EdRip backs Realease Capital via Cabestan fund

EdRip invested via its Cabestan Capital fund, securing a minority stake. The GP declined to disclose the size of its investment.

The Cabestan small-cap vehicle closed on €113m in late 2011 and usually invests €1-7m in profitable French SMEs with turnover in the €10-100m range. It funds growth capital deals but also small-cap buyout opportunities; 50-60% of EdRIP's dealflow tends to consist of OBOs. The Realease deal marks the fund's 15th investment.

CM-CIC Capital Privé, which had previously backed the business, exited its stake as part of the transaction.

Caisse d'Epargne Ile de France arranged a debt package to finance the transaction, with participation from Bred Banque Populaire and Banque Populaire Rives de Paris.

EdRip and Realease managers Régis Dodin and Cyril Marlaud plan on continuing the company's external growth. Realease is aiming to increase its turnover to €100m within four years, up from the current €60m.

Company
Founded in 1986, Realease is a leasing company focusing on the professional equipment segment. The business specialises in technical equipment for sectors such as visio-conference, industrials and healthcare.

The group manages 6,000 contracts and employs 40 staff. It generated a €60m turnover for the year ending March 2015.

People
David Robin, Mayeul Caron and Pierre Cavalier represented EdRip on the deal. Franck Thouroude worked on the transaction for CM-CIC.

Advisers
Equity – ACA Nexia, Hervé Krissi, Hervé Teran (Financial due diligence); Lamartine Conseil, Vincent Libaud, Perrine Sauzay (Legal).
Vendor – Pinot De Villechenon et Associés, Isabelle Burel-Blasoni (Legal).
Company – Potomac Capital Conseil, Pierre Costes (Corporate finance).

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