Isatis backs Lermite MBI from Siparex et al.

José Rojo
21 July 2015

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Isatis Capital has supported the acquisition of French swimming pool designer Lermite by entrepreneurs Henri Brisse and Alain Saint Oyant.

The transaction saw brothers Jean and Jacques Lermite step down as Lermite's owners and managers 34 years after taking the reins from their father, who founded the business in 1953.

Exiting alongside the Lermite brothers were Sogero Gestion and Siparex, which became shareholders in Lermite via a funding round in March 2006. The capital injection, understood to amount to €2.2m, saw the latter invest via its SI Participations and Siparex Développement vehicles to secure a minority interest in the company, according to unquote" data.

The swimming-pool designer intends to dedicate the fresh funds to strengthening its distribution network, broadening its product range and repositioning its brand via a new marketing strategy.

Siparex's exit is the second to be announced by the GP in the past few days. Last week, the firm reported a 20% IRR on the sale of its minority stake in French outdoor lighting case designer Sogexi to Group Lacroix.

Debt
The MBI was financed by a debt package supplied by Crédit Agricole Atlantique Vendée, Caisse d'Epargne Bretagne Pays de Loire, Crédit Maritime and Crédit Agricole Ouest Alliance – the latter having arranged the financing.

Company
Founded in 1953, Lermite is a swimming-pool designer and distributor that operates via the Caron Piscines brand. Headquartered in Thouaré-sur-Loire, the business currently employs 45 people and posted €10m in turnover in 2014.

People
Isatis Capital's work on the deal was coordinated by investment manager Nicolas Schwindenhammer. Henri Brisse and Alain Saint-Oyant are Lermite's new owners, the former taking over as CEO of the business.

Advisers
Equity – Fidal, Jean-François Yerle (Legal); Becouze, Isabelle Faucher, Guillaume Saby (Financial due diligence).
Vendor – Cabinet CDK, Jérôme Kerviche (Legal); L'lione & Associés, Hervé Riès, Timothée Poulain (Corporate finance).