Qualium sells majority stake in Foir’Fouille

CM-CIC Capital Finance, Nord Capital Investissement, Turenne Investissement and Societe Generale Capital Partenaires have acquired Qualium's majority stake alongside the company's management.

CM-CIC and Nord Capital are existing backers of the business, having invested at the time of Qualium's buyout in 2010.

The deal has allowed Foir'Fouille's management to up its stake in the business.

Under Qualium's ownership, Foir'Fouille redesigned its stores and launched a merchant website.

Debt
Crédit Agricole Nord de France and CIC Nord Ouest were mandated as lead co-arrangers for a senior debt package for the deal alongside Societe Generale CIB. CIC Mezzanine arranged a mezzanine facility for the transaction alongside Tikehau and Arkea.

Previous funding
According to unquote" data, Motion Equity Partners, Electra Partners and Citicorp Venture Capital acquired Foir'Fouille in December 1992 for €22.6m. Banque de Gestion Privée, Credit Agricole CIB and Banque Neuflize OBC provided a debt package for the deal.

The firms then sold the business in 1996 to Fornord.

In September 2010, Qualium acquired a 60% stake in Foir'Fouille, while CM-CIC and Nord Capital jointly bought a 20% shareholding. Crédit Agricole Nord de France and CIC Nord Ouest co-arranged debt facilities that made up 50% of the deal value, according to unquote" data.

Company
Founded in 1975 and headquartered in Castelnau-le-Lez, Foir'Fouille is a discount retailer of DIY and leisure products, decorations and homeware.

The company employs 2,300 staff across 200 stores in France, Belgium and Luxembourg. It generated revenues of €510m in 2013. At the time of Qualium's investment in 2010, the company recorded €430m in turnover.

People
Ivan Rapoport is the CEO of Foir'Fouille. Qualium director Boris Podevin and investment director Cyprien Choutet worked on the deal alongside CM-CIC's Amaury Leleu; Nord Capital director Christophe Deldycke and senior associate Anne-Sophie Paraguey; Turenne's François Lombard; and Societe Generale investment director Emmanuel Leplat and analyst Amélie Bonnefoy.

Advisers
Equity – Ayache & Salama, Bernard Ayache, David Ayache, Sandrine Beneroya (Legal); PwC, Katia Carow, Laure Cassiers (Financial due diligence); TAJ, Jérôme Gertier, Malik Douaoui, Olivier Venzal (Legal, tax, social due diligence).
Management – BP 1818, Frédéric Balochard (Corporate finance); Opléo, Pierre Olivier Bernard (Legal).

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• Topics
• Buyouts
• France
• Consumer
• Exits
• France
• Secondary buyout
• Nord Capital Investissement (Participex)
• Societe Generale
• CM-CIC Capital Finance