CM-CIC, Seventure in €23m Global Bioenergies capital increase

Amy King
17 July 2013

Tweet
Facebook
LinkedIn
Google plus
Send to

Industrial biology company Global Bioenergies, listed on the NYSE Alternext Paris, has raised €23m through the placement of 927,419 new shares.

The offer enjoyed a 143% subscription rate and could have ultimately raised €28.6m.

French GPs CM-CIC Capital and Seventure were joined by other European investors as well as backers in the US.

CM-CIC contributed €8.7m to the capital increase, according to French publication Capital Finance. The investor holds a combined stake of 11.65% across CM-CIC Investissement (7.34%), CM-CIC Capital Innovation (3.30%) and CM-CIC Capital Privé (1.01%).

Existing backer Seventure is understood to have seen its stake in the firm diluted, despite contributing to the capital increase. The GP now holds a stake of 27.04%, making it the largest single shareholder in the company.

The fresh capital will enable the firm to strengthen its industrial development through the construction of two pilots, and the launch of new programmes.

Gilbert Dupont and Oddo & Cie were lead arrangers and bookrunners on the transaction.

Previous funding
In 2009, Global Bioenergies raised €3.2m from Seventure. The firm listed on the NYSE Alternext in Paris in 2011, raising €6.6m to support the development of its isobutene process. In the same year, the firm received a €2.7m capital injection from raw chemicals manufacturer Synthos. The French State committed €5.2m to the firm in 2013, as part of the Investissements d'Avenir programme.

Company
Founded in 2008 and based in Evry, Global Bioenergies is developing a process to convert renewable resources into hydrocarbons through fermentation.

The company initially focused on the production of isobutene, a petrochemical building block that can be converted into fuels, plastics, organic glass and elastomers. The company is now entering a phase of industrial pilot testing.

People
Karine Lignel is director of participations at CM-CIC Capital Innovation. Marc Delcourt is chief executive of Global Bioenergies.