Devianne (France) - Dec 2007

CIC Finance, Pechel Industries and LCL Régions Développement have backed the buyout of clothing retailer Devianne. The deal gives CIC and Pechel a 49% stake in the business, with the remaining 51% under the ownership of the CEO, one associate, and management. The vendors were private individuals. In conjunction with the buyout, Devianne has acquired clothing chain Stanford. Following an open bid to seek minority backers in 2005, CIC Finance had made an investment in convertible bonds. CIC Banque BSD-CIN and LCL underwrote a debt package representing around 60% of the deal’s value, comprising a significant A-tranche and a smaller B-tranche.

Company

Established in 1982 in Wasquehal, Devianne conceives and distributes a range of brands through its chain of fully-owned retail points. The company generated combined sales of €130m in 2007, with an EBITDA margin of approximately 10%. The business hopes to grow by 30-50% within four to five years, by both organic and external means. Stanford generates a turnover of around €14m and employs 90 staff. Devianne now employs more than 1,000 staff.

People

Xavier Blain and Philippe Traisnel represented CIC Finance, while Jean Gore and Olivier Golder worked on the deal for Pechel, and Laurent Espic worked for LCL Régions Développement. Joël Toulemonde is Devianne’s CEO.

Advisers

Equity - Orsay, Frédéricque Milotic , Valérie Dixneuf (Legal)Vendor - Sarrau Thomas Couderc, Christine Lebreton (Legal)

Sourced from: France unquote" 87 (Jan 2008)

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