Montefiore takes majority stake in BVA

Greg Gille
02 April 2013

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French GP Montefiore Investment has bought a majority stake in opinion polls and social research business BVA.

BVA's management will retain the remainder of the company's shares. BVA will now look to grow organically and will also target acquisitions.

This marks the first investment for Montefiore's third vehicle, which is still being raised. The vehicle was launched in May last year with a €180m target, which was met four months later. Montefiore is hoping to close the fund near its €240m hard-cap.

Edmond de Rothschild Investment Partners invested approximately €4m of expansion capital for a 44% stake in BVA in 2004. The GP generated an IRR of 32% with a 2.4x money multiple when it exited the business in an LBO to Ixen in 2007. BVA is understood to have been owned by its management since 2010, with Capzanine as a junior creditor.

Debt
Capzanine will remain as a mezzanine lender to BVA. No other debt was arranged to finance the transaction.

Company
Boulogne-Billancourt-based BVA is an opinion pollster founded in 1970. The company conducts quantitative and qualitative studies, as well as satisfaction assessments. It generated a €65m turnover in 2012, against €40m in 2007.

People
Daniel Elalouf, Jean-Marc Espalioux, Henri Topiol and Gautier Devignes worked on the deal for Montefiore. Gérard Lopez is chairman of BVA.

Advisers
Equity – Eight Advisory, Eric Demuyt, Christian Berling (Financial due diligence); Cabinet Cohen, Serge Cohen (Legal); Mayer Brown, Benjamin Homo, Nathalie Jacquart (Tax); Advancy, Eric de Bettignies (Commercial due diligence); Squire Sanders, Edouard Sarrazin (Legal).
Company – Hottinguer Corporate Finance, Pierre de Bousingen, Arnaud Bochet, Arnaud Lejeune (Corporate finance); Vivien & Associés, Judith Fargeot, Céline Bordonné (Legal).
Debt – Paul Hastings, Mounir Letayf (Legal).