Isatis injects €5.5m into Mediameeting

The deal will allow previous backer Midi Capital to exit the business: the investor had injected €1m into the business (including €600,000 in convertible bonds) in 2008.

Following the deal with Isatis, the three founding partners of Mediameeting will continue to hold a majority stake in the business.

Although structured as a leveraged buyout, the transaction comprises a capital increase for Mediameeting. Isatis, which invested via its FCPI funds, approached the deal from a growth capital perspective rather than an LBO strategy.

Mediameeting stated it would use the fresh funds to finance an innovation programme focusing on technological R&D and the study of how audio communication is used within businesses.

Debt
Caisse Régionale de Crédit Agricole Mutuel Toulouse 31 arranged a senior debt package for the transaction, with participation from Banque Courtois. According to a source close to the situation, leverage levels were kept "moderate".

Company
Established in 2004, Mediameeting operates radio stations for businesses and local authorities. The group has also launched three local stations for the general public: Gold FM, 47 FM and Toulouse FM.

Based in Paris, Toulouse and Bordeaux, Mediameeting employs 135 staff across 25 studios. It is aiming to triple its turnover to reach €25m in revenues within the next five years.

People
Laurent Baudino and Charles Collin worked on the deal for Isatis. Midi Capital was represented by Rudy Secco.

Advisers
Equity – ACD Conseils, Cyril Doukhan (Corporate finance); UGGC, Yves Mondellini (Legal); Avocatio, Nicolas Boschin (Legal).

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• Topics
• Buyouts
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• France
• Isatis Capital