Naxicap sells Nord-Sud Brasseries

Nord-Sud managing director Paul-Maurice Morel bought back the business alongside Jérôme Bocuse – the son of chef Paul Bocuse, who founded the company – via their holding company Pôl Développement.

Banque Populaire Loire et Lyonnais and CIC acted as arranger and co-arranger, respectively, for the transaction, with participation by LCL and Crédit Agricole Centre-Est.

Under Naxicap's ownership, Nord-Sud has opened two new restaurants – the Fond Rose in 2012 and the Marguerite in 2013. The company also began a new project for Hôtel Dieu, which is set to open in 2017.

Previous funding
Naxicap acquired Nord-Sud in August 2010, injecting €4m of equity into the business and securing a minority stake.

Paul Bocuse and co-founder Jean Fleury remained majority shareholders, but Bocuse used the transaction to dilute his stake and prepare for his succession, according to unquote" data.

Company
Founded in 1994 and headquartered in Lyon, Nord-Sud operates six brasseries and restaurants – traditional brasserie Le Nord, Mediterranean brasserie Le Sud, world cuisine brasserie L'Est, exotic cuisine brasserie L'Ouest, as well as restaurants Fond Rose and Marguerite.

The company claims to see 2,000 customers every day and serves 700,000 meals per year. It generates around €27m in turnover.

People
Paul-Maurice Morel is the managing director of Nord-Sud. Naxicap partner Virginie Lambert and analyst Dominique Frances worked on the deal.

Advisers
Vendor – BM Partners, Karine Budin, Frédéric Menner (Legal).
Acquirer – CMS Francis Lefebvre, Jean-Philippe Clément, Marine Lafarge (Legal); Cedrus Avocats, Guillaume Robert (Legal).

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