LBO France buys cosmetics firm Payot

LBO France has invested in the business via its €154m Hexagone III fund, which is the firm's small-cap fund. The GP held a final close for the fund in 2010.

The deal is believed to value Payot at €30-40m.

LBO France was joined in the transaction by a new, incoming management team led by Italian entrepreneur Andrea Surliuga, who becomes Payot's new CEO. Surliuga is the former owner and CEO of Dibi Cosmetics, which he sold to an Italian cosmetics group in 2009.

Spanish perfume group Puig acquired Payot in 2001.

Debt
A €12m senior debt package has been provided for the deal by LCL, Banque Populaire and Caisse d'Epargne.

Company
Founded in 1927 and headquartered in Neuilly, Payot is a manufacturer of skin care products that was originally created by dermatologist Nadia Payot.

Products include sunscreen, a men's skin care range, body scrub, deodorant and facial moisturiser.

The company recorded revenues of more than €25m in 2013, 70% of which was generated overseas. It employs 50 staff.

People
Andrea Surliuga is the new CEO of Payot. Philippe Guérin is a director in the Hexagone funds team at LBO France.

Advisers
Equity – Michel Dyens & Co (Corporate finance); Darrois Villey Maillot Brochier Avocats (Legal).

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