EdRip et al. support Groupe Marietton OBO

EdRip invested via the Cabestan small-cap FCPR vehicle, which closed on €112m at the end of 2011. The fund typically invests €1-7m per deal and is now 25% invested after what is its fifth transaction. Meanwhile, Crédit Agricole Régions Investissement generally provides up to €3m per transaction.

Siparex provided equity via the Siparex Midcap I fund, which closed on €124m in 2006. The vehicle usually invests up to €6m per transaction. Siparex had backed the original OBO of Marietton alongside Tuninvest in 2007; both partially realised their investment.

Financial backers now control around 40% of Groupe Marietton. LCL and Crédit Agricole Centre-Est arranged a senior debt package to finance this latest transaction.

Previous funding
Siparex and Tunisia-based Tuninvest invested €3m and €1.5m respectively in equity as part of the OBO of Voyages Marietton in 2007. LCL underwrote a two-tranche debt package, representing around half of the deal value.

Since then, Marietton has grown through build-up transactions, acquiring Aerosun in 2008, Messageries Nationales Voyages in 2010 and Envol in 2011. Prior to closing the secondary OBO, Marietton acquired tour operator Groupe Ailleurs-OVP.

The company recorded sales of €28.7m in 2006, with net profits of €3.1m. It saw its revenues rise to €119m in 2011 and is now expecting to post a consolidated €245m turnover and €6.5m EBITDA for 2012.

Company
Lyon-headquartered Voyages Marietton is a travel operator founded in 1968. The company originally sold holidays to Israel – it has since diversified its offering to include Tunisia, Morocco, Turkey, Spain and the US. It operates out of 87 agencies.

People
Nam Metzger, Alexandre Foulon and Pierre Cavalier represented EdRip. Florent Lauzet and Guillaume Rebaudet led the deal for Siparex. Crédit Agricole Régions Investissement was represented by Hans de Breda and Cécile Benet. Laurent Abitbol heads the Marietton group.

Advisers
Equity – Adamas International, Hervé Le Blanc, Elodie Crost (Legal, tax, social due diligence); PwC Transaction Services (Karine Olivier, Thibault Rodarie, Matthieu Gobillot (Financial due diligence).
Vendors – Société Générale CIB, Pierre Clocher (M&A); Delsol Avocats, Amaury Nardone, Cécile Fabre (Legal); Advance Capital, Arnaud Vergnole, Thomas Bettan, Jean-Charles Geoffroy (Financial due diligence).

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