CAPE exits Proman in sponsorless OBO
Crédit Agricole Private Equity (CAPE) and Sofipaca have sold their minority stake in French temporary work agency Proman back to the group's owners.
Sofipaca and CAPE invested less than €10m in 2007, securing a minority stake. Crédit Agricole Provence Alpes Côte d'Azur and LCL arranged a €20m two-tranche debt package and earmarked a capex facility.
Exit routes envisioned at the time included a possible IPO as well as a potential secondary buyout. Since then, Proman's turnover doubled to €550m.
Company
Founded in 1990, Proman is a temporary work agency headquartered in Manosque. It operates through 160 agencies - up from 80 at the time of the 2007 investment.
People
Daniel Balland and Benjamin Arm led the deal for CAPE. Sofipaca was represented by Yves Besset and Michel Pourcelot.
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