Equistone's Bretèche lands €80m refinancing

José Rojo
18 January 2016

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Groupe Bretèche, a French industrial machinery designer owned by Equistone and Céréa Partenaires since January 2013, has replaced its existing senior and mezzanine facilities as part of a €80m debt restructuring.

Contacted by unquote", neither Equistone nor Bretèche were available to comment on the refinancing.

According to French publication Capital Finance, the refinancing will bring in €60m in fresh senior debt. The two-tranche facility will replace the debt put in place by LCL, CIC, Societe Generale, Palatine, Crédit Agricole and BNP Paribas as part of Equistone and Céréa's takeover in 2013.

Meanwhile, according to the same source, the refinancing will allow Bretèche to fully repay the mezzanine package it had received from Capzanine and Céréa Mezzanine that same year. In addition, the refinancing is understood to have involved a new €20m capex line, which Bretèche will dedicate to external acquisitions.

Previous funding
According to unquote" data, Bretèche was first backed by private equity in 1998, when Omnes Capital (then Crédit Agricole Private Equity), Crédit Mutuel Océan and IPO helped financed the company's build-up strategy. As part of the deal, Bretèche bolted on Italian peer VMI and German business Diosna.

In October 2006, the three investors fully exited the business when Azulis Capital, then operating as Banexi Capital Partenaires, acquired a majority stake alongside Unigrains.

In January 2013, Azulis and Unigrains sold Bretèche to new majority owner Equistone. The investment, reportedly the GP's first in France since the Unither SBO in 2011, was financed via its €1.5bn fourth fund. At the time, the firm stated it would support Bretèche's build-up strategy; in February 2015, it backed the company's add-on of German baking products supplier IsernHäger.

Company
Founded in 1988, Bretèche designs, manufactures and installs industrial equipment for food producers; the company also works with clients from the chemical, pharmaceutical and cosmetic industries.

Headquartered in Nantes, the business employs 800 staff and most recently posted €172m in revenues; its EBITDA sat around the €22m mark in 2015, according to press reports.

People
Equistone – Guillaume Jacqueau (managing partner); Arnaud Thomas (partner); Grégoire Schlumberger (partner).
Groupe Bretèche – Didier Soumet (CEO).