Activa Capital buys Primavista off LFPI

Both Primavista's management and LFPI Gestion reinvested in the buyout to secure minority stakes.

Activa's plans to drive organic growth include widening Primavista's offer, notably in digital services and direct marketing. International expansion is also a priority.

In addition, several build-up acquisitions are currently being examined.

Debt
BESV provided a senior debt package to finance the buyout. Mezzanine funding was provided by LFPI Gestion.

Previous funding
LFPI Gestion originally backed the buyout of Primavista in 2007, a deal reportedly valued at €23m. The group has since then made several add-on acquisitions, including the 2008 purchase of ABC Photo.

Company
Primavista spun off from Pixmania in 2007. The group specialises in maternity and school photography as well as direct marketing services for young mothers.

The Courbevoie-based business employs around 1,000 staff and generates revenue in excess of €70m.

People
Christophe Parier, Grégory Fradelizi and Pierre Chabaud worked on the deal for Activa Capital. LFPI Gestion was represented by Fabien Bismuth, Jérôme Balladur and Guillaume Foillard.

Advisers
Equity - Reed Smith, Emmanuel Vergnaud, Mickaël Levi (Legal); Sophie Borenstein (Tax); Caroline Masson (Social due diligence); Watson, Farley & Williams, Eric Villateau (Legal); PricewaterhouseCoopers, David Willems, Bertrand de Robien (Financial due diligence); Olivier Vialle, Anne-Lise Glauser (Commercial due diligence).
Vendor - Salans, Emmanuel Scialom, Charlotte Sorin (Legal).
Senior debt - Simmons & Simmons, Colin Millar (Legal).
Mezzanine - Nabarro & Hinge, Jonathan Nabarro (Legal).

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• Topics
• France
• Buyouts
• Exits
• Consumer
• France
• Activa Capital
• Secondary buyout