Argos exits Roc-Eclerc

The buyer, Daniel Abittan, is the founder of French businesses PhotoServices, Grand Optical and Acuitis. The acquisition was financed via a debt package provided by BESV.

Argos Soditic backed the €30m management buy-in of Roc-Eclerc via its Euroknight IV buyout fund in 2005. The GP took a 51% shareholding through its holding company, Funéraires Développements. Business angels and the new management team held the balance. The company was acquired from founder Michel Leclerc, who previously held a 100% interest in the business.

A senior debt package amounting to €18m was arranged by Fortis Banque to support the financing of the deal. The debt was structured into two tranches, redeemable over seven and eight years.

Over the holding period, the group undertook five build-up operations and doubled its network to 500 shops across France.

Argos declined to comment on the returns generated by the sale.

Company
Roc-Eclerc was founded by Michel Leclerc more than 25 years ago and is headquartered in Paris. It offers funeral services through its 500 agencies employing 2,000 people. The group generates a €145m turnover.

People
Gilles Lorang led the deal for Argos Soditic. Sandrine Thiéfine is president of Roc-Eclerc.

Advisers
Vendor – Transaction R, Pierpaolo Carpinelli, Fabien Lenoir, Anthony Bénichou, Vincent Mézières (M&A); SJ Berwin, Maxence Bloch, David Diamant (Legal).
Acquirer – BNP Paribas, André Louis Valiere (M&A); Virgile Avocats, Mathieu Siraga (Legal); Arsène Taxand, Frédéric Donnedieu (Tax).
Management – Gramond Associés, Xavier Gramond (Legal).

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