Industries & Finances exits L'Univers de L'Emballage

The trade sale saw L'Univers de L'Emballage become part of Groupe Filpack, a French business also operating within the fruit and vegetable packaging sector.

Information regarding the returns to be reaped by I&F remains confidential. However, the firm claims it has scored an average of 3x with the divestment of all seven stakes acquired via its I&F Investissements 1 fund.

Launched in February 1999, the buyout vehicle reached its €100m target at final close two years later, following a €37.7m first close in March 1999 and a €75m second close in June 2000, according to unquote" data.

Over its lifespan, I&F Investissements 1 has focused on a build-up strategy seeking to turn the companies it backs into sectoral platforms.

Aside from L'Univers de L'Emballage, investments to date by the fund include French call centre operator Armatis, exited to a consortium of investors led by CIC Finance in September 2007, and off-site meal provider Caterine-Restauration, sold to Compass Group in 2010 for a 4.5x return.

I&F set up two subsequent vehicles that mirror the buy-and-build strategy. Its second fund, now fully invested, was launched in June 2005 with a €100m target.

The GP's third fund, having closed on €135m in April 2014, was used by the firm in its purchase of French firebreak system developer Gesop from BNP Paribas in July 2013 and boilermaker Chaudronnerie de l'Est from the founding family at the end of May this year.

Previous funding
I&F purchased the business in January 2006, acquiring a majority stake alongside the group's three managing directors at the time.

According to unquote" data, the deal was supported by a senior debt package provided by Crédit Industriel de l'Ouest and Banque Palatine, which was the lead arranger.

Emerging as the winning bidder in the competitive six-month auction process, I&F stated it would support L'Univers de L'Emballage in its domestic and international expansion. According to the firm, eight acquisitions have been carried out as part of that strategy since it became a majority shareholder.

Company
Founded via the merger of three companies in 1994, L'Univers de l'Emballage is a fruit and vegetable packaging manufacturer. Headquartered in Toulouse, the company employs a workforce of 25 staff across 21 sites in France.

According to I&F, the business most recently generated €80m in turnover, up from the €40m posted following the buyout in 2006.

People
Sophie Pourquéry, Emmanuel Harlé, Pierre Mestchersky, Franck Boulland, Pierre Corbet and Edouard Thomazeau are partners at Industries & Finances Partenaires. Jean-Paul Mari is CEO of L'Univers de l'Emballage.

Advisers
Vendor – DC Advisory, David Benin, Cédric Hawthorn, Riad Sifi (Corporate finance); Fiacre Labâtie Hoffman et Associés, Alexis Dejean de la Bâtie, Armelle Bannier (Legal).

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• Trade sale