MBO Partenaires exits 21% Edouard Denis stake

MBO Partenaires' exit comes as Edouard Denis reorganises its shareholder base. Following the deal, Euronext-listed real estate group Nexity will control a 55% stake in the business, while the balance will be held by founder and CEO Edouard Denis.

The trade sale is expected to go through in H1 2016, once approval has been secured from the French competition authorities. Once it has completed, it will see MBO Partenaires divest the 21% stake it has held in Edouard Denis since April 2011.

A source familiar with the situation explained to unquote" that, at the time, the GP was contacted alongside other suitors by BNP Paribas. The bank had been mandated to set up a process by the CEO, who was seeking a minority investor to back a series of programmes for the real estate group.

Once it emerged as the winner of the auction, MBO Partenaires drew equity from its €150m fund and supported the growth of Edouard Denis in the following years.

With the GP as a minority owner, the real estate group has expanded from its original northern France base into the Ile-de-France, Lyon, Bordeaux and Nantes areas. The regional rollout was financed through both equity and corporate debt facilities that have been fully paid back, the unquote" source added.

According to the same source, MBO Partenaires started contemplating a sale around Q3 2015. At the time, corporate finance advisory Natixis Partners was tasked with launching an auction for the asset, triggering bids from both trade and financial buyers. In the end, Nexity's previous informal contacts and shared vision with the managers at Edouard Denis were key in the listed corporate landing the deal.

Following the Edouard Denis exit, MBO Partenaires' second fund will continue to hold stakes in refrigerated transport specialist Omnitrans and electrical and automation systems business Wa Conception, respectively acquired in July and December 2010. The 2006-vintage fund is closed to investments; its €180m successor will also soon wrap up its investment phase, unquote" understands.

Company
Founded in 1996, Edouard Denis started out by specialising in high-end real estate services but has since grown to provide an across-the-board offer. With headquarters in Abbeville, near the northern city of Amiens, the business is also active around the Ile-de-France, Lyon, Bordeaux, Lille and Nantes hubs. The group claims to have processed 1,676 real estate applications in 2015, leading to a €180m turnover.

People
MBO Partenaires – Eric Dejoie (founding partner).
Edouard Denis – Edouard Denis (founder, CEO).

Advisers
Equity – Natixis Partners, Jean-Baptiste Marchand, Erwan Thébault (corporate finance).

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• Topics
• Exits
• Real estate
• France
• France
• MBO Partenaires
• Trade sale