Bois et Chiffons (France) - Nov 2007

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01 November 2007

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AtriA Capital Partners led the secondary LBO of Bois et Chiffons in a deal reported to be worth around €100m with UI Gestion and AGF Private Equity also investing. Capzanine and CDC Capital Investments each exited their 23.5% stakes, while BNP Paribas Dévelopment ceded 4% of the company. AtriA took a majority stake in the deal. The senior and mezzanine debt were provided by Calyon and IDI Mezzanine respectively. The senior debt is split in two with an A-tranche redeemable in seven years, the B-tranche in eight years with the mezzanine debt completing the debt package. Founder Julien Ayache and his associate Jean-Jacques Quintal remain second-largest shareholders, while CEO Dominique Sarren and the management hold more than 7% of the company.

Company

Bois et Chiffons is a franchised home furnishing group started in 1997 by Julian Ayache. The company was originally backed by Capzanine and CDC Capital Investments in June 2005. A first buyout took place in 2005 where CDC Capital Investments and Capzanine took equal parts of a 52% share in Bois et Chiffons. Based in Noisy-le-Grand, Bois et Chiffons has 95 stores in France and five abroad. The company employs more than 220 people in total and generated €150m in 2007.

People

Dominique Sarran is the CEO of Bois et Chiffons. Patrick Bertiaux, Louis-Eric Michel-Weltert and Sophie Pourquéry managed the deal at AtriA Capital Partners. Olivier Jarrousse and Cédric Berger worked on the deal for UI Gestion. Jean Plamondon worked on behalf of AGF Private Equity. The senior debt was arranged by Annie-Laure Servel and Véronique Vialatte for Calyon while the mezzanine debt was provided by IDI Mezzanine with Sylvie Camboulive arranging.

Advisers

Debt - Lacourte Balas & Associés, Arnaud Burg (Legal)Debt - Linklaters, Arnaud Fromion (Legal)Equity - SJ Berwin LLP, Christophe Digoy, Fanny Combourieu, Marie-Christine Combes, Patrick Guarda (Legal)Equity - UI Gestion, Cédric Berger, Oliveier Jarrousse (Financial Due Diligence)Management - Thémis, Charlotte Lagrange, Xavier Roguet (Legal)Vendor - Ayache Salama & Associés, Bernard Ayache, David Ayache, Rémi Levy (Legal)Vendor - BNP Paribas, Geoffroy de, Tiphanie Lamy (Financial Due Diligence)