MBO Partenaires backs Logidesign

Greg Gille
12 March 2015

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MBO Partenaires has acquired French furniture business Logidesign in a management buyout.

The transaction was arranged to facilitate a succession plan at Logidesign, allowing founder Auriel Asseraf to retire. Gilles Moustier, who co-founded furnishings group Alinea, will take over the business's operations. The rest of the management team also secured a minority stake (25%) in the buyout.

MBO Partenaires will hold a majority stake in the new holding. The GP currently invests from its MBO Capital 3 fund, which closed on €180m in 2010. The vehicle targets companies valued in the €5–75m range, deploying equity tickets of up to €18m.

Crédit du Nord arranged an €8m senior debt package for the transaction, further syndicated to Bank of China and Caisse d'Epargne. Trocadero Capital provided a mezzanine tranche.

Following the transaction, Logidesign intends to grow its e-commerce operations and expand to other European markets. The company has already acquired a competitor in the wake of the deal, which is expected to add €3m to its current revenues. Logidesign is aiming to double its turnover in the next five years, reaching €50m.

Company
Founded in 2003 and based in Paris, Logidesign designs, sources and sells furniture and furnishings. It distributes its products to brick-and-mortar stores as well as e-commerce outlets.

People
Cécile Nguyen-Cluzel, Médéric Gaillard and Richard Broche worked on the deal for MBO Partenaires.

Advisers
Equity – Olswang, Vanina Paolaggi, Ian Ouaknine, Stanislas Marmion, Julie Tchaglass, Julien Monsenego, Rui Cabrita (Legal, tax); Advance Capital, Jonathan Consolo, Pierre Lamain (Financial due diligence); IPEA, Christophe Gazel (Commercial due diligence).
Vendors – Mirabaud & Cie, Christophe Lapaque, Stéphane Oury (Corporate finance).
Debt – BDN, Benjamin Dahan (Legal).