Azulis leads Destia MBO

The deal, which is understood to be valued between €25-50m, marks the first exit for Paluel Marmont's PMC II fund. The vehicle had originally invested in Avidom in 2012, before backing a merger with Sous Mon Toit to create the Destia homecare group.

Azulis secured the largest stake in the management buyout, alongside co-investors BNP Paribas Développement, Societe Generale Capital Partenaires and MACSF. The financial backers are understood to have secured around two thirds of Destia's shares, with the remainder being retained by the company's two managers.

The transaction was intermediated by Financiere Monceau, with Idinvest reportedly providing a mezzanine package to finance the deal.

French GP Azulis held a €120.8m first close for its latest vehicle, Middle Market Fund V, in February 2015. The vehicle provides €8-15m per deal, focusing on French mid-market businesses valued in the €25-80m range.

Company
With roots dating back to 2005, the Destia group was born following the bolt-on of Sous Mon Toit by Avidom in 2014. It specialises in homecare for the elderly and disabled, as well as at-home childcare.

Destia operates via 75 agencies across France with 3,200 staff. It generated a €40m turnover in 2015.

People
Azulis Capital – Christine Mariette (partner).

Advisers
Company – Financiere Monceau (corporate finance).

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• Topics
• Buyouts
• France
• Healthcare
• Exits
• France
• Azulis Capital
• Secondary buyout