Naxicap picks up FIK Group from Perceva

According to market sources, Luxembourg-based Aquasourça provided 15% of the equity injected into FIK Group. Naxicap's funds contributed the remaining 85%, excluding a fraction that was supplied by the company's management.

Formed of helmet producer Shark and motorbike accessories vendor Trophy, FIK Group intends to use the capital to strengthen its market position via an organic and external growth strategy.

This is Naxicap's second investment in Shark, having first backed the business's plans to set up a second manufacturing plant in in Portugal in the early 2000s.

Having secured a 15% stake in Shark, Naxicap divested its interest in June 2005 alongside Crédit du Nord to Atria Capital Partenaires, which led the buyout and secured an 80% stake in the helmet manufacturer, according to unquote" data.

After seven years, Atria exited its stake via a replacement capital transaction to Perceva in March 2011. The deal, understood to value the company at around €25-50m, saw the turnaround firm invest via its €150m France Special Situations Fund I and become Shark's sole shareholder.

In November 2011, Shark was the recipient of more than €5m from Perceva for the bolt-on acquisition of motorcycle equipment business Trophy. The purchase followed months of negotiations between the firm and Trophy's management team, which were brought to an end when the business filed for bankruptcy in October 2011 and Shark took over all of its assets via a newco.

Debt
The SBO was supported by a unitranche debt package supplied by Alcentra, with further debt coming from Banque Populaire Provençale et Corse.

Company
Created in 2011, the FIK Group is a motorbike equipment specialist that operates the brands Shark and Trophy. Under the former, the company produces around 350,000 helmets distributed across a network of 5,000 outlets, while the latter sells motorbike accessories and equipment under the names Bagster, Bering and Segura.

Headquartered in Marseille and Carrières sur Seine, respectively, between them Shark and Trophy employ 550 staff. According to Perceva, the businesses have seen a 30% increase of their combined turnover to €65m in 2014, with more than half of sales coming from outside France.

People
Naxicap Partners board member Angèle Faugier, senior associate Philippe Predhumeau and analyst Florian Magadoux led the deal for the GP. Aquasourça was represented by director Vincent Menudier. Perceva was represented by Franck Kelif, Christophe Ambrosi and Rodrigo de Carvalho.

Advisers
Equity – Aequifi, Nicolas Pesson, Laurent Badiou, Malek Benteldjoune (Financial due diligence); PMSI Consulting, Rémi de Guilhermier, Jessica Williams, Gareth Elliott (Commercial due diligence); Lamartine Conseil, Olivier Renault, Stéphane Rodriguez, Bintou Niang, Emmanuel Prost, Nicolas Cuchet, Stéphane Buffat, Charlotte Moreau, Sophie brault, Isabelle Camus (Legal, Tax, Social & IP due diligence).
Vendor – Kepler Corporate Finance, Dominik Belloin, Olivier Dardel, Marie-Madeleine Favennec, François-Marie De Chillaz (Corporate finance); Hoche Avocats, Laurent Bensaid, Cynthia Herrmann, Laura Vanhoutte (Legal); PwC Advisory, Sébastien Dalle, Pierre-Mikhaël Voyer (Vendor due diligence); Estin & Co, Jean Berg, Philip Geiser, Julie Giraudeau (Commercial due diligence).
Debt – Nabarro & Hinge, Jennifer Hinge (Legal).
Management - CMS Bureau Francis Lefebvre, Isabelle Buffard-Bastide, Edouard Theret (Legal).

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• AtriA Capital Partenaires
• Perceva Capital
• Naxicap