CM-CIC sells Focal & Naim to Naxicap et al.

Ellie Pullen
08 May 2014

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Naxicap Partners, AquasourУЇa and Garibaldi Participations have acquired Focal & Naim (F&N) from CM-CIC Capital Finance and Focal founder Jacques Mahul.

F&N's management team, led by CEO Christophe Sicaud, invested alongside the GP consortium. Naxicap has acquired a majority stake in the company.

The company, which was formed through the 2011 merger of Focal-JMLab and Naim Audio, will be renamed Vervent Audio Group following the secondary buyout. After the merger the two companies remained as independent brands under the Focal & Co holding company.

CM-CIC (then CIC Banque de Vizille) acquired a 20% stake in Focal in 2000, according to unquote" data. In February 2008, the firm increased its stake to 48% in a deal that saw Focal founder Mahul's stake decrease from 75% to 47%.

At the time, management retained the remaining 5% shareholding in the company. LCL, Lyonnaise de Banque and Banque Populaire Loire & Lyonnais provided a senior debt package of €9.5m for the deal.

Company
Established as a group in 2011, F&N generated turnover of €65m in 2013, with 65% of revenues coming from international markets. The group, which employs 325 staff, expects to see turnover of €75m this year.

Saint-Etienne-headquartered Focal was founded in 1979 and employs 200 staff. The company manufactures hi-fi loudspeakers and headphones.

Founded in 1973, Naim is headquartered in Salisbury and employs 125 staff. The company produces hi-fi audio equipment such as amplifiers.

People
Christophe Sicaud is the CEO of F&N. Focal founder Jacques Mahul has stepped down from his role as group chairman following his divestment.

Advisers
Vendors – DC Advisory (Corporate finance).