Fondations Capital grabs 60% of Sepur

The primary buyout values Sepur at 7x its 2012 forecast EBITDA. A banking syndicate led by BNP Paribas and comprising Bred and Banque Populaire provided a senior debt package.

Founder Hervé Matuszewski retains nearly 40% of Sepur while management acquired the remainder of the shares as part of the transaction.

Fondations is one of the handful of lower mid-cap firms to have closed deals in France so far this year; the GP previously bought musical instruments maker Buffet Crampon from Argos Soditic in February. This is the fourth transaction for Fondations' maiden fund, which closed in 2008 at around €300m.

Debt
Sepur's net debt is understood to have been reduced following the buyout, now standing at a 2.1x EBITDA multiple.

Company
Founded in 1965, Sepur specialises in waste collection and urban cleaning. It operates a network of 16 agencies and employs 2,000 staff. It generates a €148m turnover and has been growing at 10% per annum on average over the past 10 years.

People
Xavier Marin led the deal for Fondations. Hervé Matuszewski is the founder of Sepur.

Advisers
Equity – Société Générale CIB (Corporate finance).

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