Omnes sells Legoupil to BPI France, Capitem

Ellie Pullen
25 September 2014

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Omnes Capital has sold its stake in Legoupil Industrie, a French manufacturer of industrial and modular buildings, to an investor syndicate led by BPI France and Capitem.

The deal marks the 11th divestment for Omnes' CACI 2 fund, which closed on €140m in July 2006, just missing its €150m target.

The mid-cap buyout fund now has four companies left in its portfolio. At the time of Omnes' acquisition of Legoupil, CACI 2 was 70% invested, according to unquote" data.

The deal also marks the fourth investment to be made by Capitem.

Under Omnes' ownership, Legoupil built up a sales team and strengthened its marketing and communications operations. The company also expanded its product range with short-term rental products and industrial buildings.

Legoupil's revenues have grown by 56% since Omnes acquired the business seven years ago, according to the GP.

Previous investment
Omnes (then Crédit Agricole Private Equity) and Crédit Agricole investment arm Unexo (then Uni Expansion Ouest) jointly acquired a 91% stake in Legoupil in August 2007, with the company's management retaining a 9% shareholding.

Omnes invested €6.6m in equity, while Unexo provided €1m. CIC and CIN underwrote a senior debt package for the buyout, which made up around half of the deal's value, according to unquote" data. CIC Mezzanine provided a mezzanine facility.

Company
Founded in 1976 and headquartered in Vire, Legoupil designs and manufactures industrial buildings and modular constructions for storage or production.

The company generated €25m last year; at the time of Omnes' investment, the company recorded €20m in turnover and a €3m EBIT, according to unquote" data. It employs 135 staff.

People
Christophe Koeppel is the chairman of Legoupil. Omnes partner Bertrand Tissot and investment manager Mikaël Schaller worked on the deal alongside Stéphane Kerlo, the director of business development for Bretagne and Normandie at Unexo.

Advisers
Vendor - DC Advisory, Jean-Christophe Quiniou, Louis Verken (Corporate Finance); Paul Hastings, Olivier Deren, Arnaud Levasseur (Legal).