MBO Partenaires backs Cofigeo SBO

The deal was arranged in order to allow previous majority owner Boussard & Gavaudan Holding (BGHL) to exit the business after only two years at the helm: the asset manager is understood to be stepping away from private equity investments. BGHL had backed the take-private of Cofigeo in 2011, a deal that valued the company's equity at around €40m at the time.

Minority backers GSO Capital and Crédit Agricole Nord Midi-Pyrénées will retain their stake in the business, with management also reinvesting as part of the deal, which was structured via a new holding company. Financial backers together hold a majority stake in the business.

Crédit Agricole Nord Midi Pyrénées, LCL and Crédit Agricole CIB arranged a debt package to finance the transaction. The debt was further syndicated to CIC and Société Générale.

MBO Partenaires was able to complete the deal fairly quickly, partner Julien Wormser told unquote". Discussions started in September and were finalised in Q4 last year. The transaction was executed on an off-market basis.

The GP invested via the MBO Capital 3 vehicle, which closed on €180m in 2010 and targets businesses valued in the €5-75m range, according to unquote" data. Equity tickets can reach up to €18m per transaction.

According to Wormser, Cofigeo is aiming to become a consolidating force in the fragmented French ready-meals market. To that effect, bolt-on opportunities are expected to be a main driver of growth in the future. The company's expansion will also rely on broadening the products range, both within existing segments and by targeting new markets.

Finally, export will also be an area of focus – although Cofigeo is already selling some products in other European countries, the new backers are aiming to further explore its export revenues.

Company
With roots dating back to 1876, Cofigeo is the holding company for three brands of ready meals. The longest-standing is Raynal & Roquelaure, which produces a range of traditional French ready meals and dry-cooked vegetables. The group created the Zapetti brand in 2005, which specialises in Italian-style meals. Finally, Cofigeo acquired a stake in Toupnot, a canned meat producer, in 2012.

The group operates three production sites in France: Capdenac, Camaret-sur-Aigues and Sainte-Livrade-sur-Lot. It generates a turnover in the region of €130m.

People
Eric Dejoie, Julien Wormser and Raphaël Lahaye led the deal for MBO Partenaires. Société Générale Capital Partenaires was represented by François Rivolier, David Cognasse and Sylvia Pinero.

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• Topics
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• Buyouts
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• France
• Secondary buyout