Eurazeo injects €134m into Les Petits Chaperons Rouges

The transaction was structured as a buyout, allowing previous backer Five Arrows to exit the business. The Rothschild investment arm had supported the owner buyout of the company in 2010, according to unquote" data.

Eurazeo provided a total of €134m in equity and convertible bonds. It secured a 41% stake while co-investor BPI France will hold onto 8% of the shares. The company's co-founder and chair, Jean-Emmanuel Rodocanachi, will own a 51% stake.

Eurazeo told unquote" it had been following the nursery sector for a number of years with a view to invest in that space. It initiated discussion with Rodocanachi in Q3 last year, as the co-founder was looking for a backer for the next step of LPCR's development.

This marks the second sizeable transaction in as many days for Eurazeo: on 29 March, the listed investor announced it had secured a majority stake in the secondary buyout of French bedding business MK Direct via its small- and mid-cap arm, Eurazeo PME. The firm invested €49m in a deal valuing the business at €102m.

Company
Founded in 2000, LPCR is a private operator of nurseries across France with a network of 850 facilities, 250 of which it directly operates. Its 900 clients include companies, public authorities and local communities. With 3,200 employees, the group reported average annual revenue growth of 21% between 2010 and 2015, with turnover increasing from €56m to €144m in that time frame.

People
Eurazeo – Vivianne Akriche (director); Amandine Ayrem (associate); Grégoire Leleu (analyst).
LPCR – Jean-Emmanuel Rodocanachi (co-founder, chair).

Advisers
Equity - Lazard, Charles Andrez (M&A); Skadden, Olivier Diaz, Céline Gainet, Thomas Perrot, Guillaume Roche (legal); PwC Transaction Services, Guillaume Lorain, Sophie Gerbaud, Clémence Chauvin (financial due diligence); PwC Société d'Avocats, Fabien Radisic, Aurélie Cluzel-d'Andlau et Yannick Olivier (legal, tax).

 

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• Topics
• Buyouts
• France
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• Consumer
• France
• Eurazeo
• Rothschild