Avenir Entreprises et al. back Le Nappage SBO

The two sponsors contributed €2.8m to back the buyout. Management retains a majority stake. Avenir Entreprises contributed through the €140m Avenir Entreprises Développement fund.

The sale process itself was not intermediated, but the new backers were introduced to the deal through Crédit Suisse. Le Nappage now aims to consolidate its position on the French market and further penetrate Southern European markets.

Debt
LCL arranged senior debt for this transaction, which was further syndicated to Kolb, Palatine and CIC Est.

Previous funding
CM-CIC Capital Privé backed the secondary OBO of Le Nappage in 2007, a deal that saw previous backers Crédit Agricole Private Equity, Eurocapital and Robertsau Investissement exit the business. This was the first time management took control of the company, securing a 56% stake.

Company
Founded in 1945, Le Nappage manufactures paper-based tablecloth products. The company employs 100 people and posted a €29m turnover in 2010 - its EBITDA stood at €2.35m last year.

People
Serge Mesguich and Cyril Chaumien represented Avenir Entreprises, while Val Capital was represented by Jean-Michel Solier. Thierry Wendling and Franck Chevreux led the deal for CM-CIC Investissement. Didier Destouches is CEO of Le Nappage.

Advisers
Equity - DS Avocats, Bernard Teze, Sandrine Perrier, Arnaud Langlais (Legal); Exco GEC, Vincent Himber (Corporate finance); BM&A, Patrick Abensour (Financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Now researching
• Buyouts
• Exits
• Consumer
• France
• Avenir Entreprises