Activa's Findis refinances, acquires Désamais

The deal saw a banking pool – including some of Findis's historical lenders – fully refinance the company's senior debt. The debt package was arranged by CA CIB, Societe Generale, Bank of Ireland, CIC Ouest, LCL and BESV.

Activa did not inject any additional equity to finance the bolt-on. The deal is however understood to have involved co-investors Quilvest, EPF Partners and Capzanine.

Activa acquired Findis in April 2011 from its previous private equity owner, Abénex Capital, in a deal that valued the company at €85m. Activa invested in Findis via its €315m Activa Capital Fund II vehicle.

The company has since then completed four bolt-ons. Findis acquired France-based Ronzier and David Ménager in 2013; prior to that, Activa had provided additional equity for the acquisition of audio-visual retailer Cocélec in January 2012.

Company
Founded in 1908, Désamais distributes DIY, home improvement and gardening products to around 7,000 retailers. The Moulins-based company generates €76m in turnover and employs 220 people.

The bolt-on will allow Findis to broaden its offering towards a new market segment, whereas the previous add-ons focused on the group's core household appliances market. The group will generate a consolidated turnover of €300m and employ 520 staff.

People
Sophie Rouland, Alexandre Masson and Frederic Singer led the deal for Activa.

Advisers
Company (Findis) – Mayer Brown, Pascal Druhen-Charnaux, Patrick Teboul, Martin Jaunait, Christopher Lalloz (Legal); Deloitte, Vincent Batlle, Vania Mermoud (Financial due diligence); Indéfi, Julien Berger (Commercial due diligence); Fidal, Marie-Isabelle Levesque, Guillaume Pezzali (Legal, tax); Oddo Corporate Finance, Laurent Bonnin (Corporate finance).
Debt – Shearman & Sterling, Arnaud Fromion (Legal).

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• Topics
• France
• Restructuring
• Portfolio management
• France
• Activa Capital
• Refinancing