FRANCE - PE houses dig for French gold

CDC Entreprises has just acquired France’s largest chain of jewellers Marc Orian for an estimated EUR 140m, according to press reports. The Paris-based newco, Financière M.O, was taken private by Crédit Lyonnais Asset Management, now Crédit Agricole Private Equity (CLAM PE), in 2001. Its Equitis LBO fund, acquired a total of 1,355,662 shares at a price of EUR 75 per share, representing 98.48% of the capital. Apart from the equity invested by CLAM PE, funding for the deal in the form of senior debt was provided by Crédit Agricole Indosuez. Alongside Euromezzanine it also structured a EUR 15m mezzanine tranche.