Omnes et al. in MBO for Bimedia

Enterprise value for Bimedia was not revealed, but sources close to the transaction confirmed it fell within the €20-50m region.

Speaking to unquote", Omnes partner Éric Rey explained the firm secured a stake of slightly less than 60% in Bimedia, while A Plus and Idinvest acquired a minority interest in the business.

With CEO Olivier Kimmerling at the helm, the company's management team invested alongside the firms in return for a stake of around 5%.

Meanwhile, the group of selling founders Jean-Baptiste Pondevy, Dominique Chabot and Antoine Lacoste stayed as shareholders as they retained close to a 30% stake.

The investment is Omnes' second to be financed via its €180m fourth fund. Launched in September 2013, Omnes Croissance IV held a first €82m close in December 2014, €70m of which came from former parent Credit Agricole.

Prior to Bimedia, the vehicle was used by the GP when it invested €9m in the owner buyout of French shipping service Cogepart – the exact same contribution the firm made for Bimedia's MBO, according to Rey.

The takeover takes place nine months after a limited auction process was initiated for Bimedia by M&A consultancy Financière Cambon, which approached Omnes as a potential buyer.

The deal represents Omnes' and Idinvest's second joint foray in the French software sector in the space of a week. In late August, the duo took part in a $45m series-D for object-based storage specialist Scality alongside Iris Capital and existing backers Galileo Partners, Menlo Ventures and BPI France's Digital Ambition Fund.

Debt
Idinvest supported the buyout with a unitranche facility.

Company
Created in 2002, Bimedia is a software developer targeting clients in the retail sector such as news agents, tobacco sellers and bakers. The business provides them with point-of-sale terminals and services ranging from telephone and digital advertising sales to electronic payment systems.

With headquarters in La Roche-sur-Yon, the business manages additional offices in Paris and employs 120 professionals. In 2014, it posted €135m in revenues.

People
Omnes' work on the deal was coordinated by Éric Rey and Mikaël Schaller, respectively partner and principal at the GP's mid-cap buyout and growth capital team. A Plus was represented by investment manager Tuan Tran and associate Mia Lauranti, while the Idinvest team was led by partner Eric Gallerne, investment director Nicolas Nedelec and associate Emmanuelle Tanguy.

Jean-Baptiste Pondevy founded Bimedia and is the current chair of its supervisory board, while Olivier Kimmerling is CEO at the business.

Advisers
Equity – Pinot de Villechenon, Gilles Roux, Tristan Segonds, Martin Kyuchukov-Roglev, Eléanore Griffiths (Legal); Grant Thornton, Frédéric Zeitoun, Elodie Lonqueu (Financial due diligence); CMI Stratégies, Nicolas Kandel, Jean-Guillaume Bayada, Nathanaël Loric (Commercial due diligence).
Vendor – CMI Stratégies, Nicolas Kandel, Jean-Guillaume Bayada, Nathanaël Loric, (M&A); Gide Loyrette Nouel, David-James Sebag, Matthias Grolier (Legal).
Debt – DLA Piper, Maud Manon, Pierre Tardivo (Legal).
Management – Kalone Avocats, Ugo Tomasin, Adrien Goume (Legal).

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• Topics
• France
• Buyouts
• Technology
• France
• Omnes Capital
• IDInvest Partners (AGF Private Equity)