EdRip backs Europ Net spinout

Ellie Pullen
22 October 2014

Tweet
Facebook
LinkedIn
Google plus
Send to

Edmond de Rothschild Investment Partners (EdRip) has backed the management buyout of French cleaning company Europ Net from Samsic Group.

The firm invested via its €112m small-cap fund Cabestan Capital, which closed above its €100m target in November 2011 after seven months on the road. The fund typically provides equity tickets of €1-7m.

Europ Net's management, led by Stéphane Payan and Carlos de Moura, have invested alongside EdRip and hold a majority stake in the business. The management has reportedly taken a 59% stake, with the balance going to EdRip.

Samsic is a business services provider and the second-largest cleaning company in France. The Rennes-based group, founded in 1986, has acquired 80 businesses since its formation and is present in France, Luxembourg, Belgium, Spain, Portugal and the UK. It employs 70,000 staff and generated €1.45bn in revenues last year.

Debt
A senior debt package, reportedly of around €10m, has been arranged for the deal by LCL, alongside Banques Populaire Rives de Paris and Caisse d'Epargne Ile-de-France. Trocadero Capital Partners has provided a mezzanine facility, reported to be €3m.

Company
Founded in 1981 and headquartered in Nanterre, Europ Net offers cleaning services in the Ile-de-France region. It aims its services at the "high-end market", namely large company headquarters, luxury hotels and stores, government and historical buildings, and private schools.

The company generated around €8m in turnover last year and hopes to achieve €25m in 2014. It hopes to increase this further to €35m within the next three years.

People
Stéphane Payan is the CEO of Europ Net. EdRip partner Alexandre Foulon, investment director Mayeul Caron and analyst Pierre Cavalier worked on the deal.

Advisers
Equity – Oderis, Julien Passerat, Thomas Corbineau (Financial due diligence); Lamartine Conseil, Vincent Libaud, Perrine Sauzay (Legal, tax, social due diligence).
Management – Baycap, Christian Prevot, Alexis Monod (Corporate finance); Fiacre La Batie Hoffman et Associés, Bruno Fiacre (Legal).
Vendor – EY, Bernard Martinier, Pierre Durand (Legal).
Mezzanine – Archers, Marc Baffreau, Hélène Testeil (Legal).
Debt – Franklin, David Blondel, Olivier Borenstejn (Legal).