Ardian divests Newrest in management buy-back

Following the sale, Ardian will reinvest in the company via its co-investment business, acquiring a new minority stake.

Ardian acquired a 22% stake in Newrest in December 2009 in a deal valued at €50-100m, according to unquote" data. The GP (known then as Axa Private Equity) invested from its fourth fund.

Since the GP's initial investment, the company has increased the number of countries in which it operates from 32 to 49. It has also undertaken a service diversification strategy, agreeing a contract with French high-speed rail operator SNCF and expanding its service to include remote sites.

The GP's divestment from one fund and reinvestment from another echoes last month's NOK 21bn (€2.5bn) deal in which HgCapital and KKR reinvested in Nordic software business Visma. To read our recent analysis on this type of deal, click here.

Previous funding
In 2009, Ardian purchased a minority stake in Newrest alongside BNP Paribas Development and previous backers Naxicap and Multicroissance. Prior to Ardian's involvement, the management and employees had taken control of Newrest in an MBO in 2005, backed by Naxicap, Multicroissance and Capzanine.

Company
Founded in Toulouse by Olivier Sadran and Jonathan Stent-Torriani in 1996, Newrest is a provider of catering services to the rail and airline industries. It has a headcount of more than 25,000 across 49 countries and had a turnover of €662m in 2013. In 2014, the company expects to report a consolidated turnover of €900m.

People
Olivier Sadran is Newrest's CEO and Jonathan Stent-Torriani is the company's co-president. Lise Fauconnier is managing director for mid-cap buyouts at Ardian.

Advisers
Company – Uria Menendez, Manuel Echenique, Cristina Gracia (Legal); Gatienne Brault & Associés, Gatienne Brault, Marine Conan (Legal); Vaughan Avocats, Bruno de Laportaliere (Legal).

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• Ardian (formerly Axa PE)
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