NiXEN's Babeau Seguin buys Vesta

Greg Gille
29 November 2012

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NiXEN's portfolio company, French home construction group Babeau Seguin, has made its second bolt-on in less than a year with the acquisition of Vesta.

Babeau Seguin acquired its competitor Maisons et Jardins in February 2012. NiXEN reinvested to fund the Maison et Jardins transaction alongside management and other historical backers. A "cautious" financial package was also put in place.

NiXEN was not yet available to comment on whether it reinvested to finance the Vesta deal. Idinvest Partners did however provide mezzanine funding.

NiXEN acquired a majority stake of slightly more than 50% in Babeau Seguin from a consortium of private equity shareholders in November 2011. The deal was valued in the €50-100m range. Existing shareholders Siparex, CM-CIC, Carvest and Somfy Participations reinvested, as did Babeau Seguin's founder and chief executive Bruno Babeau. Pechel and Avenir Entreprises also joined NiXEN as investors in the new structure.

Following the Vesta acquisition, the Babeau Seguin group will generate a €135m turnover. NiXEN stated the business is currently looking at other potential build-up opportunities.

Company
Established in 1982, the Babeau Seguin group is a builder of individual homes. It employs 250 staff across 50 agencies, operates in 10 French regions and generates annual sales of around 1,500 houses equating to a turnover in excess of €100m.

Yutz-based Vesta is also a builder of individual homes operating in the Meurthe-et-Moselle region. It mainly targets first-time home owners and generates an €11m turnover.

People
Pierre Rispoli, Johann Le Duigou and Frédéric Mimoun represented NiXEN on the deal. Francois Lacoste led the deal for Idinvest. Bruno Babeau is president of the Babeau Seguin group.

Advisers
Acquirer – Ratheaux, Gaetan de la Bourdonnaye, Valérie Ciancia (Legal); SECC, Denis Gouaille, Vincent Roux (Financial due diligence); Aristéa, Pierre Sanna, Anne-Sophie Bastard de Crisnay (Corporate finance).
Vendors – Richard et Mertz, Christian Richard, Tristan Quere, Raja Khamis (Legal).