A Plus Finance et al. in Saint-Aubin MBI

Saint-Aubin's enterprise value remains confidential, but a source confirmed it falls within the €5-50m range.

According to this same source, A Plus Finance and BNP Paribas Développement secured a joint stake close to the 50% mark in the business. The duo financed the management takeover with a mixture of equity and convertible bonds.

Saint-Aubin founder and hitherto CEO Yves Desbonnet and Thierry Lafeuille, who was newly appointed to the role, invested alongside the firms and will each hold a minority stake. Following the management reshuffle, Saint-Aubin will attempt to enter new markets, both in France and abroad.

A Plus Finance drew equity from a Bourgogne-focused FIP vehicle and its Transmission Partenaire FCPR fund. Saint-Aubin represents the sixth deal for the FCPR vehicle, which has so far raised €15m towards a €20-30m target.

The GP was approached about Saint-Aubin by corporate finance outfit Sodica, unquote" understands. The adviser was a familiar name for A Plus Finance, having intermediated the talks leading to the MBI of slip-proof paving designer Passage two weeks ago.

Sodica contacted financial investors on behalf of Yves Desbonnet, who was on the lookout for a new executive to replace him as CEO; the role will ultimately be filled by former Coup de Pates executive and long-standing Desbonnet acquaintance Thierry Lafeuille.

Debt
LCL arranged a senior package to support the MBI, with Crédit Agricole and BNP Paribas also participating.

Company
Founded in 1995, Groupe Saint-Aubin manufactures and sells frozen and fresh food products via the Les Délices de Janice, Chapuis Surgelés and Maison Chapuis brands. With headquarters in Le Charolais, the business targets smaller establishments and focuses on Christmas-related pastries. The company most recently posted €20m in revenues.

People
A Plus Finance's work on the deal was led by investment director Jean-Christophe Sampson and project manager Mia Lauranti. BNP Paribas Développement was represented by investment directors Gilles Poncet and Guillaume Danzelle, as well as analyst Guillaume Wolf.

Advisers
Equity - K&L Gates, Nicola Di Giovanni, Arthur Anton (Legal); Advance Capital, Jean-Charles Geoffroy (Financial due diligence); ERM, Julien Famy, Amandine Carrage (Environmental due diligence).
Vendor - Sodica Corporate Finance, Gilles Coudon, Marc-Antoine Olivier (Corporate finance); Cesis Avocats, Alain Zaninetti, Lucie Tondeur (Legal).
Management - Sekri Valentin Zerrouk, Coppelia Burgos, Marie-Caroline Lafond (Legal).

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• Topics
• Buyouts
• France
• Consumer
• France
• A Plus Finance
• BNP Paribas