A Plus in capital increase for PE-backed Locabri

Romain Bled, an investment director at A Plus Finance, told unquote" none of Locabri's shareholders will sell any of their stakes as part of the deal, though their holdings will be diluted following A Plus's entrance.

The GP will hold a minority stake in Locabri, replacing Carvest as the third largest shareholder behind majority owner TCR, and Siparex.

A Plus's investment size remains confidential; however, Bled confirmed it fell within the firm's standard €1-5m equity ticket. Financed via the GP's Transmission 2013 fund, the deal was one of the last to come from the €30m-plus vehicle, which was fully invested as of late January.

According to Bled, his involvement in the Locabri deal was key in A Plus being chosen as new investor. Having been recruited by A Plus in May 2015, Bled was previously an associate director at TCR and coordinated the firm's work to acquire Locabri alongside Siparex and Carvest in March 2014.

Eager to expand the business both internally and externally, Locabri's shareholders decided to bring a new player to finance a capital increase. Well acquainted with the modular structure specialist since his stint at TCR, Bled approached the management team with a growth plan for the company.

The all-equity injection by A Plus will finance organic growth and a build-up strategy. It will not have any impact on Locabri's existing senior and mezzanine facilities.

Over the next few years, bolt-ons will be used by the company to incorporate new products and expand into new regions. According to Bled, the plan is to focus on west and south-west France, as well as on neighbouring, French-speaking countries.

Previous funding
According to unquote" data, Locabri first came under private equity ownership in July 2006, when Ekkio Capital, then operating as Acto Capital, drew equity from its maiden fund in return for a majority stake.

In March 2014, Ekkio divested the business to TCR, Siparex and Carvest. With a 65% stake, TCR became the new majority owner, followed by Siparex's 23%, according to unquote" data. Meanwhile, Crédit Agricole Régions Investissement and Locabri's management team came to hold a 3% and 9% interest, respectively.

Company
Founded in 1975, Locabri manufactures and installs modular structures such as temporary buildings and depots for retailers and logistics clients. Since inception, the Brignais-headquartered business has launched the dedicated brands Modubat, Megatex and Flexibat, and is understood to generate more than €18m in turnover.

People
A Plus Finance – Romain Bled (investment director).
TCR Capital – Fabien Bernez (associate director).

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• Topics
• Expansion
• Industrials
• France
• France
• A Plus Finance
• TCR Capital