21 Centrale Partners exits Nord-Est

The multiple of the transaction was between 6.5-7x EBITDA, which values the transaction at around €300m.

Previous funding
21 Centrale initially invested in the company in 2007. The original deal amounted to 5.2x EBITDA. The investment was initiated by Gerard Pluvinet of 21 Centrale and Edouard Silvy, chairman of Nord-Est.

Nord-Est was taken private to refocus it on its core business of packaging. Nord-Est shares had been traded on the Paris Stock Exchange.

During the ownership by 21 Centrale Partners, the net debt of Nord-Est was reduced from €76m to €66m. The company made acquisitions worth €50m during this time.

Company
Nord-Est is a french packaging business, active in the cosmetics industry. The company is based in Paris. In 2011, its EBITDA was €45m with revenues of €325m.

People
The investment was led by Gerard Pluvinet, founding partner of 21 Centrale.

Advisers
Vendor – Rothschild, Laurent Baril, Frank Cygler (Corporate finance); CMS Bureau Francis Lefebvre, Philippe Rosenpick, Arnaud Hugot (Legal); 8 Advisory, Pascal Raidron, Katia Wagner (Financial due diligence); Arthur D Little, Franck Herbaux, François Deneux (Strategic due diligence).

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• Topics
• Exits
• France
• Industrials
• Oaktree Capital Management
• 21 Centrale Partners