Ouest Croissance et al. in MBO for Bouvet Ladubay

Ouest Croissance, provided the largest equity stake in the transaction, but has yet to disclose its contribution. However, an unquote" source revealed the regional GP invested €13m during the deal.

The MBO will see Bouvet Ladubay return to French hands after 10 years as a subsidiary of Indian alcoholic beverages multinational United Spirits, which is controlled by global drinks conglomerate Diageo.

The winemaker will be carved out and held in Ogmius Capital holding; the newco will be headed by the Monmousseau family, who has managed the business since 1932.

After the buyout, Patrice Monmousseau will retain the CEO role he has held since 1972, while his daughter Juliette Monmousseau will become the company's managing director.

Under their leadership, Bouvet Ladubay will look to reinforce its presence abroad, where an estimated 50% of its current sales are generated.

The MBO marks the latest change of hands for Bouvet Ladubay. In 1974, the winemaker, then a listed business under the Groupe Monmousseau name, was sold off by the family to competitor Champagne Taittinger.

In 2006, following the sale of Taittinger, Bouvet Ladubay was scooped up by corporate United Spirits. The move granted the French winemaker access to the Indian market, where its brut champagne products have been sold over the last decade.

In 2013, Bouvet Ladubay's parent became a subsidiary of Diageo. According to Ouest Croissance, the new owner sought to downsize its wine operations, which created an opening for the Monmousseau family to recoup Bouvet Ladubay.

The buyout is the second to involve Ouest Croissance in recent weeks. On 10 November, the regional investor announced it had backed the €16m takeover of catering equipment business Roller Grill by CEO Jean-Pierre Ageorges alongside Arkéa.

Debt
The transaction was supported by a debt facility arranged by Banque Populaire Atlantique; additional lenders include CIC Ouest, BECM and Caisse d'Epargne Bretagne Pays de la Loire.

Company
Founded in 1851 and employing 50 staff, Bouvet Ladubay is a wine producer headquartered in Saumur, south-western France.

The business produces an annual 6 million bottles under the Brut de Loire designation and sells them across 45 countries worldwide; more than 50% of its revenues come from abroad, according to its estimates.

In addition, the company offers guided visits to its wine-making facilities and claims to be the most popular location in the Maine & Loire area, with 40,000 guests every year. 

People
CM-CIC Investissement was represented by investment director Helenn Lemaistre and executive director François Rouault de la Vigne. Unigrains was represented by investment director Dominique Courcoul and analyst Annabelle Coti.

Ouest Croissance's work on the deal was led by managing director Anna Jacquinet-Sulger and investment director Damien Jouanneau. Patrice and Juliette Monmousseau are Bouvet Ladubay's CEO and managing director, respectively.

Advisers
Equity – Cabinet LB Avocats, Youna le Bour (Legal).
Management – Cabinet Rossignol, Stéphane Rossignol (Legal).

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• Ouest Croissance