Commagnac Industries (France) - Nov 2007

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01 November 2007

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Perfectis Private Equity has acquired a majority stake in sensitive and high-value goods transporters Commagnac Industries, in a deal valuing the business at less than €20m. The transaction includes Commagnac Indutries and recently-acquired Etablissement Christian Lucas (ECL). Perfectis originally met the company’s CEO in 2004, when the company was too small to fit its investment criteria, but maintained contact. Perfectis later sent a satisfactory offer to the company’s corporate financier, preempting a possible auction. LCL underwrote an all-senior two-tranche debt package to support the deal. In terms of the exit, both an LBO and a trade sale are possible in this reportedly fragmented sector. In 2003, the company’s CEO led a management buy-in, raising a sponsorless debt package from LCL.

Company

Périgueux-headquartered Commagnac Industries undertakes the transportation, distribution and logistics of high-value, sensitive, dangerous or fragile goods, such as technology and luxury accessories, chemicals, explosives and cosmetics. In April 2007, the company acquired Beaugier Transport, helping the group’s turnover increase from €12m to €28m. Supported by Perfectis, this was followed in November 2007 by the acquisition of ECL, a transportation business generating a turnover of €5m. The growth strategy involves the constitution of a multi-regional network, via openings and acquisitions of businesses of all sizes, with the aim of becoming the French leader by market share within four or five years. The company currently employs 310 staff.

People

Stéphane Bergez and Sylvain Campion work on the transaction for Perfectis Private Equity, while Ivan Piqueras, Claudia Daugan and Géraldine Metayer structured the debt for LCL. Jean-Christophe Rey is Commagnac Industries’ CEO.

Advisers

Equity - Cabinet Verspieren, (Insurance Due Diligence)Equity - Intuity, Philippe Fieloux, Pierre Jouglard (Legal)Equity - Neostrategy, Giovanni di Francesco (Other Due Diligence)Equity - Nexia, Fabrice Huglin (Financial Due Diligence)Equity - Organce, Patick Barbotte (Environmental Due Diligence)Management - HSBC, Laurent Derbois, Philippe Giraudon, Yann Quentrec (Corporate Finance)Management - La Boétie Legal, Claude Ravon, Daphné Payrot Des Gachons (Legal)