• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • France

Naxicap et al. back Arenadour platform

  • Greg Gille
  • Greg Gille
  • @unquotenews
  • 26 November 2013
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

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.

Arenadour

  • DEAL:

    SBO

  • VALUE:

    <€50m

  • DEBT RATIO:

    50%

  • LOCATION:

    Dax

  • SECTOR:

    Recreational services

  • TURNOVER:

    €26m (combined)

  • STAFF:

    350

  • VENDOR:

    Azulis, BNP Paribas Développement

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).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • France
  • Buyouts
  • Consumer
  • Exits
  • France
  • Naxicap
  • Azulis Capital

More on France

EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
EU foreign subsidies regulations
EU FSR could impact PE fundraising with potential rise in ‘clean funds’

FSR could lead GPs to create funds without foreign LPs; red tape around sovereign wealth funds likely

  • Regulation
  • 01 September 2023
Mergermarket
Letter from the editor: Unquote is moving to Mergermarket

Unquote Editor Harriet Matthews outlines Unquote.com's upcoming move to the Mergermarket platform and the new capabilities and intelligence that this brings to Unquote readers

  • Industry
  • 30 August 2023
Pensions administration software providers
IK Investment-backed Eres expected to hit the auction block by 2024

French employee savings distribution and management firm could be valued at a few hundred million euros

  • Exits
  • 24 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013