iXO et al. in MBO for Azulis’s Optimum

iXO led the group of institutional investors and secured a majority stake in Optimum. Although the GP's contribution was not disclosed, its iXO 3 fund usually writes €3.5-15m equity cheques. iXO 3 closed on its €150m hard-cap in January 2015; at the time, iXO revealed five investments worth a combined €35m had been carried out until that point, together representing 20% of the fund's capital.

BPI France, IRDI, Swen Capital, Idinvest and Crédit Agricole are LPs in iXO 3; the latter invested via its GSO Capital and Crédit Agricole Aquitaine Expansion arms.

Meanwhile, Optimum managers Jean-Luc Guéry, Pascal Thomas, Louis Mainguet and Stéphane Papin invested alongside the firms and will hold a 10% stake in the business.

As the French household equipment industry has faced difficulties in recent years, Optimum is aiming to incorporate new product ranges that will build on recent research work. The business is targeting growth in France and abroad, with a focus on European countries.

Debt
The MBO was financed with a senior debt facility arranged by Banque Populaire Atlantique. Additional lenders include Banque Populaire Occitane, Caisse d'Epargne et de Prévoyance Aquitaine Poitou Charentes, Caisse Régionale, Crédit Agricole Mutuel Aquitaine and Societe Generale.

Previous funding
The current MBO for Optimum comes five years after the company was bought by Azulis Capital from investment fund GMS Investissements.

The GP, deploying equity via its €225.8m fourth fund, secured a majority stake in a deal valuing Optimus at €32m, according to unquote" data. Investing alongside the firm were BNP Paribas Développement, Cogepa, Natio Vie Développement and Optimum's management team.

Company
Optimum was founded in 1981 as a closet door designer and manufacturer. The company is headquartered in Agen and manages a production site both in Agen and in Lille. With a workforce of 250 professionals, the business is targeting €60m in turnover for 2015.

People
Associate director Olivier Athanase, investment manager Nicolas Olivès and project manager André Debet led the deal for iXO, while Romain Fourcade, who manages BPI France's investments in the Aquitaine region, did the same for the state-backed fund. IRDI was represented by investment manager Alain Fabre, while Swen Capital was represented by deputy managing director Jean-Philippe Richaud and investment director Diego-Felipe Aponte Vargas.

Jean Plamondon and Mahdi Benerradi are a partner and analyst at Idinvest, respectively, while Stéphane Morange is an investment manager at GSO.

Advisers
Equity – Exème, Pierre Gramage, Cécile Bayle-Demilly, Vincent Gorse (Legal); Mazars, Alain Chavance, David Couturier, Alexandra Auduard (Financial & social due diligence, tax); Plasseraud, Jacques Bardou (IP due diligence); ERM, Julien Famy, Luisa Fumagalli (Environmental due diligence); TBC, Anne Séverine Consales, Florentin Rollet (Commercial due diligence).
Vendors – Rothschild Transaction R, Pierre Sader (Corporate finance); Cabinet Cornet Vincent Segurel, Bertrand Coste (Financial due diligence); ACDR Avocats, Cyril Facchin (Legal).
Management – McDermott Will & Emery, Julie Seroka (Legal).
Debt – Cabinet Cornet Vincent Segurel, Bertrand Coste (Legal).

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• Topics
• France
• Exits
• Buyout
• Industrials
• France
• iXO Private Equity
• BPI France
• IDInvest Partners (AGF Private Equity)
• Secondary buyout