IDI and Pechel in Dubbing Brothers MBO

The MBO will see Alexandre and Matthieu Taïeb, respectively CEO and managing director at Dubbing Brothers, replace their parents Catherine and Philippe as shareholders in the business; the two founders will fully exit the company after the deal.

The enterprise value of Dubbing Brothers was not disclosed but both IDI and Pechel Industries typically target companies valued in the €20-200m space.

The MBO saw both firms secure equal stakes in Dubbing Brothers; according to press reports, the two firms will hold a joint majority holding. Neither disclosed their investment in the company but IDI typically writes €5-30m cheques, with an option to go up to €50m when co-investing. Meanwhile, Pechel deploys an average of €10-30m per deal.

The investors will back Dubbing Brothers as it seeks to strengthen its position in France and abroad, with plans for both organic growth and external acquisitions. According to Pechel, their interest in the company stems from its potential to become a consolidation force within the fragmented European dubbing industry.

Debt
The takeover of Dubbing Brothers was supported by a senior package from Palatine and Banque Populaire Rives de Paris, while BPI France and Tikehau provided mezzanine financing. According to BPI France, the facility came via its France Investissement Croissance 4 and Patrimoine & Création 2 funds.

Company
Founded in 1989, Dubbing Brothers provides dubbing and subtitling services for both cinema and TV content.

Headquartered in Plaine Saint-Denis, near Paris, the business operates recording studios in France, Belgium, Italy and the US. With clients such as Disney, Warner, Sony Pictures and 20th Century Fox, the company most recently posted €50m in turnover.

People
IDI – Marco de Alfaro (associate director).
Pechel Industries – Philippe Renié (managing partner).
BPI France – Nicolas Offroy, Nicolas Parpex (investment directors); Maud Moulin, Anne Raoul-Duval (investment manager); Sophie Paquin, Jérémie Swiecznik (legal analysts).
Dubbing Brothers – Alexandre Taïeb (CEO); Mathieu Taïeb (managing director).

Advisers
Equity – Hogan Lovells, Stéphane Huten, Arnaud Levasseur (Legal); King & Wood Mallesons, Jérôme Jouanneaud, Simon Servan-Schreiber (Legal); Paul Hastings, Olivier Vermeulen, Marc Zerah (Legal); Advance Capital, Olivier Poncin, Thibault Fleury (Financial due diligence); Sokrates Advisors, Lubomir Mortchev, Jean-Marie Lalanne (Commercial due diligence).
Vendor – Pramex International, Jérôme Dupas,Thomas Chomel (Corporate finance); KPMG, Axel Rebaudières, Mohammed Macaigne (Financial due diligence); GBA Avocats, Audrey Benayoun, Marine Giovannangeli (Legal).
Mezzanine – De Gaulle Fleurance & Associés, Jonathan Souffir, Anne-Hélène Le Trocquer (Legal).

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