Saveur (France) - Oct 2007

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01 October 2007

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Banexi Capital Partners (BCP) and Cerea Capital (CC) have led the tertiary buyout of food processor Groupe Saveur, for a value believed to be between €70-90m. BCP and CC each acquired a 39% interest, while management retained 18%. BNP Paribas Développement, Natio Vie and Unigrains also co-invested.

Sourcing

The deal was sourced via an auction run by L’Lione & Associés. LCL and AXA Mezzanine were associated with BCP for the provision of senior and mezzanine debt, while CC had contacted CIC and Céréa Mezzanine. As a result, all four parties took part in the underwriting of the debt package.

Financing

In February 2005, Quartus led the secondary buyout of Saveur, alongside holding Cogepa and poultry specialist E. Soulard. Banque Sanpaolo had provided the senior debt, while Capzanine had arranged €5m in mezzanine (April 2005, page 23). In the company’s first buyout in 1999, Barclays Private Equity and ABN Amro Capital took 42% and 22% of the business, respectively (January 2000 page 27).

Company

Established in 1988, Groupe Saveur produces ingredients for the food processing industry. The firm focuses particularly on prepared meals, marinades and meats. The group has industrial sites in Rennes and Macon, as well as a factory in Belgium. Revenues increased from €40m in 2004, to an expected €50m in 2007 (not including acquisitions), with a five-year target of €100m. Growth projects include a renewed focus on meats and texture products, and the subcontracting of the production of dieting goods. Acquisitions both in France and abroad, with complementary geographies, products, clients or additional manufacturing capacity will be considered. Headquartered in Bréal-sous-Montfort, the company currently employs 152 staff.

People

Gilles Sicard and Antoine Peyronnet worked on the transaction for Cerea Capital, whereas Michel Rowan, Pierre Jourdain and Anthony Dubut represented Banexi Capital Partenaires. Isabelle Luguenot worked for Unigrains; Bernard d’Hotelans and André Renaison for Natio Vie Développement, and Yannick Carré for BNP Paribas Développement. Jérôme Geney and Didier Bosc arranged the debt for LCL, while Françoise Lapierre and Marion Faye did so for CIC. Cécile Lévi and Guillaume Chinardet prepared mezzanine credit for AXA Mezzanine, whereas Pierre Geerolf represented Cerea Mezzanine. Frédéric Crot, Patrick Jemelen and Marc Bossy negotiated the exit for Quartus Gestion, while Guillaume Steimer and Christophe Karvelis did so for Capzanine. Eric Terré is Groupe Saveur’s CEO.

Advisers

Equity - Indefi, Julien Berger (Other Due Diligence)Equity - LNA, Laurent Nadjar (Financial Due Diligence)Equity - SJ Berwin LLP, Christophe Digoy, Thomas Maitrejean (Legal)Vendor - L’Lione & Associés, Florence Di Pace, Marc O'Neill (Corporate Finance)Vendor - Linklaters, Edwige Kharoubi, Fabrice de la Morandiere (Legal)