Multicroissance et al. in management buy-back for Temps des Cerises

José Rojo
09 October 2015

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BPI France and regional funds Multicroissance, GSO Capital and Crédit Agricole Aquitaine Expansion have supported a management buy-back for French hot drinks and confectionery seller Le Temps des Cerises.

As the new majority shareholder, CEO Patrice Gonzalez will take over former parent Gozoki. The four investors are thought to have provided a €4m ticket for Le Temps des Cerises in return for a minority stake.

Multicroissance's contribution was not disclosed, but the French investor typically deploys €300,000-3m per deal.

According to unquote" data, the deal represents the GP's second MBO alongside state investor BPI France in the space of a month. In mid-September, French freight transport service Jardel secured €1.6m from the two firms as the reins of the business were handed to managing director Dimitri Goineau.

Following the MBO, Le Temps des Cerises will look to strengthen its footing in France by expanding its distribution network. The business has recently diversified from its hot beverages and confectionery core, which comprises coffee capsules and marshmallow products.

According to the French press, the company is keen on a build-up strategy, with two bolt-ons currently under consideration for the future.

Company
Established in 1996, Le Temps des Cerises specialises in enriched coffes, teas and other hot beverages and bakery and confectionery products. With headquarters in Agen, the business commercialises its products to large distributors under the Le Temps des Cerises brand and services smaller retailers, hospitality businesses and wholesalers via the Maison Taillefer franchise. With a workforce of 63 professionals, the company most recently recorded €10m in revenues.

People
Investment director Laurent Sauvade led the deal on behalf of Multicroissance, while BPI France was represented by Romain Fourcade, and GSO Capital and Crédit Agricole Aquitaine Expansion by investment managers Stéphane Morange and Laetitia Tisserand, respectively. Patrice Gonzalez is CEO at Le Temps des Cerises.

Advisers
Equity – Exeme, Pierre Gramage Cécile Bayle-Demilly (Legal); Morvilliers Sentenac Associés (Legal, tax); Cabinet Lange (Tax); Dédia Audit & Conseil, Jean Pendanx (Financial due diligence).