Bridgepoint to exit Ponant to Artémis

The transaction, awaiting approval by works councils, will see Bridgepoint divest its stake in Ponant after three years of ownership.

With the GP as shareholder, sales have reportedly doubled and reached the €140m mark, while profits have seen a three-fold increase.

Bridgepoint attributes the upwards trend to Ponant's growth across markets such as China and Australia, the decision to increase its fleet capacity by an annual 11% and the purchase of New York-based Travel Dynamics International to strengthen its presence in the north-American cruising market.

The exit is the latest by Bridgepoint after an active 2014, when a reported €2bn was returned to the GP's funds via seven exits and 11 refinancings. Notable deals included the £585m trade sale of UK private wealth manager Quilter Cheviot in October 2014, as well as a £210m restructuring for clothing brand Fat Face Group in September 2014.

Previous funding
The sale takes place three years after Bridgepoint announced it had entered exclusive negotiations for the acquisition of Ponant from its parent group, French shipping multinational CMA-CMG.

The corporate spin-off, expected at the time to be finalised in August 2012, was understood to follow CMA-CMG's plan to prioritise its container shipping operations amid rumours of financial difficulties.

Company
Founded in 1988, Marseille-headquartered Ponant is a cruise operator targeting passengers in the luxury segment. Focusing on trips to the polar region, the business claims it transports 30,000 people across five ships on a yearly basis.

People
Bridgepoint partner Xavier Robert led the deal on behalf of the GP. Jean-Emmanuel Sauvée co-founded Ponant and is the company's current CEO.

Advisers
Vendor – JP Morgan (M&A); Ashurst (Legal); EY (Financial due diligence); BCG (Commercial due diligence).

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