Naxicap et al. back Arenadour platform

Greg Gille
26 November 2013

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Naxicap, Arkea Capital and Ouest Croissance have backed the merger of thermal spas Thermes Adour and Thermes des Arènes, creating the Arenadour group.

Naxicap took a majority stake in the structure while Arkea, Ouest Croissance and group president Alain Danglade secured minority holdings. The sale of Thermes Adour was intermediated by Sodica Corporate Finance and run as a traditional 2-step auction process.

Thermes Adour had been backed by Azulis Capital and BNP Paribas Développement since 2006. The former (then Banexi Capital Partenaires) led the deal via its fund Middle Market Fund III. The private equity firm entered into a partnership with the founders, taking a 50% stake in the company together with BNP Paribas. The company's founding family retained the balance.

Naxicap stated it was attracted by the possible synergies between the two targets, as well as the improving image of thermal spas, which it claims are now better recognised as a valid treatment by medical professionals and attract growing numbers of patients.

Debt
CIC Sud Ouest arranged a debt package to finance the transaction, with Atlantique Syndication as co-arranger. The syndicate comprised BPACA, LCL, CRCA Aquitaine and Arkea Banques Entreprises & Institutionnels.

Leverage accounted for around half of the transaction value.

Company
Thermes Adour generates a €23m turnover and attracts 18,000 visitors a year. It owns three water sources and operates five thermal spas, one water park, seven hotels and one camping site.

Thermes des Arènes generates a €3.1m turnover and attracts 6,000 visitors per year.

Both businesses are based in Dax. The new entity will employ around 350 staff.

People
Jacques Spicq, Nathalie Triolet and Caroline Maupome represented Naxicap. Franck Calle and Yohann Vimont led the deal for Arkea, while Ouest Croissance was represented by Henri Guillermit and Pierre Racca.

Christine Mariette and Julien Hess worked on the sale for Azulis. BNP Paribas was represented by Christophe Plaud.

Advisers
Equity – EY, Laurent Chapoulaud, Hugo Primas, Pauline Souquet (Financial due diligence); Brunswick Société d'Avocats, François Vignalou, Marie Michel (Legal); Exème Conseil, Pierre Gramage, Carine Souquet-Roos (Legal); Exème Social, Maxence Ducellier (Legal).
Vendors – Sodica Corporate Finance, Joël Labatut, Jérémie Amar, Quentin Laage de Meux (Corporate finance); Dentons, Pierre Jouglard, Carole Thain-Navarro, Baptiste Bellone (Legal); Fidal, François de Laage de Meux, Ludivine Mosse-Ferreira, Martin Vignau (Legal).