LBO France in Materne-Mont Blanc dividend recap

BNP Paribas was lead arranger and bookrunner for the seven-year facility, which was structured as a tranche B priced at 4.25% over Euribor. The refinancing also includes an additional €10m revolving credit facility, as well as a €40m capex line.

According to a source close to the situation, LBO France recouped around 60% of its investment via the dividend.

The GP acquired the French dessert-maker from Activa Capital for €190m in late 2010. LBO France provided €100m through its €1bn White Knight VIII fund, a vehicle that closed in 2009. Management reinvested €10.5m in the operation. Since management also wanted to keep developing the company with another private equity owner, no trade buyer was involved in the BNP-run auction process.

The acquisition was leveraged with €90m worth of debt. BNP, Cadif and IKB provided senior debt, while Euromezzanine and Céréa contributed mezzanine financing.

Activa Capital had organised the corporate spin-off of French milk desserts manufacturer Mont Blanc from Nestlé and, at the same time, acquired the Gloria brand as a bolt-on in 2003. In 2006, Activa took a majority stake in fruit desserts company Materne and organised the merger between Mont Blanc and Materne to create the Materne-Mont Blanc group.

Company
The Materne-Mont Blanc group is a Boué-based producer of desserts. Materne focuses on fruits purées, while Mont Blanc produces a range of cream-based desserts.

The group has recently developed significantly in the US by selling its Pom'Potes fruit purées in that market under the name GoGoSqueez.

Materne-Mont Blanc posted a €350m turnover in 2014, up from €185m at the time of LBO France's investment.

People
Thomas Boulman and Guy Latourrette handled the original deal for LBO France.

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• Topics
• France
• Restructuring
• Consumer
• France
• LBO France
• Refinancing
• Unq2015May