Azulis Capital buys Shop Novation off Argos Soditic

Management will retain less than 10% of the company's capital following the transaction.

Argos backed the primary MBO of Shop Novation in 2006 - the sale to Azulis allowed it to reap a 2.7x multiple on its investment. This is the sixth exit for the Euroknights V buyout vehicle, which closed on €275m in 2005.

Company
Shop Novation regroups two brands, Sitour Merchandising and Caractères, which specialise in merchandising material and POS (point of sale) advertising for retail professionals. The group offers a range of more than 3,000 products to around 7,500 clients.

People
Gilles Mougenot and Bastien Guelton led the deal for Argos Soditic. Philippe Ecran is CEO of Shop Novation.

Advisers
Vendor - Bucéphale Finance, Olivier Dardel, David Orban (M&A); Ernst & Young, Emmanuel Picard, Eric Fougedoire, Maxime de Vieth (Financial due diligence); Kramer Levin, Christophe Gachin (Legal); Arsène Taxand, Franck Chaminade (Tax).

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