Argos et al. in MBI for Brézac

José Rojo
01 October 2015

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Argos Expansion and BPI France have supported the ownership transition of French pyrotechnics specialist Brézac Artifices from the Frézac family, who owned it since inception, to new CEO Guillaume Camboulive.

With Camboulive at the helm, Brézac will look to increase its share of the French pyrotechnics market as the sector consolidates and undergoes internationalisation. The business is eyeing bolt-ons and a greater diversification of its offer, with a focus on contracts for festive illumination in cities.

Speaking to unquote", sources close to the MBI revealed that Argos was the leader of the two institutional investors – Argos and BPI France secured a combined majority stake in Brézac.

The investment by Argos Expansion remains confidential but the firm, which is the SME-focused arm of GP Argos Soditic, typically deploys equity in the €2-5m range, with the option of larger tickets when co-investing.

Meanwhile, BPI France, which invested via its Fonds Patrimoine et Création, targets SMEs in the leisure, communications, film and music sectors with revenues exceeding the €5m mark.

The deal is the sixth Argos Expansion has done since launching a €45m fund in 2011. So far, its SME-focused team has executed five management buy-in deals and a divestment transaction, unquote" understands.

Debt
The transaction was financed via a debt facility supplied jointly by LCL and Crédit Agricole Charente Périgord.

Company
Founded in 1964, Brézac manufactures and sells pyrotechnic items, and organises around 1,200 pyromusical shows in France and abroad every year. In 1992, the business partnered with the French Ministry of Defence to set up a training centre for pyrotechnicians. Headquartered in Le Fleix, the company currently employs 35 professionals and most recently generated €9m in revenues.

People
Argos's work on the deal was coordinated by partner Louis de Lestanville and investment director Roy Awad, while Isabelle Ginestet-Naudin, Nicolas Parpex and Damien d'Houdain led the transaction for BPI France. Guillaume Camboulive is the newly appointed CEO of Brézac.

Advisers
Equity – BPI France, Marie Artaud-Dewitte (Legal, tax); Thémis, Xavier Roguet, Siham Belarbi (Legal, tax); KPMG, Olivier Boumendil, Antoine Bernabeu (Financial due diligence); Selescope, Damien Leblond (HR due diligence).
Vendor – Sodica, Anne Sorlut-James (Corporate finance).