Omnes's Groupe SVP refinances, makes Canadian bolt-on

Greg Gille
10 March 2015

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Omnes Capital-backed Groupe SVP has refinanced its existing debt and has acquired Canadian business Groupe Synesis.

Omnes (then Credit Agricole Private Equity) invested €22.65m to secure a majority stake in SVP in September 2011. BNP Paribas, CADIF and Palatine provided senior debt, consisting of A and B tranches. A capex line was also negotiated. Mezzanine funding was provided by IFE Mezzanine.

The fresh debt package refinancing the 2011 facilities totalled €35m - it was provided by BNP Paribas, Palatine, CADIF, HSBC, Crédit du Nord and Caisse d'Epargne. The mezzanine element was repaid.

Omnes didn't realise any of its investment as part of the refinancing, which fully went towards repaying the mezzanine facilities with less onerous senior debt.

The acquisition of Synesis is the fifth made by SVP since 2005, and the first done outside of France. The group last bought French training agency FYM Conseil in 2012. Other acquisitions are slated for the coming months.

Omnes didn't inject new equity in SVP to facilitate the bolt-on, which was instead financed via the company's capex line.

Company
SVP is a provider of professional support services with focus on HR management, legal consulting, skill development and business services. The company, based in Saint-Ouen, will post a €70m turnover following the acquisition of Synesis.

Groupe Synesis specialises in professional training and translation services. The company employs 125 staff across four offices. It operates 30 training venues in Québec, Montreal, Laval and Brossard.

People
Bertrand Tissot and Mikaël Schaller worked on the deal for Omnes Capital.

Advisers
Company – Paul Hastings, Mounir Letayf, Camille Bakouch (Legal).
Debt – Hogan Lovells, Sabine Bironneau, Sophie Lok (Legal).