3i et al. exit WFCI in SBO

Greg Gille
09 March 2015

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3i, ActoMezz and IDI Group have sold their stakes in France-based World Freight Company International (WFCI) to US private equity firm Greenbriar Equity Group.

Pierre Brunet, the founder and hitherto majority shareholder of the business, also sold part of its shares while staying at the helm of WFCI. According to reports in the French press, the transaction valued the company at around €120–130m.

IDI and ActoMezz both invested €20m in a secondary buyout of WFCI in 2008. The investors secured around 30% of the company between them via a capital and mezzanine debt package, which also included a €20m mezzanine facility provided by Ardian. The management team, led by Brunet, reinvested and upped their majority stake from 51% to 70%. The company had an enterprise value of around €100m at the time, according to unquote" data.

IDI and ActoMezz were joined by 3i in 2011 in a further €33m investment. As part of the transaction, 3i provided €25m and secured a minority stake, while Brunet and the management retained a majority stake.

Since 2008, WFCI has completed five bolt-ons in Europe, the US and Asia. As a result of this strategy, the company now operates out of 180 offices in 60 countries, compared with 53 locations in 26 countries in 2011. Turnover increased from €450m in 2008 to around €1bn in 2014.

Company
World Freight Company International is based in Paris and operates as a general sales and services agent for freighter cargo in the aviation industry. The company was established in 2004.

People
Guillaume Basquin, Rémi Carnimolla and Anne Leforestier worked on the deal for 3i. Marco de Alfaro and Alexis Garand-Clavel represented IDI, while ActoMezz was represented by Stéphane Bergez and Arnaud Faure.

Advisers
Vendors – EY, Gratien de Pontville, Stéphane Vignals, Benjamin Zowczak (Financial due diligence); LEK, Rémy Ossmann, David Danon-Boileau, Nohmie Ben Rekassa (Commercial due diligence); Weil, Gotshal & Manges, Jean Beauchataud, Gautier Elies, Edouard de Lamy, Doriane Salimon (Legal); Cabinet Degroux-Brugère, Dominique Dumas (Legal).
Company – Marlborough Partners, Romain Cattet, JP Davidson, Francis Booth (Debt advisory).