PE-backed Marietton bolts-on Havas Voyage

An unquote" source revealed Siparex financed two thirds of the €12m equity ticket, while the rest was provided by EdRip, Caisse d'Epargne Rhône Alpes Entreprises and Crédit Agricole Régions Investissement.

In addition, Marietton's historic lenders supported the takeover with a senior facility. The package was co-arranged by Crédit Agricole Centre Est and LCL, with debt coming from Crédit Agricole Loire Haute Loire, Caisse d'Epargne Rhône-Alpes and Palatine as well.

At more than €12m, the new facility replaced the existing senior line secured by Marietton during Siparex and EdRip's latest investment in 2013; the refinancing did not involve a dividend recap for any of the shareholders.

According to the same source, the Havas bolt-on led to a capital reshuffle for Marietton. Previously the majority owners of the business, the founding family saw their stake diluted below the 50% mark. Meanwhile, EdRip, the largest of all institutional shareholders prior to the add-on, was overtaken by Siparex – put together, the duo now holds a joint controlling stake in the company.

The bolt-on, finalised on New Year's Eve, was initiated by Marietton's management team, which approached their peers at Havas. The business was eventually acquired from corporate Carlson Wagonlit Travel, which also sold the 50% of Havas's brand exploitation rights it owned; the remaining 50%, in the hands of tourism multinational Tui Travel, was also acquired by the new owners.

Following the add-on, Marietton and Havas will merge operations into a new player representing €210m in turnover and around €1.2bn in potential operations. Managing director Michel Dinh, who was just appointed to the role, will oversee a plan to boost distribution both online and via physical travel agencies.

Siparex financed its contribution via its second mid-cap fund, while EdRip drew equity from its small-cap arm Cabestan. The investment is the 12th to come from Siparex Midcap 2, which has deployed approximately two thirds of its capital, unquote" understands.

Previous funding
According to unquote" data, Siparex became a minority shareholder in Marietton in 2007, when it invested €3m alongside Tuninvest's €1.5m as part of an owner buyout.

This was followed by a second OBO in January 2013, when EdRip acquired a minority stake via its Cabestan fund family. The firm became the largest of all institutional shareholders, followed by co-investors Crédit Agricole and Siparex, which sold its stake and re-invested to keep a smaller holding.

Company
Founded in 1968, Groupe Marietton initially organised holiday tours, but has since diversified via bolt-ons to the distribution of holiday packages. Headquartered in Lyon, the company's offering features Israel, Europe, Africa and Oceania, among other destinations.

Meanwhile, Paris-headquartered Havas offers accommodation and transportation ticket booking services, as well as cruises, honeymoon packages and car rental. Put together, the companies are expected to represent €1.2bn in business and €210m in turnover.

People
Siparex – Pierre Bordeaux-Montrieux (executive board member); Augustin de Jerphanion (director); Guillaume Rebaudet (director); Alban Selmer (project manager).
Edmond de Rothschild Investment Partners – Alexandre Foulon (associate director); Nam Metzger (investment director); Pierre Cavalier (project manager).
Crédit Agricole Régions Investissement – Hans de Breda (managing director); Nicolas Ravachol (investment director).
Rhône-Alpes PME Gestion – Cyril Fromager (CEO).
Marietton Développement – Laurent Abitbol (CEO).
Havas Voyages – Michel Dinh (managing director).

Advisers
Equity – Delsol Avocats, Amaury Nardone, Cécile Fabre, Michel Zavalichine, Philippe Pacotte, Julie Layat, Gabriel Halimi, Mathieu Le Tacon, Léa Zerilli, Damien François (Legal); Advance Capital, Arnaud Vergnole, Thomas Bettan (Corporate finance).
Vendor – Natixis Partners, Jean-Baptiste Marchand, Jérôme Vivien (Corporate finance); Dentons, Pascal Chadenet, Seth Engel (Legal).
Debt – DS Avocats, Arnaud Burg, Marie Trecan (Legal).
Management – LBO Managers, Hervé Thibaut de Maizières (Corporate finance); Piotrau Giné Avocats, François Giné (Legal).

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• Topics
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