LBO France nears completion of Cityvision sale

Ekkio stated it was first attracted by Cityvision's position within the fragmented Parisian tourism sector. The business foresees growth opportunities as the number of tourists visiting the French capital is expected to rise, especially from emerging economies.

The transaction will feature the appointment of Paul Roll, hitherto managing director at Paris' Convention and Visitors Bureau, as CEO of Cityvision Group. The sale marks a further step in the exit process of Cityvision Group, a company LBO France has owned since a 2008 buyout.

Last week, the GP announced it had struck a deal with RATP Développement for the sale of tourist transport divisions Société des lignes touristiques (SLT) and Société d'exploitation des lignes touristiques (SELT). The two companies formed OpenTour, Cityvision's Paris-based tourist bus brand.

According to LBO France, the firm is currently in advanced talks to divest OpenTour's operations in Lyon, Nice and Marseille, which were not part of last week's sale.

Previous funding
LBO France picked up Cityvision Group in September 2008, when it acquired an 88% stake in the business. Meanwhile, re-investing RATP Développement and the management team secured the remaining 10% and 2%, respectively, according to unquote" data.

On the sell side were shareholders Avenir Tourisme and Avenir Entreprise, which divested their 30% stake in the business, as well as Windhurst Participations and the Bridet family, which sold the remainder.

Cityvision's enterprise value was not disclosed at the time of the buyout, but LBO France's Hexagone funds, used to finance the GP's investment, focuses on companies valued below the €100m mark.

The transaction featured a senior debt package arranged by BNP Paribas and Banque Espirito Santo et de la Vénétie, with an additional mezzanine loan supplied by TIM Mezzanine.

Company
Paris-headquartered Cityvision was established in 2006, when tourism operators Cityrama and Parisvision merged under the Tourexcel brand. Under the direction of Jean-Claude Bridet, both businesses continued to operate under their original names and focused on the development of tour bus service OpenTour, which was launched in 1998.

Aside from OpenTour, which was exited last week to RATP Développement, the group comprises motor coach and minibus trip organiser Cityvision and dinner cruise operator La Marina de Bercy, which will be sold to Ekkio Capital.

People
Jean-Marc Scéo led the deal of behalf of Ekkio Capital, while LBO France was represented by Small Cap Hexagone director Dominik Zwerger.

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