe Grandclerc (Financial due diligence).
Debt - Depardieu Brocca Maffei, Christophe Gaillard, Sébastien Boullier de Branche (Legal).
Mezzanine - Ayache Salama & Associés, Alain Lévy, Dorothée Haski (Legal).
Management - Callisto, Eric Delorme, Paul Lorenzoni (Corporate finance); Fidal, Marie-Isabelle Levesque, Manfred Noé (Legal).