Alven sells Fine Media to KKR's Pages Jaunes

KKR and Goldman Sachs jointly acquired a 54% stake in directories business Pages Jaunes for €3.312bn in 2006. The acquisition of the 150,546,830 shares at a unitary price of €22 was realised via newco Mediannuaire, of which 80% was then controlled by KKR's funds, and 20% by Goldman Sachs.

The deal valued the whole business at €6.133bn, approximately 14x its EBITDA. The company has since then seen its valuation tumble – it now trades at around €4.17 per share, with a €1.16bn market share.

It is unclear whether KKR and Goldman Sachs provided any additional equity to fund this latest add-on.

Previous funding
Alven backed the company from its inception in 2007. It reaped a 3x multiple on its overall investment in the business following the sale.

Company
Established in 2007, Fine Media edits and publishes around 280 websites under the ComprendreChoisir brand, offering practical advice and services to consumers in five areas including home/DIY, money/legal and health/cosmetics.

The ComprendreChoisir website registers around 1.5 million visits per months. Paris-based Fine Media employs 22 staff.

People
Charles Letourneur and Guillaume Aubin led the deal for Alven.

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