Santé Port-Royal (France) - Dec 2007

unquote
01 December 2007

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MBO Partenaires has acquired around half of the equity of Santé Port-Royal, a publisher of a magazines focusing on natural health and medicinal plants. This management buyout signals a partial exit for the company’s founder, who retains 30%, and the appointment of a new CEO from within the business, who takes 20% equity. Corporate finance boutique Capi Conseil ran a selection process aimed at private equity firms. HSBC and CIC provided a single A-tranche worth around 50% of the deal’s value.

Company

Paris-based Santé Port-Royal publishes three magazines Pratiques de Santé, Plantes et Santé and Quelle Santé, which are centred on natural medicine, the use of medicinal plants and ethically and environmentally sound health-related issues. With 120,000 subscribers, the company generated €4.7m in revenues in the year to April 2007 and hopes to double in size within four years. Growth will be driven by the launch of new publications in similar fields and on new platforms such as the internet and email. Acquisitions of smaller publishers in complimentary areas will be considered.

People

Florian de Gouvion Saint Cyr and Alexis Mahieu worked on the transaction for MBO Partenaires, while Bertrand Mandula and Laurent Carel arranged the debt for HSBC and CIC, respectively. Alexandre Imbert is Santé Port-Royal’s new CEO.

Advisers

Equity - ACA, Olivier Lelong (Financial Due Diligence)Equity - Capi Conseil, Jacques Bénilan (Legal)Equity - HPML, Thomas Hermetet (Legal)Vendor - Cabinet Delsol & Associés, Thibaud Forbin (Legal)

Sourced from: France unquote" 88 (Feb 2008)