Snowleader raises €2.5m from BPI France et al.

Speaking to unquote", a source close to the situation explained BPI France financed the deal via its France Investissement Régions fund family.

The state backer deployed equity alongside family office SAS Armataffet and the investment arms of banks Crédit Agricole des Savoie and Banque Populaire des Alpes. All three have been shareholders in Snowleader since supporting a €600,000 round for the company in November 2012.

Each of the institutional investors will hold a minority stake in Snowleader post-deal, while CEO Thomas Rouault will remain as majority shareholder, unquote" understands.

Snowleader intends to boost operations abroad, with plans to carry out bolt-on acquisitions. According to the company's estimates, 12% of its sales are currently generated outside France.

The deal is the latest in a wave of investments by BPI France. Over the last three weeks, the firm has bought a 5% stake in listed drone specialist Parrot, taken part in the third capital reshuffle for Novarc and backed an €11m round for Techniwood, among other deals.

Company
Founded in 2008, Snowleader is an online retailer of winter, outdoor and urban sports gear. Headquartered in Annecy, the company sells around 12,500 products from 250 brands. Employing 37 staff, the business expects to post a €11m turnover in 2015, split almost equally between summer and winter sales.

People
The work of Turenne Capital Partenaires in the deal was coordinated by CEO Olivier Motte. BPI France was represented by deputy director Cédric Béal and project manager Luc Vicenzotti. Thomas Rouault is currently CEO at Snowleader.

Advisers
Equity - BM Partners, Karine Budin (Legal); SFC, François Laporte (Financial due diligence).
Company - 13 advisory, Cedric Goarant (Corporate finance); IXA Avocat, Nicolas Buschiazzo, Noémie Dollé (Legal).

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• Topics
• Expansion
• France
• Consumer
• France
• BPI France
• Turenne Capital Partenaires