Naxicap secures majority stake in Genoyer

Naxicap secured exclusivity for the deal back in June. According to reports in the French press, Genoyer has undergone difficulties linked to the fall in oil prices.

The deal saw Genoyer continue its history of private equity ownership, which is now approaching 20 years.

Previous funding
Qualium (then CDC Capital Investissement) made an equity investment of €100m in the secondary buyout of the business from Carlyle in 2007. The deal was leveraged with high-yield bonds.

In July 1998, Carlyle completed the original buyout of Genoyer in a deal that valued the business at around €220m.

Company
Established in 1963, Genoyer manufactures piping and tubing products for the oil and gas industry. Based in Marseille, the business employs 1,000 people and generated a €292m turnover in 2014, 80% of which was driven by exports. At the time of the 2007 buyout by Qualium, unquote" data recorded revenues of €300m and a 1,350 headcount for the business.

Genoyer is understood to have generated EBITDA in the region of €20m in the most recent financial year.

People
Yves Barraquand is the chairman of Genoyer.

Advisers
Vendor – Willkie Farr & Gallagher, Alexandra Bigot, Thomas Doyen (Legal).
Company – Messier Maris et Associés, François Guichot-Perere (Corporate finance); Weil Gotshal & Manges, Philippe Druon, Sandra Beladjine (Legal).

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• Topics
• France
• Buyouts
• Exits
• Secondary buyout
• France
• Naxicap
• Qualium Investissement