MBO Partenaires picks up MBM

Following the deal, MBO Partenaires will control MBM as majority shareholder. Meanwhile, managing director Franck Vernaz and Alexandre Morel, investing alongside the French GP, are to secure a minority stake.

Enterprise value for MBM remains confidential, yet MBO Partenaires typically seeks companies valued in the €5-75m space. The GP's investment was not disclosed either, but its equity cheques usually fall within the €1-18m range.

The deal is the 18th to be financed via MBO Partenaires' €180m third fund. The vehicle recently reaped 3x when it sold French pastries group Roland Monterrat to corporate Panzani. According to unquote" sources, MBO Capital 3 is nearing the end of its investment period, with plans by the GP to kickstart fundraising towards a new vehicle in the coming months.

The transaction comes as MBM transitions away from the hands of Jean Roulland, son of the company's founder and CEO for the last 30 years, and into the two aforementioned managers.

MBM will look to grow both organically and via a limited number of bolt-ons. In addition, efforts will be made to incorporate complementary segments to its civil works offer.

The company came to MBO Partenaires' attention via Jean Roulland's wealth manager, which contacted the French GP and revealed that MBM was looking for a backer for a management takeover, unquote" understands.

According to unquote" data, this is MBO Partenaires' first foray in France on the buy-side since March 2015, when it acquired Parisian furniture seller Logidesign.

Debt
The takeover was supported with a senior loan arranged by LCL, with debt coming from Banque Cantonale de Genève and CIC Lyonnaise de Banque.

Company
Founded in 1962, MBM is a civil engineering contractor operating in the French Alps area, with headquarters in Megève. Its services include landscaping, sanitation, demolitions, piping and septic tank installation. Employing around 30 professionals, the company most recently posted €10m in revenues.

People
Partner Edouard Malandrin and investment manager Laure Thibierge led the deal on behalf of MBO Partenaires. Franck Vernaz is managing director at MBM.

Advisers
Equity – Alart & Associés, Bruno Alart (Legal).
Vendor – Arcane Juris, Jean-Claude Dévelotte (Legal); Lazard Frères Gestion, Philippe Nogier, Stéphane Jacquin (Corporate finance).

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• MBO Partenaires