FSI Régions backs MBI of EBH from RJD

Sonnie Ehrendal
23 January 2012

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FSI RУЉgions, previously known as Avenir Entreprise, has backed an MBI of European Boating Holidays (EBH) from RJD Partners.

A management team led by Serge Naïm, and backed by FSI Régions, Rubis Capital Bourgogne, and industrial player AMS Industries, has acquired the company. An undisclosed amount of equity was invested from the Avenir Entreprises Développement fund.

Looking forward, FSI Régions aims to target French consumers, whilst increasing the footprint of EBH by expanding operations to foreign markets.

Previous funding
RJD created EBH in August 2006, merging companies Locaboat and Cardinal Cruisers. It took a 69% stake in the €30m MBI, the remainder held by management in a ratcheted stake. Fortis Lease provided new debt in the form of an asset finance facility.

Company
European Boating Holidays, created in a 2006 merger, but tracing back to 1976, offers inland waterway boating holidays in France, Germany, Ireland, Holland, Italy and Poland. The company is based in Bishop's Stortford, UK, and recorded a €16m revenue in 2011.

People
Serge Mesguich and Sybille de Richecour worked on the deal for FSI Régions. Partner Richard Caston and partner Alex Hay worked on the exit for RJD. EBH chairman Keith Gregory will be replaced by a new management team led by Serge Naim.

Advisers
Equity - Mazars, Luc Marty (Financial due diligence); SJ Berwin, Jérôme Jouhanneaud, Isabelle Meyrier, Mathieu Terrisse (Legal).
Vendor - Lincoln International (Corporate finance); Eversheds, Franck Bourgeois, Benjamin Zayat (Legal); Grant Thornton (Financial due diligence).