Micro Application (France) - Nov 2007

unquote
01 November 2007

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In an owner buyout valuing the business between €20-40m, EPF Partners has taken one-third of Micro Application, a publisher of leisure-oriented software. The deal allows a partial exit by the company’s founder, who still retains control of the business. Management were also granted the opportunity to invest. The transaction was sourced through Sodica. LCL underwrote a seven-year strip of amortising debt, worth around half of the deal’s total value. A subsequent owner buyout and a trade sale have both been mentioned as credible exit routes.

Company

Established in 1981, Paris-headquartered Micro Application publishes a range of software for the public. The business also produces games for PCs and Nintendo consoles. The company is a widely recognised brand, generating a turnover of approximately €35m. Double-digit growth is anticipated, mainly by the launch of new products, but acquisitions will also be considered on an opportunistic basis.

People

Christian d’Argoubet and Emmanuel Laillier worked on the deal for EPF partners. Sandrine Kergosien and Gilles Roussel arranged the debt for LCL. Philippe Olivier is Micro Application’s founding CEO.

Advisers

Equity - Courtois-Lebel, Sébastien Robineau (Legal)Equity - Ernst & Young - Transaction Advisory Services, Christophe Lehujeur, Emmanuel Picard (Financial Due Diligence)Management - Fidal, Florence Olivier, Olivier Jousset (Legal)Management - Sodica, Bertrand Thimonier (Corporate Finance)

Sourced from: France unquote" 88 (Feb 2008)