Amundi PEF buys FrogPubs from Ciclad

Ellie Pullen
11 December 2014

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Amundi Private Equity Funds has acquired FrogPubs, a French operator of English microbreweries and pubs, from French private equity firm Ciclad.

Amundi has bought out the minority stake held by Ciclad, which acquired a 37% shareholding in the business in a management buyout in December 2005.

The company plans to open four new venues per year. It also intends to pursue commercialisation of its craft beers to sell in restaurants and at festivals next year.

FrogPubs' burger bar chain will also expand next year, with new locations opening in Paris.

Previous funding
Ciclad bought its 37% stake in FrogPubs in a management buyout in December 2005. One of FrogPubs' two founders, Paul Chantler, took a majority stake, according to unquote" data.

Ciclad and Chantler acquired FrogPubs from its other founder Thor Gudmusson, Avenir Tourisme and a group of private investors.

BNP Paribas and LCL underwrote a senior debt and capex facility package for the Ciclad-backed buyout. At the time of the firm's investment, FrogPubs operated six venues, employed 170 staff and generated €7.5m in turnover.

Company
Founded in 1993 and headquartered in Paris, FrogPubs is an operator of English microbreweries, pubs and burger bars located across France. It brews its own English craft beers.

The company operates ten venues overall; six microbreweries and pubs in Paris, one in Bordeaux and one in Toulouse, as well as two burger bars, named FrogBurger, located in Bastille and St-Michel in Paris.

FrogPubs employs 300 staff and generates €16m in revenues. The company brews 1.5 million pints of beer per year

People
Paul Chantler is the president and founder of FrogPubs. Amundi partner Claire Chabrier worked on the deal, while Ciclad founder Lionel Lambert worked on the exit.

Advisers
Equity - Lamartine Conseil, Fabien Mauvais, Gary Levy, Camille Le Foyer de Costil (Legal); Oderis Consulting, Jean-Christian Raymond, Michel Banh (Financial due diligence); ATEM, Isabelle Camus (IP due diligence).
Company - KPMG Corporate Finance, Julian Parsons, Nicolas Manceau, Clémence Aubert (Corporate finance); Fairways, Pierre-Emmanuel Fonteilles, Emmanuel Galifer (Legal).