Activa creates Alliance Etiquettes group with three buyouts

José Rojo
22 January 2016

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Mid-market GP Activa Capital has set up French labelling group Alliance Etiquettes through the purchase of three separate businesses via its third vehicle.

Update (22/01/16): Activa revealed the name of the third business acquired to set up Alliance Etiquettes. Created in 1989, Maumy Impression is a specialised printing firm located in La Réole in the Bordeaux region, managed by Xavier Sinsou. The group is expected to post a €20m turnover in 2016.

Original story: Alliance Etiquettes so far comprises labelling specialists Imprimerie Laulan and Groupe Enes. The businesses are now owned by Activa and make up a respective 45% and 35% of the group's total size, partner Christophe Parier told unquote".

The two assets will be joined by a third in early January 2016, with plans to add more French and southern European assets to the group in the following months.

Representing a total €30-40m in enterprise value, the new group will be based in Imprimerie Laulan's existing headquarters in south-west France and will be headed by CEO Olivier Laulan.

According to Parier, Activa secured a majority stake in Alliance Etiquettes, while the remaining shares will be held by Olivier Laulan and Groupe Enes CEO Bruno Quaesaet.

Activa's investment is the first to be financed via its third fund. Having held a first close in excess of €200m a few months ago, Activa Capital III is currently fundraising towards a target in line with previous funds. The firm expects the Alliance Étiquettes deal to spark LP interest in the run-up to the final closing, Parier said.

According to the Activa partner, the firm was introduced to the French labelling sector via its unsuccessful attempt to buy Barat Étiquettes in May. The business, a label designer for winemakers, was put up for sale by Cobalt Capital in Q3 2014. Following an "extremely competitive" auction process, the asset was finally sold for a 2.5x return to US corporate Multi-Color Corporation.

Activa's involvement in the race for Barat convinced the firm of the consolidation potential among French label makers, a fragmented space thought to represent an annual €300m in revenues. The GP then decided to enter the segment after contacts were made with Imprimeries Laulan CEO Olivier Laulan.

Debt
The deal was supported by a senior facility provided by Societe Generale, LCL and Crédit Agricole. The package is understood to have financed approximately 50% of the purchase price.

Company
Created in December 2015, Alliance Etiquettes designs labels for winemakers and premium food producers. The group will operate out of Imprimerie Laulan's production facilities in south-west France and will keep the latter's headquarters in Pineuilh, near Bordeaux. The company expects to generate €18m in sales in 2016.

People
Activa's work on the deal was led by partner Christophe Parier, investment directors Alexandre Masson and Grégory Fradelizi, and analyst David Quatrepoint. Olivier Laulan is Alliance Etiquettes' new CEO.

Advisers
Equity – Natixis Partners, Jean-Baptiste Marchand (Corporate finance); Indefi, Julien Berger (Commercial due diligence); 8 Advisory, Justin Welstead, Boris Bignon (Financial due diligence); TAJ, Armand Mounier (Legal); Mayer Brown, Olivier Aubouin, Emmanuel Mimin, Jehanne Talha, Patrick Teboul, Maud Bischoff (Legal).
Management – Fidal, Sébastien Peronne (Legal).