Solemar (France) - Oct 2007

Listed private equity firm IPO has invested E800,000 to acquire 25% of Solemar, a manufacturer of PVC, wood and aluminium window frames. The company’s CEOs retained the balance. This transaction, sourced privately by the financial sponsor, was leveraged with a single tranche of amortising debt underwritten by Crédit Agricole and Société Générale.

Company

Founded in 1971, Solemar focuses on the manufacturing and maintenance of top-end windows. The business specialises in the renovation of prestigious buildings, such as the hotels Costes, Crillon, Plazza Athénée and Bristol in Paris, and the Assemblée Nationale. The company has recently invested E2.2m in industrial equipment that will automate a number of processes. The firm, which posted sales of E10m in 2006 and employs around 75 staff, will aim to grow organically.

People

Badri Ben Grine and Hubert David worked on the deal for IPO. Olivier Delalande prepared the debt for Crédit Agricole, while Stephane Eustache and Linda Marzouk did so for Société Générale. Jacques Le Marhadour and Catherine Le Marhadour are Solemar’s CEOs.

Advisers

Equity - Audit Consultants, Gérard Souet, Pascal Levene (Financial Due Diligence)Equity - LB Avocats, (Legal)Management - Cabinet SJVL, Gilles Camphort (Legal)Management - Strego Angers, Philippe Orain (Financial Due Diligence)

Sourced from: France unquote" 86 (Nov 2007)

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