Siparex backs MBO for Déchelette-Malleval

Prior to the MBO, control of Déchelette-Malleval was split equally between the respective families. The business will now be rebranded Malleval as the latter family, represented by CEO Olivier Malleval, bought the former out.

Meanwhile, Siparex secured a minority stake in return for a €600,000 investment via its Fonds Regional d'Investissement (FRI) Rhône-Alpes fund.

According to an unquote" source, the deal is the 23rd to be financed by the vehicle, which has invested €12m of its total €30m and is thus 40%-invested. Although the fund has so far focused on the Rhône-Alpes region, Siparex is currently eyeing opportunities in neighbouring Auvergne.

The deal represents a departure from Siparex's usual strategy with FRI Rhône-Alpes. "As this fund targets the growth capital space and usually stays clear of LBOs, we don't often work on intermediated processes. However, this time around we were contacted by a legal adviser who was aware of our fund's focus on industrial assets," explains a source close to the firm.

Although negotiations between the Déchelette and Malleval kicked off a year ago, Siparex did not join the process until July 2015, the same source added.

Debt
The MBO was financed by a senior debt package provided by BECM, Caisse d'Epargne, Société Générale, while Caisse d'Epargne Rhône-Alpes supplied a mezzanine facility via its dedicated arm Mezzo.

Company
Founded in 1920, Déchelette-Malleval has currently rebranded to Malleval and is specialised in the design of curtains and other bespoke textile decoration elements. Headquartered in Pontcharra-sur-Turdine, west of Lyon, the business currently employs around 100 staff and finished 2015 with €17.5m revenues.

People
Siparex - Xavier Chappelon (director at FRI Rhône-Alpes).
Malleval - Olivier Malleval (CEO)

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