MBO Partenaires exits 80% Profimo stake to Imerys Toiture

The return made by MBO Partenaires from the sell-off remains confidential, but an unquote" source placed it at around the 2x mark.

The trade sale comes eight years after MBO Partenaires acquired an 80% stake in Profimo from the company's founders, while former commercial director Dominique Beaumet was promoted to CEO as he secured the remaining 20% holding.

At the time, MBO Partenaires stated it would support Profimo's plans to push growth via new product ranges and increased exports. During the years since, the business entered the roof drainage segment via the Aquaz brand and added large DIY retailers to its client base via the Scover Plus bolt-on in 2012.

Under MBO Partenaires' eight-year ownership, Profimo claims to have dedicated €3m to growth and expanded its workforce via 20 new hires. According to its figures, revenues have jumped from €8m to €23m in the period.

The sale marks the end of a process initiated one year ago, when MBO Partenaires was approached by several trade suitors about Profimo.

This prompted the GP to set up talks with all potential buyers; the group featured mostly corporate actors, with a few private equity funds expressing their interest for the asset. Keen on a trade sale, MBO Partenaires chose Imerys Toiture as Profimo's new owner in April 2015.

The trade sale is MBO Partenaires' first since August, when the firm scored a 3x return selling French pastries producer Roland Monterrat to corporate Panzani.

Previous funding
In August 2007, the GP invested €4m from its €100m second fund, which targets companies valued in the €10-60m range; in Profimo's case, the enterprise value fell closer to the bottom end of the bracket, unquote" understands.

Company
Founded in 1968, Profimo designs and manufactures fittings and accessories used on roofs and facades of houses and buildings; water drainage structures are sold via the Aquaz brand. Headquartered in La Talaudière, near Lyon, the business employs almost 70 people and most recently posted €23m in sales.

People
MBO Partenaires was represented by founding partner Jean-Michel Rallet and director Laure Thibierge. Dominique Beaumet is CEO at Profimo, while Pierre Jonnard holds the same position at Imerys Toiture.

Advisers
Vendor – Clairfield, Antoine Roué, Louis Maréchal (Corporate finance); Alcya, Laurent Simon, Claire Touzet (Legal).
Acquirer – Scemla Loizon Veverka & de Fontmichel, Fabrice Veverka, Quitterie
Boutin (Legal).

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