Naxicap and Siparex buy IPC

Naxicap will be IPC's largest shareholder following the transaction. Management and a group of IPC employees also took part in the buyout. The deal was intermediated by corporate finance firm DC Advisory.

Private equity investor Ciclad and private holding MFGI, which had been invested in the business since 2001, fully exited IPC as part of the transaction. Ciclad could not yet be reached for comment on the exit.

The new owners will look to implement an internationalisation strategy for the company. IPC will also aim to increase its staff numbers and perform several strategic acquisitions.

Debt
Crédit Agricole, Crédit Maritime, Crédit Mutuel Arkéa and CIC reportedly provided a senior debt package worth slightly less than 2x EBITDA to finance the acquisition.

Company
Founded in 1978, IPC distributes a range of hygiene and cleaning products to local authorities, state entities and SMEs. The group most recently developed an environmentally friendly range of products under the Cap Vert label.

Based in Brest, IPC is also present in Belgium and Luxembourg. It employs around 200 staff and generates a €32m turnover.

People
Luc Bertholat and Cyriaque Viaud represented Naxicap on the transaction. Florent Lauzet and Alexandre Tremblin led the deal for Siparex. Didier Genoud was responsible for the investment at Ciclad.

Advisers
Equity – DC Advisory, Arnaud Dubois, Axel Riquet (M&A); Landwell & Associés, Guillaume Morineaux, Jacques Darbois (Legal); Ernst & Young, Stanislas de Gastines, Mathieu Jaud de la Jousselinière, Maxime Girard (Financial due diligence); Cabinet CVS, Didier Lacroix, Laurence Tardivel (Legal, tax, social due diligence).
Vendors – Lamy Lexel, Vincent Medail (Legal).

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• Topics
• France
• Industrials
• Buyouts
• Exits
• France
• Naxicap
• Siparex
• Secondary buyout