Perceva Capital acquires 70% of Mariteam

Anneken Tappe
14 October 2011

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Perceva Capital has acquired a 70% stake in French seafood specialist Mariteam.

The deal was initiated by Mariteam's management in early 2011 and motivated by the GP's interest in the company's integrated strategy. Perceva expects the company to show strong growth in 2012 and stated that the value of the recapitalisation was not linked to the company's past performance.

While enterprise value remains undisclosed, Perceva invested €10m in equity and bonds.

Debt
The investment did not require any new debt. Existing short-term debt was restructured to medium-term with a five-year maturity. The debt facilities were provided by BNP Paribas, Societe Generale and local providers.

Company
Mariteam is a French fishery and seafood supplier that distributes up to 14,500 tonnes of fish per year. The company previously operated as GS Invest and is a collective of 12 companies in the industry. It has an integrated supply and distribution network that reaches more than 1,500 clients and aims to guarantee high quality.

Mariteam recorded revenues of €80m in the fiscal year ending in June 2011, up from €10m five years ago.

People
Franck Kelif, partner at Perceva, led the deal for the GP. Sandil Selva is shareholder and president of Mariteam.

Advisers
Equity – Gide Loyrette Nouel, Olivier Puech, Sylvain Paillotin (Legal); CGR Legal, Philippe Raybaud, Matthieu Capella-Laborde (Legal); Ernst & Young, Guillaume Cornu, Thomas Marcorelles, Lionel Benant, Pierre Mangas, Anne-E Combes (Financial & commercial due diligence, legal).
Company – Fidal, Patrick Espaignet (Legal); PricewaterhouseCoopers, Guillaume Franc (Corporate finance).