Equistone IV to sign ninth deal

Equistone closed the vehicle last week, 14 months after its launch in November 2011. This is the GP's first vehicle since it spun out of parent company Barclays in November 2011. EPEF IV targets businesses with an EV of €50-300m across Europe, investing €25-125m, in line with Equistone's previous funds.

The deal would see previous Brétèche investors Azulis Capital and Unigrains exit the business. Leonardo is understood to have run the sale process.

This deal marks Equistone's first completed in France since the end of 2011, when the GP backed the secondary MBO of French pharmaceutical company Unither from ING Parcom, CM-CIC Investissement and Picardie Investissement.

Previous funding
Azulis took a majority stake in Brétèche in 2006 alongside Unigrains. The deal was sourced through a limited auction run by Aforge Finance. Crédit Agricole Private Equity (now Omnes Capital), Crédit Mutuel Océan and IPO, which in 1998 financed the group's acquisitions of France-based VMI and Germany-based Diosna, fully realised their interests at the time. LCL underwrote the senior debt package, while Céréa Gestion, Mezzanis and IDIA provided the mezzanine financing.

Company
Founded in 1988, Brétèche designs, partly manufactures and installs industrial equipment for the food sector, with a particular focus on bakery pastry mixing.

Brétèche employs around 780 staff and generates a turnover of €161m, 64% of which derives from exports.

People
Arnaud Meynial is chairman of Brétèche.

Advisers
Vendors – Leonardo (M&A).

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• Topics
• France
• Industrials
• Buyouts
• Exits
• France
• Equistone Partners Europe
• Azulis Capital
• Secondary buyout