Perceva Capital in Supra take-private

The stake was acquired from EDF Energies Nouvelles Réparties (EDF ENR), which previously held around 82% of Supra, at a price of €10.88 per share. EDF ENR has rolled its remaining 23% stake into the newco and will remain a minority shareholder.

Perceva intends to launch an offer for the remaining Supra shares in a few months, for the same €10.88 share price. This would value the delisted business at around €12m, a discount on Supra's €19.2m market cap prior to the transaction.

This the fourth investment for Perceva's maiden fund, which closed on €150m in December 2010. The vehicle is now invested at around 30%.

Perceva sourced the deal directly, having been approached by EDF ENR four months previously along with other potential buyers. It was attracted by Supra's position on a market that benefits from favourable drivers, due notably to the growing trend for environmentally-friendly heating solutions in private homes.

The private equity house intends to support Supra's management plan to focus on more upmarket products, sold through a network of specialised distributors and yielding a higher profit margin.

Debt
Perceva didn't leverage its investment in Supra.

Company
Founded in 1878,Supra specializes in the design, manufacture, and marketing of wood-based heating equipment for private individuals. The company also offers chimneys, hearths and inserts, furnaces, space heaters, and air conditioners.

Obernai-based Supra employs around 400 staff. It generated sales of €65m in 2010 (down from €72m the previous year) and posted a €4m loss.

People
Jean-Louis Grevet and Franck Kelif led the deal for Perceva Capital. William Elbisser is CEO of Supra.

Advisers
Equity – Veil Jourde, Géraud Saint-Guilheme, Sylvain Clérambourg (Legal).
Vendor – Cabinet Hoche, Laurent Bensaid (Legal).

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