Maesa changes hands between EdRip funds

The deal was structured as a secondary owner buyout, with EdRip's Winch 2 fund taking the minority stake held by the Partenariat & Innovation fund. Maesa's founders, Julien Saada and Grégory Mager, have retained their majority shareholding in the business.

EdRip provided capital via its Winch Capital 2 fund, which closed on its hard-cap of €250m in November 2009. The firm recently closed its successor, Winch Capital 3, on its hard-cap of €300m after a year on the road.

EdRip's Partenariat & Innovation FCPI fund has fully exited through the deal.

Debt
Tikehau IM has provided a unitranche debt package to support the deal.

Previous funding
EdRip's Partenariat & Innovation accompanied the management of Maesa in a take-private deal in October 2011. The fund took a minority stake in the new holding company, F&B Group, with management holding a majority shareholding.

The delisting valued Maesa at €40m, according to unquote" data. It was taken private at a price of €13 per share, representing a premium of almost 31% of the average stock price over the last three months prior to the offer. The company had floated on the Euronext Paris in 2006.

Company
Founded in 1997, Maesa is headquartered in Paris with additional offices in New York, Los Angeles, Hong Kong and Dongguan City in China.

Maesa manufactures perfumes and other beauty products for retailers. The company also provides design, packaging and turnkey manufacturing for beauty brands.

Aside from perfumes, the company makes skincare products, home fragrances and hair products.

The company generated €110m in turnover for the 2013/14 financial year. It employs 250 staff.

At the time of EdRip's investment through its Partenariat & Innovation fund in 2011, Maesa generated €73m in revenues and employed 220 staff.

People
Julien Saada and Grégory Mager are the founders of Maesa. Sylvain Charignon, Sophie Nordmann Caetano and Thomas Duteil of EdRip's mid-cap growth capital team, which manages the Winch Capital funds, worked on the new investment. André Renaisona and Mayeul Caron from EdRip's small-cap team worked on the divestment.

Advisers
Equity – Squire Patton Boggs, Charles Fabry, Ioan Rosu (Legal, tax); LEK, David Danon-Boileau, Rémy Ossman (Commercial due diligence).
Company – Lincoln International, Ludovic Rodié, François Rispoli, Serge Palleau, Charline Plessis (Corporate finance); Ideact, Maud Partouche (Legal, tax); EY, Gratien de Pontville (Financial due diligence).
Vendor – STC Partners, Delphine Bariani (Legal).
Debt – King & Wood Mallesons SJ Berwin, Olivier Vermeulen, William Robert, Tereza Courmont-Vlkova (Legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• Andera Partners
• Secondary buyout