News/France
Axa PE-backed Saur in debt-for-equity swap
Saur, a French water company backed by Axa Private Equity and sovereign wealth fund FSI, will be taken over by its lenders later this month.
Idinvest acquires stake in VC firm KLS
Idinvest Partners has acquired a stake in Kurma Life Sciences Partners (KLS) from the private equity arm of Natixis bank.
Tikehau takes 35% stake in Duke Street
Duke Street has sold a 35% stake of itself to Paris-based investment firm Tikehau Group in an effort to boost the firm’s deal-by-deal model.
Charterhouse considers Elior IPO
Charterhouse is considering the flotation of French catering business Elior, due to a lack of bids for the company reaching the firm’s €4bn asking price, according to the Financial Times.
Axa PE and Fosun increase Club Med bid
Axa Private Equity and Fosun International have increased their offer to wholly acquire listed French holiday resorts group Club Méditerranée to €17.50 per share, up from the initial offer of €17 per share.
France's FSN PME fund capacity axed by quarter
France's state-backed venture fund FSN PME will manage €300m overall, down from the €400m mentioned at the vehicle's launch in 2011.
CIC Mezzanine tops up third fund with extra €15m
French GP CIC Mezzanine is understood to have held a final close for its third fund on €180m, €15m more than the amount announced at the beginning of May.
Dechert makes new hires for Paris branch
Matthieu Grollemund, Dechert
Carlyle MDs Falézan and Colas to leave next year
Franck Falézan and Benoit Colas, two Carlyle managing directors with a focus on French buyouts, are set to step down in May next year.
LBO France to team up with Fosun for Nocibé bid
French firm LBO France could make a joint bid with Chinese conglomerate Fosun for Nocibé, the French perfume and cosmetics retailer owned by Charterhouse, according to reports in the local press.
Apax to lead GFI Informatique takeover
Apax France and listed fund Altamir Amboise have announced plans to lead a takeover offer for French listed IT business GFI Informatique.
PAI's Zinsou to retire; succession plans underway
PAI partners' chief executive Lionel Zinsou is to step down in 2015 as the private equity house draws up its succession plans.
Major refinancing underway for Eurazeo's Elis
Elis, a French professional clothing business owned by Eurazeo, has placed a €450m high-yield bond as part of a significant refinancing effort.
Bain and Axa PE duel for Maisons du Monde
Bain Capital and Axa Private Equity are the two remaining bidders for French furniture stores chain Maisons du Monde, according to reports.
Sun European halts sale of DBApparel
Sun European Partners has abandoned the attempted sale of DBApparel, the parent company of French underwear retailer Dim, due to a lack of sufficient offers for the business, according to French media.
Metastudy: Private equity drives innovation and growth
A new secondary research report has found that private equity investing leads to increased foreign investment and improvements in innovation.
Diana sale could yield €1bn for Axa PE
Axa Private Equity is mulling a sale for French food ingredients business Diana Ingredients, according to reports.
EU postpones Solvency II rules on pensions
The European Commission has postponed a bid to apply Solvency II style rules to pension funds as part of the revised IORP Directive.
Natixis buys Euro Private Equity
Natixis has added another firm to its private equity arm by acquiring Swiss funds-of-funds manager and investment adviser Euro Private Equity.
LBO France to start fundraising after year-long delay
LBO France is seeking around €1bn for its White Knight IX fund, almost a year after it was expected to launch.
France's Elior and Nord-Est in refinancings
Charterhouse's catering business Elior has tapped into the high-yield market to raise €350m, while Oaktree has been able to reap a dividend by leveraging its investment in packaging company Nord-Est, according to local reports.
Candover's Alma Consulting in refinancing talks
Alma Consulting, a French corporate cost-reduction advisory business owned by Candover, could be taken over by its mezzanine lenders, according to local reports.
Partech appoints Romain Lavault as general partner
French technology-focused venture capital firm Partech International has appointed Romain Lavault as general partner.
France to cut back on capital gains tax
Following months of complaints by local entrepreneurs, French president François Hollande is due to announce a simplified and more favourable capital gains taxation regime.