Astorg sells Staci to ICG

Masse is reinvesting in the new MBO alongside Staci's management team. He will also remain president of the supervisory board.

Astorg acquired Staci in September 2006 in a deal that valued the company at between €100-300m. The GP provided a €50m equity ticket from its €300m Astorg III fund, in exchange for a 60% stake, according to unquote" data.

Existing investor Initiative & Finance reinvested in the buyout alongside Astorg, as well as Ardian – which provided both equity and mezzanine. CIC underwrote the senior debt package, which together with Ardian's mezzanine financing represented 57% of the total deal value, according to unquote" data.

Initiative & Finance had taken the business private in August 2004 for €42.6m, procuring a 37.5% stake and providing €21.3m in equity.

Debt
ICG has also provided a mezzanine financing facility for the deal, according to French publication Capital Finance, while LCL and existing lender CIC provided a senior debt package.

Company
Founded in 1989, Staci is headquartered in Saint-Ouen-l'Aumône with several branches in France, as well as offices in Belgium and Italy.

The company provides retail logistics services to large clients including oil companies, hotel and restaurant operators, banks and insurance companies. It specialises in promotional advertising logistics, namely promotional campaigns, point-of-sale advertising and loyalty programmes.

Staci generated turnover of €134m last year and employs 900 staff, including 60 in Belgium and 30 in Italy. At the time of Astorg's acquisition in 2006, the company employed 400 staff and generated €78m in revenues.

People
Thomas Mortier is the CEO of Staci. Xavier Moreno and Jean-Hubert Vial worked on the deal for Astorg alongside Grégoire Bouvier from Initiative & Finance. Hadj Djemaï, Erwan Le Tanneur and Arnaud Piens worked on the deal for ICG.

Advisers
Equity – Linklaters, Vincent Ponsonnaille, Sébastien Pontillo (Legal); Eight Advisory, Eric Demuyt, Aurélien Vion (Financial due diligence); Corporate Value Associates, Didier Pain, Christophe Ruiz (Corporate finance); Fidal, Franck Bernauer (Legal); Louvre Alliance, Bertrand Moineau (Other due diligence).
Management – Banque Privée 1818, Frédéric Balochard, Benjamin Lobel (Corporate finance); Scotto & Associés, Nicolas Menard-Durand, Franck Vacher, Tristan Audouard (Legal).
Vendor – Axys Finance, Sandrine Chouard (Corporate finance); Aforge Degroof, Franck Ceddaha (Corporate finance); Ayache Salama, Olivier Tordjman, Gwenaelle de Kerviler (Legal); EY, Jean-Marie Perraud, Laurent Majubert (Financial due diligence); PDGB Avocats, Christophe Vannoote (Legal).

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• Topics
• France
• Buyouts
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• France
• Astorg Partners
• Secondary buyout