LFPI and Montefiore in talks for Interflora's fourth buyout

The transaction would see Chevrillon and HLD sell the company almost four years after a €148m buyout in July 2011.

Neither LFPI nor Montefiore have commented on the value of their bid for the company.

The former typically invests €3-50m equity tickets in companies with turnover in the €20-500m range, however, and the latter's latest buyout vehicle targets transactions in the lower mid-cap space.

The potential owners have stated their intention to drive Interflora's growth – both in France and abroad – by diversifying its offering, with plans to continue the online expansion of the business that has taken place over the past four years.

The business is also considering investing in marketing and an improved service offering to its France- and Spain-based network of flower stores.

Previous funding
LFPI and Montefiore's buyout would be the fourth deal for Interflora since 2003, when the company was acquired by Equistone Partners Europe (then Barclays Private Equity).

The business was then picked up by 21 Partners in August 2006. Investing via its 21 Centrale Partners III Fund, the French firm secured a 72% stake from Equistone and the Hazak family. Meanwhile, the company's management retained their minority stake.

In 2008, 21 Partners followed this transaction with the acquisition of a 63% stake in Interflora España. The deal, valued at €12m, was part of the firm's strategy to create synergies between the company's operations in Spain and France.

Interflora changed hands for a second time when it was sold by 21 Partners to French firms Chevrillon & Associés and HLD Associés for €148m in July 2011.

The tertiary buyout saw the vendor reap 2.9x its overall investment as it sold the company's French and Spanish operations, as well as accessories subsidiary Renaud Distribution.

At the time, 21 Partners stated the sale was motivated by Interflora meeting its growth targets and having repaid the debt taken in as part of the 2008 buyout.

Company
Founded in 1946, Interflora is a flower delivery business. Headquartered in Lyon, France, the business manages a network of 45,000 florists across 145 countries and claims to deliver an average of 30m bouquets each year. It recently posted €150m in turnover, with online sales reportedly on the rise.

People
The negotiations are being led by LFPI Gestion CEO Fabien Bismuth, Montefiore CEO Eric Bismuth and Interflora CEO Eric Ledroux.

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• Topics
• Buyouts
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• Secondary buyout