Pragma backs MBO for NACC

NACC's managers, led by CEO Christian Roche, deployed capital alongside Pragma and will remain as a minority shareholder in the business.

The stake to be held by Pragma was not disclosed, but unquote" sources confirmed it lies in the 60-70% range.

Enterprise value for NACC was not revealed either. However, Pragma drew equity from its third fund, which targets companies in the €25-125m range – the actual amount lay closer to the lower end of the bracket in NACC's case.

The fund typically writes €10-35m equity tickets; with regards to the current deal, Pragma's investment fell closer to the €10m mark, unquote" understands.

The deal is the second to be financed via Pragma Capital III. The vehicle's investment period kickstarted with another primary MBO in July, when naval engineering firm CNN MCO was spun out of parent Compagnie Nationale de Navigation.

According to Pragma, NACC was quickly identified due to its established position within the distressed corporate debt market in France; the firm foresees growth for the segment given its "relatively less developed" status with regards to other European countries.

Debt
During NACC's takeover, ActoMezz supplied a €17m revolving mezzanine line via its second dedicated fund.

Company
Founded in 1993, NACC specialises in the acquisition and refinancing of distressed debt, with a focus on corporate clients. With headquarters in Paris and additional centres in Landerneau and Bordeaux, the business employs 46 professionals. The firm is aiming to generate €18m in revenues for 2015.

People
Partners Jean-Pierre Créange, Arnaud Leclercq and associate Benjamin Zowczak led the deal on behalf of Pragma.

Advisers
Equity – Allen & Overy, Romy Richter, Jean-Christophe David, Marine Le Quillec, David Sorel (Legal); PwC, Hervé Demoy, Romain Godard, Guillaume Hébert (Financial & commercial due diligence).
Vendor – Marvell Avocats, Jean-Louis Lasseri, Fatima Khachani, Anne Ducros (Legal).
Mezzanine – McDermott Will & Emery, Pierre-Arnoux Mayoly (Legal).

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• Topics
• France
• Buyouts
• Financials
• France
• Sparring Capital (formerly Pragma Capital)