Initiative & Finance invests in Moustache Bikes

The enterprise value of Moustache Bikes remains confidential, but Initiative & Finance typically targets assets priced in the €5-50m range.

The GP's investment was not disclosed either, but its €141.5m first fund, used to finance the deal, deploys an average of €2-14m per deal.

Moustache Bikes is the final new investment to be made from Initiative & Finance I, which financed the acquisition of a 40% stake in Parisian recruitment service Adaming earlier this week.

Having begun fundraising in 2010, the FCPR vehicle has deployed 94% of its €141.5m size; the remaining 6% has been set aside for follow-up investments in portfolio companies, particularly those looking to grow via bolt-ons.

As of late November, Initiative & Finance I had sold four of its 27 portfolio companies and returned 50% of all commitments, unquote" understands.

Over the coming months, new investments from Initiative & Finance will come from a recently closed successor. On 13 November, after seven months on the road, Initiative & Finance II concluded fundraising with a first and last €168m close. Speaking to unquote", CEO Jean-Bernard Meurisse revealed the fund will seal its maiden deal before year-end. 

Debt
The takeover of Moustache Bikes was financed with a senior facility arranged by CIC Est, with debt coming from Banque Populaire Alsace Lorraine Champagne.

Company
Founded in 2011, Moustache Bikes manufactures and sells electric bikes. Headquartered in Golbey, north-eastern France, the company's products are focused on the premium segment.

The company also operates in other European countries, where 40% of its bikes were sold in 2014. During that year, the bike maker posted €14m in revenues, a reported 70% uptick on the 2013 figures. Its headcount currently sits at 30 people.

People
Initiative & Finance's work on the deal was coordinated by associate director Matthieu Douchet and analyst François Golfier. Emmanuel Antonot and Grégory Sand co-founded Moustache Bikes and are the company's current managers.

Advisers
Equity – Lamartine Conseil, Olivier Renault, Bintou Niang, Camille Ferrat (Legal, tax); Advance Capital, Jean‐Charles Geoffro (Financial due diligence).
Management – Acetra Conseil (Corporate finance); Eurallia Finance (Corporate finance); Fidal, Laurence Bontemps (Legal).

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• France
• Buyouts
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