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Athema, partenaire d'Erwan Tabarly pour la Saison Figaro
Spécialiste du Corporate Finance

Main Operations


L'occitane

January 2017 – L'Occitane Group – Disposal of the brand Le Couvent des Minimes

Nature of the operation : Sale

Customer : L'Occitane Group

Sector : Consumer goods / Cosmetics

Date : January 2017

Amount of the transaction : n/a


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L'occitane

January 2017 – L'Occitane Group – Disposal of the brand Le Couvent des Minimes

Nature of the operation : Sale

Customer : L'Occitane Group

Sector : Consumer goods / Cosmetics

Date : January 2017

Amount of the transaction : n/a


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Targeted company : Created in 2004, Le Couvent des Minimes is a brand currently marketed in 15 countries, mainly distributed in pharmacies and perfumeries. Inspired by plant-based skincare and well-being recipes, the brand's star products are its Gardener's Hand Healer and Hiker's Foot Healer, along with its colognes.


Description of the assignment : through a sell side process managed by Athema, L'Occitane Group sold its beauty brand Le Couvent des Minimes, specialized in colognes and natural and traditional skincare products to HLD Group, and Didier Tabary, President of Laboratoires Filorga and Laboratoires SVR. Le Couvent des Minimes will join the beauty portfolio composed of SVR and Filorga, and will benefit from a presence in 85 countries, as well as significant commercial and production synergies.

 

DCNS

January – DCNS Energies – Fund raising

Nature of the operation : Fund raising

Customer : DCNS

Sector : Renewable Energies

Date : December 2016


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DCNS

January – DCNS Energies – Fund raising

Nature of the operation : Fund raising

Customer : DCNS

Sector : Renewable Energies

Date : December 2016


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Targeted company : DCNS Energies is a subsidiary of DCNS group dedicated to marine renewable energies (MRE). The company develops solutions for production of electricity from 3 types of marine renewable energies: tidal power that uses kinetic energy of sea currents, ocean thermal energy conversion (OTEC) and offshore floating wind energy.


Description of the assignment : Athema advised DCNS and its subsidiary DCNS Energies in a €100 million capital raising from Bpifrance (SPI), Technip and BNP Paribas Développement. Following this transaction, DCNS owns a majority stake in DCNS Energies while 36 % are owned by the SPI fund of Bpifrance. This fundraising will enable DCNS Energies to finance its industrial and commercial development.

 

Orange Business Services

July 2016 – Sale of Login Consultants to Orange Business Services

CFI

Nature of the operation : Sale

Customer : Login Consultants

Sector : IT Services

Date : July 2016


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Orange Business Services

July 2016 – Sale of Login Consultants to Orange Business Services

CFI

Nature of the operation : Sale

Customer : Login Consultants

Sector : IT Services

Date : July 2016


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Targeted company : With operations and about 140 employees in the Netherlands, Belgium and Germany, Login Consultants is an international IT services company dedicated to supporting the entire end user computing lifecycle, with expertise in managing all aspects of the transition to a VDI compute environment.


Description of the assignment : After a sell side process conducted jointly by Athema and its Dutch partner within the CFI Group, Login Consultants shareholders (Managers and Ecart Invest) have sold their shares to Orange Business Services. The acquisition of Login Consultants is a sound opportunity to further strengthen Orange's Neocles' virtualisation expertise. Thanks to its team's expertise and local knowledge of the Benelux and German markets, Login Consultants will contribute to the boost of Orange's international Virtualization offerings.

 

Eres

July 2016 – Sale of a minority stake of Eres

Nature of the operation : Sale

Customer : Eres

Sector : Consultancy & Asset Management

Date : July 2016


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Eres

July 2016 – Sale of a minority stake of Eres

Nature of the operation : Sale

Customer : Eres

Sector : Consultancy & Asset Management

Date : July 2016


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Targeted company : Eres is a French independent profit sharing specialist and offer the following financial product range: Employee savings products, group retirement financial products, individual retirement products, employee shareholding products.


Description of the assignment : Eres, until this operation was fully owned by its 4 managers founders. It has generated 20 M€ turnover in 2016 coupled with a high profitability. To support company's growth, a minority stake of the capital was sold to Parquest Capital for 15 M€, a private equity fund. Athema advised Eres shareholders in this deal.

 

SIS Group

June 2016 – SIS Group – Real Estate Refinancing

Nature of the operation : Real Estate Refinancing

Customer : SIS Group

Industry : Service and care sector

Date : June 2016

Amount of refinancing : € 59 M


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SIS Group

June 2016 – SIS Group – Real Estate Refinancing

Nature of the operation : Real Estate Refinancing

Customer : SIS Group

Industry : Service and care sector

Date : June 2016

Amount of refinancing : € 59 M


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Description of the assignment : SIS Group is a family-owned group founded by Philippe Austruy that holds and manages Clinics, Retirement homes, Childcare centers, Vineyards and Restaurants.
This group, with strong growth, is present in France but also in Belgium, in Luxembourg, in Switzerland, in Germany, in Italy, in Spain and in Portugal. The refinancing operation, concerned 9 retirement homes and clinics, rented at the keys European players in the dependent care market. The total of refinancing amount to € 59 million was insured by BNP PARIBAS.


Advised by Athema teams, this real estate refinancing operation enables the SIS Group to continue its strong growth and its international development.

 

Groupe Frères Blanc

February 2016 Frères Blanc – Buy-side mandate

Nature of the operation : Buy-side mandate

Customer : Groupe Bertrand

Industry : Consumer Goods / Retail

Date : February 2016


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Groupe Frères Blanc

February 2016 Frères Blanc – Buy-side mandate

Nature of the operation : Buy-side mandate

Customer : Groupe Bertrand

Industry : Consumer Goods / Retail

Date : February 2016


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Targeted company : Groupe Frères Blanc operates 15 prestigious restaurants and brasseries in France and Luxembourg, including renowned and legendary Parisian institutions such as L'Alsace, La Lorraine or Au Pied de Cochon and generating revenues of around 70M€.


Description of the assignment : Athema which had an extended knowledge of the target advised Groupe Bertrand in the acquisition of Groupe Frères Blanc.


Founded in 1997 by Olivier Bertrand, Groupe Bertrand generates annual system-wide sales of over €1.7Bn. It has developed complementary expertise and now encompasses thirty brands organized in five business units: luxury restaurants (Angelina, Brasserie Lipp, Arcady's), Parisian restaurants (La Gare, L'Ile, Ô Restaurant, Les Deux Stations, Volfoni, Auteuil), fast food (Groupe Bertrand is Burger King® France's majority shareholder and has recently acquired fast food chain Quick, operating 495 restaurants), theme restaurants (Au Bureau, Café Leffe, Irish Corner, Charlie Birdy) and concessions and events (Château de Versailles, Musée Picasso, Atelier Renault, Cité des Sciences, Printemps Haussmann).


Athema served as exclusive financial advisor to Groupe Bertrand for the acquisition of Groupe Frères Blanc from Qualium Investissement, and was actively involved in all aspects of the transaction, including its financing.

 

Capital Rise

November 2015 – Vallière Aviation – Capital Raise

Type of transaction : Capital Rise

Client : Vallière Aviation

Acquiror : Japan Investment Advisers

Sector : Aeronautics

Size of the transaction : n/a


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Capital Rise

November 2015 – Vallière Aviation – Capital Raise

Type of transaction : Capital Rise

Client : Vallière Aviation

Acquiror : Japan Investment Advisers

Sector : Aeronautics

Size of the transaction : n/a


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Target: Vallière Aviation is an independent and integrated end–of–life aircraft asset management company. The group is present in 3 different activities:


– Teardown business (disassembling of aircraft and re–marketing the recovered parts and components)


– Aircraft and Engine trading


– P2F conversion and re-sell the converted freighters


In 2014, Vallière Aviation generated a turnover of almost 27M€, with a client portfolio comprised of MRO, Airlines and Parts trading companies. Based in Chateauroux and in Luxembourg, the company employs approximately 30 employees.


Description of the transaction : In order to finance its rapid development, Vallière Aviation decided to restructure its capital (sell a minority stake) and to raise some debt to finance the acquisitions of future aircrafts.
At the end of a competitive process, the Japanese investment fund Japan Investment Advisers has been selected as the preferred partner by Vallière Aviation and its management.

 

Axyntis

August 2015 Axyntis – Capital and debt restructuring

Type of transaction : Capital and debt restructuring

Client : Axyntis

Sector : fine chemicals

Date : August 2015


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Axyntis

August 2015 Axyntis – Capital and debt restructuring

Type of transaction : Capital and debt restructuring

Client : Axyntis

Sector : fine chemicals

Date : August 2015


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Targeted company: Axyntis group is the leading fine chemicals group in France through its industrial capacities. It encompasses two divisions: fine chemical with six production sites, of which three operate R&D centers, and dyes through its subsidiary Steiner.


Description of the assignment: : After a cycle of growth (sales of €83m in 2014 vs. €51m in 2010) supported by its majority shareholder, Argos–Soditic, Axyntis group takes a new strategic step, initiated by its management team. The capital of Axyntis group is now owned equally by Fuji Silysia (a Japanese industrial group expert in the manufacture and distribution of silica products and other related chemical goods, whose two major subsidiaries, Fuji Silysia Chemical Ltd and Fuji Chemical Ltd, have sales of over €100m) and David Simonnet, Chairman of the Board and Managing Director of Axyntis, along with the management of Axyntis.

This strategic step was concluded through an agreement on the restructuring of the financial debt and an increase of cash. This new shareholder structure and this strengthening of the balance sheet will able Axyntis to reinforce its human and technical capacities to develop and manufacture complex molecules, for its existing and future clients. In addition, this transaction will further reinforce the globalisation of the two groups: Axyntis will handle new production silica projects from Fuji, and Fuji will strengthen the position of Axyntis in Japan through its industrial presence and recognition.

Athema advised Axyntis, its management and Fuji Silysia in the restructuring of the capital and debt of Axyntis.

 

MBI

July 2015 Eaglemoss Publishing – MBI

Type of transaction : MBI

Acquiror & Client: former management backed by PE funds

Sector : Consumer goods / Partworks

Size of the transaction : n/a


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MBI

July 2015 Eaglemoss Publishing – MBI

Type of transaction : MBI

Acquiror & Client: former management backed by PE funds

Sector : Consumer goods / Partworks

Size of the transaction : n/a


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Target: Eaglemoss Publishing is one of the principal players in the publication of partworks, books and magazines released as a set and sold through retail outlets or via subscription. It operates across 34 countries worldwide and publishes in 20 languages. In 2014, the group realized approx. 130M€ of revenues.


Description of the transaction : Athema advised the former management of the company to acquire the company from French private equity funds (LFPI, Equistone and Edrip) through a MBI backed by a pool of French private investors led by French private equity fund Verdoso Industries.

 

Genoyer

July 2015 – BSL Pipes & Fittings – Cession

Type of transaction : Sale

Client : Génoyer

Acquiror : mutares

Sector : Oil & Gaz

Size of the transaction : n/a


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Genoyer

July 2015 – BSL Pipes & Fittings – Cession

Type of transaction : Sale

Client : Génoyer

Acquiror : mutares

Sector : Oil & Gaz

Size of the transaction : n/a


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Target: BSL Pipes & Fittings, a subsidiary of the Genoyer group, is a manufacturer of welded stainless steel pipes with lengths of up to 12 meters. In 2014, BSL generated a turnover of 21M€, with a client portfolio mainly comprised of end–users from the oil and gas industry. At its headquarters in Billy–sur–Aisne in northern France, the company employs approximately 100 employees.


Description of the transaction : In the context a strategic refocus around its core business, Athema advised Genoyer in the disposal of BSL to mutares, a listed industrial holding. Mutares is already present in this sector with EUPEC, a leading provider of coatings for oil–, gas–, and water–pipelines, supplying coatings for various on– and off–shore applications worldwide. BSL is a perfect addition to EUPEC which was acquired by mutares in 2012 and has developed positively ever since. EUPEC is amongst the most important and most profitable growth drivers of the mutares–Group and has an expected EBITDA of EUR 10m in 2015. In view of the complementing customer portfolio in the on– and offshore sector, the vertical integration of both entities towards a holistic solution provider as well as the improvement potential of the workflows, the acquisition is an optimal add-on and an important milestone in the development of the pipeline business of EUPEC.

 

Fastbooking

April 2015 – Sale of Fastbooking to ACCOR Group

Type of transaction : Sale

Client : Fastbooking shareholders

Sector : digital services

Date : April 2015


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Fastbooking

April 2015 – Sale of Fastbooking to ACCOR Group

Type of transaction : Sale

Client : Fastbooking shareholders

Sector : digital services

Date : April 2015


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Targeted company : A French company founded in 2000, FASTBOOKING provides daily support to nearly 4,000 hotels worldwide. Its key areas of expertise are hotel website development, distribution channel management solutions, digital marketing campaign management, revenue management optimization tools and competitive intelligence. Its two main markets are Europe and Asia. FASTBOOKING registered a 2014 turnover of € 21M.


Description of the assignment : Athema advised FASTBOOKING shareholders on its sale to ACCOR. The take-over of FASTBOOKING will help ACCOR to speed up the implementation of its digital strategy and the expertise of FASTBOOKING's teams will broaden the range of services that ACCOR can offer to its hotels.

 

iXCore

November 2014 – iXCore – Financing real estate

Type of transaction : Real estate refinancing

Client : iXCore

Sector : Diversified industries

Date : November 2014

Revenues : confidential


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iXCore

November 2014 – iXCore – Financing real estate

Type of transaction : Real estate refinancing

Client : iXCore

Sector : Diversified industries

Date : November 2014

Revenues : confidential


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Targeted company : iXCore is a diversified industrial group organized around three divisions: iXBlue (provider of innovative solutions and services for navigation, positioning, and imaging, to civil and defense customers), iXLife (Minority investments in biotechnology sector) and iXFund (Minority investments in the information technologies sector).


Description of the assignment : Athema acted as exclusive financial advisor of iXCore for the refinancing of its operational real estate composed of six industrial sites used by iXBlue, the main division of iXCore. The total financing amounts to 10m€ which was subscribed by three national French banks.

 

Safran / APP

June 2014 – Safran Group / APP – Acquisition

Type of transaction : Acquisition

Client : Safran Group

Sector : Aerospace

Date : June 2014

Revenues : n/a


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Safran / APP

June 2014 – Safran Group / APP – Acquisition

Type of transaction : Acquisition

Client : Safran Group

Sector : Aerospace

Date : June 2014

Revenues : n/a


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Targeted company : Aerospace Propulsion Products (APP) is the European leader in igniters for space engines. The company, based in Klundert, The Netherlands, was part of the TNO Group.


Description of the assignment : advised by Athema, Safran closed the acquisition of 70% of APP from TNO Group in June 2014. This acquisition will offer customers of Herakles (Safran) and APP a comprehensive package in the space engines industry.

 

Temis

June 2014 – Sale of a minority stake of Temis

Type of transaction : Sale

Client : Temis

Sector : Fiduciary services

Date : June 2014


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Temis

June 2014 – Sale of a minority stake of Temis

Type of transaction : Sale

Client : Temis

Sector : Fiduciary services

Date : June 2014


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Targeted company : Temis is one of the main French player of fiduciary services. Temis provides its services to banks and retailers.


Description of the assignment : Temis, until this operation was fully owned by its managers –founders. It has generated € 40 M turnover in 2013. In order to develop the company, the founders decided to welcome Pechel industry, a private equity fund, as a minority shareholder. Athema adviced Temis shareholders in this deal.

 

HF Company

May 2014 – Sale of HF company’s confortique division

Type of transaction : Sale

Client : HF Company

Sector : High frequency and electronic products

Date : May 2014


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HF Company

May 2014 – Sale of HF company’s confortique division

Type of transaction : Sale

Client : HF Company

Sector : High frequency and electronic products

Date : May 2014


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Targeted company : HF Company’s Confortique division composed of three companies: Avidsen (Connected objects), Extel (intercom) and Maisonnic (E-commerce) and their international subsidiaries in Spain, Italy and Belgium. Confortique division 2013 turnover: €42M.


Description of the assignment : HF Company sales its Confortique division to Demeter Partners, BNP Paribas Développement and Innovafonds for enterprise value of 23,5 M€. Athema advised HF Company in this deal.

 

iXBlue

May 2014 – iXBlue – Financing

Type of transaction : Bond financing

Client : iXBlue

Sector : Maritime, Land, and Space Industry

Date : May 2014

Revenues : €80m


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iXBlue

May 2014 – iXBlue – Financing

Type of transaction : Bond financing

Client : iXBlue

Sector : Maritime, Land, and Space Industry

Date : May 2014

Revenues : €80m


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Targeted company : With more than €80 million of revenues in 2013 (80% of export revenues) and at least 10% of annual growth, iXBlue has become one of the leading player in subsea navigation and positioning technologies.


Description of the assignment : Tikehau Investment Management (“Tikehau IM”) arranged a bond financing allowing iXBlue to diversify its funding sources and continue its development. This transaction was fully subscribed by NOVO 2, one of the two funds, created by a consortium of insurance companies, to provide up to €1 billion in total funding to mid-market corporates in France. Athema acted as exclusive financial advisor to iXBlue in this transaction.

 

Park & Suites / Appart’City group

April 2014 – Park & Suites / Appart’City group – fundraising

Type of transaction : fundraising

Client : Park & Suites / Appart’City

Sector : hospitality / aparthotels

Date : April 2014

Fundraising : €63m


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Park & Suites / Appart’City group

April 2014 – Park & Suites / Appart’City group – fundraising

Type of transaction : fundraising

Client : Park & Suites / Appart’City

Sector : hospitality / aparthotels

Date : April 2014

Fundraising : €63m


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Targeted company : before the acquisition of Appart’City in January 2014, Park & Suites was the number 3 player in the French market of aparthotels, behind Appart’City. The two companies had a geographical complementarity and their merger was an opportunity to create the French leader with around 120 residences and €200m of revenues.


Description of the assignment : advised by Athema, Park & Suites / Appart’City group proceeded to a capital increase from Equistone in exchange of 40% of its shares, and also raised a mezzanine debt from Idinvest. The use of the funds was to finance the merger and the development of the group.

 

Park & Suites

January 2014 – Park & Suites – Appart’City acquisition

Type of transaction : acquisition

Client : Park & Suites

Sector : hospitality / aparthotels

Date : January 2014

Revenues of the merged group : €200m


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Park & Suites

January 2014 – Park & Suites – Appart’City acquisition

Type of transaction : acquisition

Client : Park & Suites

Sector : hospitality / aparthotels

Date : January 2014

Revenues of the merged group : €200m


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Targeted company : Park & Suites, the number 3 player in the French market of aparthotels, acquires Appart’City, the number 2. The two companies have a strong geographical complementarity and become the French leader on this market, with around 120 residences in France and €200m of revenues.


Description of the assignment : advised by Athema, Park & Suites / Appart’City group proceeded to the acquisition of Appart’City group (GMI) that was owned by its founders (Menguy family) and the private equity funds Ekkio.

 

May 2013 – Roche Bobois / Tamburi Investment Partners S. P. A –Acquisition of a minority stake

CFI

Type of transaction : buy-side mandate - acquisition of a minority stake

Client : Tamburi Investment Partners S.p.A – “T.I.P.”

Sector : specialised retail

Date : May 2013

Amount of the transaction : confidential

Roche Bobois group revenues : €250m


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May 2013 – Roche Bobois / Tamburi Investment Partners S. P. A –Acquisition of a minority stake

CFI

Type of transaction : buy-side mandate - acquisition of a minority stake

Client : Tamburi Investment Partners S.p.A – “T.I.P.”

Sector : specialised retail

Date : May 2013

Amount of the transaction : confidential

Roche Bobois group revenues : €250m



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Targeted company : Roche Bobois group owns and operates the Roche Bobois brand, a retailer of premium furniture and the Cuir Center brand, a retailer of leather sofas and armchairs. The group operates a network of 336 Roche Bobois stores located in Europe, the Americas, Africa and Asia, and of 86 Cuir Center stores mainly located in France. In 2012, the group generated sales volumes of €530m and revenues of €250m.


Description of the assignment : Athema / acted as buy-side financial advisor to Italian family office T.I.P which acquired a 20% stake in the capital of Roche Bobois, from private equity funds Azulis Capital, Siparex, BNP Paribas Développement and Natio Vie. The founding families, Roche and Chouchan remain owner of the outstanding capital. This transaction aims at accelerating the international development of the group, especially in emerging countries.

March 2013 – Samédia / Eiche / Carbodiam – disposal

Type of transaction : disposal

Client : Winoa

Sector : construction

Date : March 2013

Amount of the transaction : not disclosed


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March 2013 – Samédia / Eiche / Carbodiam – disposal

Type of transaction : disposal

Client : Winoa

Sector : construction

Date : March 2013

Amount of the transaction : not disclosed



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Targeted company : Winoa (formerly Wheelabrator Allevard) was created in France in 1961 and is today the world leader in the metallic abrasive market for industrial and stone cutting applications. In the early 1990s, the Group diversified its activities into the diamond tools market with applications in the construction sectors.


Over the last two years Winoa structured its Construction Division (Samédia, Eiche and Carbodiam) as an European group managed independently from Winoa with its competent and industry experienced management team. Winoa decided to focus on the metallic abrasives market and to sell its construction Division to the German Private Equity fund Ark Capital.


Description of the assignment : Athema / served as exclusive financial advisor to Winoa Group for the sale of its diamond tools division dedicated to the construction to the German Private Equity fund Ark Capital.


Athema / led a competitive sale process and was actively involved in all facets of the transaction. Considerations related to this activity included regulatory matters, planning for and implementing the spin-off of operations to Winoa Group.

Athema / advised Winoa during the entire process, selected the buyer and negotiated all the aspects of the transaction.

March 2013 - OpenHydro / DCNS – Acquisition of a majority stake

Type of transaction : acquisition / capital increase

Client : OpenHydro

Sector : renewable energies

Date : March 2013

Amount of the transaction : 130 M€


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March 2013 - OpenHydro / DCNS – Acquisition of a majority stake

Type of transaction : acquisition / capital increase

Client : OpenHydro

Sector : renewable energies

Date : March 2013

Amount of the transaction : 130 M€



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Targeted company : OpenHydro is a commercial and technological leader in the field of marine turbines and enjoys a high growth potential. The start-up has developed an innovative marine turbine making it possible to generate electricity at a competitive price.

It has also formed alliances with the major energy players in several regions where the first marine turbine farms to come into operation will be located, such as France, Scotland, Northern Ireland, Alderney (Channel Islands), Canada and the United States.


Description of the assignment :The group DCNS, which was a minority shareholder of OpenHydro since March 2011, has decided to increase its holding in the capital from 11% to 59.7% taking control of the company. The transaction was structured through the acquisition of shares from historic shareholders and a capital increase of 45m€.


Athema / acts as exclusive financial advisor for Openhydro on this transaction.

February 2013 – Alvest / TLD – Acquisition

Type of transaction : buy-side mandate

Client : LBO France

Sector : transport

Date : February 2013

Amount of the transaction : confidential


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February 2013 – Alvest / TLD – Acquisition

Type of transaction : buy-side mandate

Client : LBO France

Sector : transport

Date : February 2013

Amount of the transaction : confidential



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Targeted company : Alvest / TLD is the global leader of ground support equipment for airports (aircraft tow tractors, air conditioners, power units, freight and luggage loaders) marketed under the TLD brand.

Through its subsidiary, Sage Parts, Alvest / TLD is also the world leader in the distribution of spare parts for ground support equipment. The group, owned since 2006 by Axa Private Equity and Equistone and led by Jean-Marie Fulconis, generated sales of around €300m in 2012. The group operates eight factories in the United States, Canada, France and China.


Description of the assignment : Athema /, which had an extended knowledge of the Alvest / TLD group and of its markets, presented this investment opportunity to LBO France, which was already active in the sector through its investments in Sonovision (specialised in aircraft technical documentation) and Worldwide Flight Services.

In the context of a competitive bid, Athema / intervened as buy-side financial advisor to LBO France and handled all negotiations to conclude this transaction.


LBO France acquired the entirety of the capital of Alvest / TLD from Axa Private Equity and Equistone, alongside the management, who re-invested.


With the support of its new shareholder, Alvest / TLD intends to ride the wave created by structural growth in air transport and the emerging markets. The firm generates more than 90 per cent of revenues internationally, half of this in emerging regions. The group has other development opportunities too, as it continues the process that it began some years ago of penetrating the market for military aircraft equipment. And thanks to sustained R&D spending, it is taking active part in some very high value added projects, including TaxiBot.

February 2013 – Superga Invest – Acquisition of Manifesto

Type of transaction : buy-side mandate - acquisition of a majority stake

Client : Superga Invest

Sector : cosmetics - luxury

Date : February 2013

Amount of the transaction : confidential

Manifesto revenues : €8m


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February 2013 – Superga Invest – Acquisition of Manifesto

Type of transaction : buy-side mandate - acquisition of a majority stake

Client : Superga Invest

Sector : cosmetics - luxury

Date : February 2013

Amount of the transaction : confidential

Manifesto revenues : €8m



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Targeted company : Manifesto develops and manufactures promotional accessories (including bags and luggage, cases and vanity bags) mainly for the cosmetics and luxury industries.
The company has its own team of designers and also develops its own trend presentations and collections.


Description of the assignment : Athema / acted as buy-side financial advisor to Superga Invest, which acquired Manifesto from private equity fund Edmond de Rothschild Investment Partners (EdRIP). Founders Thierry and Yvan Moulin remain minority shareholders. Through this transaction, Superga Invest intends to pursue the constitution of its Luxury division.

December 2012 – Lansay – Sell-side mandate

Type of transaction : Disposal

Client : Lansay

Sector : retail

Date : December 2012

Amount of the transaction : confidential


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December 2012 – Lansay – Sell-side mandate

Type of transaction : Disposal

Client : Lansay

Sector : retail

Date : December 2012

Amount of the transaction : confidential



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Targeted company : Lansay is a company with an experience of over 40 years in the distribution of toys and games. The company distributes a wide range of toys and games, sold under the Lansay brand which may include licenses (Disney, Oui-Oui, Spider-Man), to general retailers and supermarkets, toy retailers and e-commerce specialists.


The company offers a range of over 200 products on the toddlers, pre-school, girls and boys, creative play, educational, soft toys, games and electronic games segments. Lansay is now a leading company on the French toy distribution market, and stands as the sole French company among the market’s top 10 players. Led by Serge and Stéphane Azoulai, sons of the founders, Lansay should generate sales of €45m in 2013.


Description of the assignment : Athema / was mandated to manage the disposal of Lansay, owned by Groupe Arnault and the Azoulai family. Following a competitive bid managed by Athema / , private equity firm Alandia was selected and acquired 100% of the capital of Lansay.

 

October 2012 – Art & Traditions Méditerranée - disposal

Type of transaction : disposal

Client : Art & Traditions Méditerranée

Sector : residential construction

Length of the mission : 8 months

Date : October 2012


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October 2012 – Art & Traditions Méditerranée - disposal

Type of transaction : disposal

Client : Art & Traditions Méditerranée

Sector : residential construction

Length of the mission : 8 months

Date : October 2012



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Targeted company : Art & Traditions Méditerranée is a residential construction company, settled in Avignon, South of France. With sales of some €10m, the company build around 100 houses per year, with Provencal or contemporary style.

Art & Traditions Méditerranée also has a trading subsidiary which help the company to have good purchasing conditions and to offer a wide range of materials to its clients, while controlling the quality.


Description of the assignment : Athema / has been commissioned by the owner and manager of Art & Traditions Méditerranée, M. Patrick THIERRY, in order to organize the selling of the company. After a disposal process opened to the main strategic potential buyers, the offer of Demeures Caladoises has been chosen.

Demeures Caladoises is also a residential construction company located in Rhône-Alpes region that build around 600 houses per year and benefit from the support of MBO Partenaires, the funds sharing the ownership of the group with the management since 2006.


This acquisition will help Demeures Caladoises to pursue its development in the South of Rhone River. After this transaction, M. Patrick THIERRY will still manage the company he created in order to conduct the transition and the integration into the new group.

May 2012 – HDF Finance / Rothschild & Cie Gestion – Merger

Type of transaction : merger / acquisition

Client : HDF Finance

Sector : finance

Date : May 2012

Amount of the transaction : n.c.


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May 2012 – HDF Finance / Rothschild & Cie Gestion – Merger

Type of transaction : merger / acquisition

Client : HDF Finance

Sector : finance

Date : May 2012

Amount of the transaction : n.c.



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Targeted company : Established in 1986, HDF is a pioneer in multi-management and the creator of the first fund of alternative funds in France, which now has a track record of more than 20 years. 
In 2012, HDF Finance had more than 1bn euros of assets under management.


Description of the assignment :: In May 2012, HDF Finance decided to merge its traditional and alternative multi-management activities with those of Rothschild & Cie Gestion
The businesses involved at the two asset management firms will be merged into a single firm, which will be known as Rothshild HDF Investment Solutions, and which will be 67% controlled by Rothschild & Cie Gestion and 33% by the historic shareholders of HDF Finance.


Athema / acts as exclusive financial advisor for HDF Finance on this transaction.

April 2012 – Paris Country Club – financing of a 4* 113 room Renaissance Marriott hotel

Type of transaction : raising of a financial lease

Client : Paris Country Club

Sector : hospitality and leisure

Length of the mission : 10 months

Date : April 2012


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April 2012 – Paris Country Club – financing of a 4* 113 room Renaissance Marriott hotel

Type of transaction : raising of a financial lease

Client : Paris Country Club

Sector : hospitality and leisure

Length of the mission : 10 months

Date : April 2012



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Targeted company : Paris Country Club is a premium sport club, located in the West of Paris, along Saint Cloud racecourse, which has also an activity in seminars and meetings. The domain has a golf course, 21 tennis courts, an aquatic park, a fitness center, a gymnasium, a theater, 3 restaurants and a seminar center (9 rooms and 1 auditorium).


Description of the assignment : Athema / has been commissioned by Paris Country Club to assist the club to develop a 4 star 113 room Renaissance Marriott hotel within the domain. This hotel will help Paris Country Club to develop its seminar activity, offering accommodation for multiday events, while also targeting traditional business and leisure tourists, given the number of companies in the area and the proximity of Paris city.


Athema /'s contribution was first to structure the project financially speaking then to settle the financing, negotiating with financial leasers in order to optimize equity requirements. At the end of the process, temporary slowed down because of a depressed context within the bank sector at the end of 2011, a financial lease has eventually been settled with Natixis Lease which intervene as the leader alongside with CM-CIC Lease, Oseo and Batilease, thus allowing the launching of works for a delivery expected for the end of 2014.

December 2011 – iXAir – Asset disposal

Type of transaction : asset disposal

Clients : iXAir

Sector : transport

Date : December 2011

Amount of the transaction : confidential


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December 2011 – iXAir – Asset disposal

Type of transaction : asset disposal

Clients : iXAir

Sector : transport

Date : December 2011

Amount of the transaction : confidential



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Targeted company : iXAir, a subsidiary of the iXCore group, is a business airline company, operating both jets and helicopters and active on the fields of business transportation, aerial services, helicopter maintenance and also providing services for the operation, acquisition and disposal of aircrafts.

Within iXAir, the helicopter Division offers passenger transportation services and a full range of aerial services (lifting, fret transportation, aerial filming, etc.) as well as helicopter rental. Under the Héli France brand, the helicopter Division is present on the Issy-les-Moulineaux heliport.


Description of the assignment : In the context a strategic refocus around its business jets operations, Athema / advised iXAir in the disposal of the assets composing its helicopter Division to Héli Challenge, a company also specializing in helicopter activities (passenger transportation, aerial services, flying school and maintenance).


This transaction allowed Héli Challenge, based in Gap, to extend its operations with a strategic presence on the Issy-les-Moulineaux heliport.

May 2011 – TV-Card – Capital increase

Type of transaction : capital increase

Client : iXCore

Sector : digital security

Date : May 2011

Amount of the transaction : not disclosed


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May 2011 – TV-Card – Capital increase

Type of transaction : capital increase

Client : iXCore

Sector : digital security

Date : May 2011

Amount of the transaction : not disclosed



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Targeted company : Founded in 2002, TV-Card specializes in developing applications using smart cards for digital television and the Internet. With its experience in application development using smart cards, TV-Card launched in early 2010 the PayKnox project allowing to pay on the Internet at home as you pay in stores. This innovation provides a complete security of online transactions and immediate removal of the card fraud for all players in e-commerce.

Gemventures is a venture-capital fund of the Gemalto Group. It invests in promising companies in the field of smart cards, with strong growth potential. The Gemalto Group is an international digital security company providing software applications, secure personal devices such as smart cards and tokens in addition to managed services.


Description of the assignment : iXCore and Gemventures (Gemalto Group) signed in May 2011 an agreement for the entry of Gemventures into the capital of TV-Card, to accompany the company to obtain the Groupement Carte Bancaire’s certification for a payment system by credit card at home. Following this capital increase, Gemventures hold 49% stake in TV-Card.


Athema / advised iXCore in all facets of the transaction: seek of new partners, negotiations between the parties and structuring of the capital increase.

 

March 2011 – OpenHydro/DCNS – Minority stake

Type of transaction : minority stake

Sector : renewable energies

Date : March 2011

Amount of the transaction : 14 M€


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March 2011 – OpenHydro/DCNS – Minority stake

Type of transaction : minority stake

Sector : renewable energies

Date : March 2011

Amount of the transaction : 14 M€



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Targeted company : OpenHydro is an Irish company designing and manufacturing marine turbines generating renewable energy from tidal streams. The company’s vision is to deploy farms of tidal turbines under the world’s oceans, generating electricity silently, invisibly and at no cost for the environment.


OpenHydro has achieved a number of industry firsts and was in turn rewarded many times. It was also retained by EDF to supply and install turbines off the Paimpol-Bréhat coast in Brittany.


Description of the assignment : OpenHydro mandated Athema / to raise funds required to pursue its strong growth. Convinced by the consistency of OpenHydro technology, DCNS has invested €14m for an 8% stake in the capital of the Irish company.


Beyond this capitalistic agreement, OpenHydro and DCNS have entered a strategic agreement that will enable the companies to combine their marine engineering strengths in the tidal energy market, and that will enable to create, over time, more that 500 jobs in Northern Brittany and in the Cotentin region.


DCNS is an advanced technology group, a world leader in naval defence and an innovative in marine energy. DCNS designs, builds and supports submarines and other naval defence vessels as well as associated services naval shipyards and bases. It also develops solutions in civil nuclear engineering and marine renewable energy.

This transaction offers OpenHydro the opportunity to reinforce its international development and allows DCNS to strengthen its position regarding its growth on the promising field of renewable marine energies.

 

January 2011 – MONT BLANC AB/AUTOMAXI – Acquisition

CFI

Type of transaction : Acquisition

Sector : manufacture of car accessories

Date : January 2011


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January 2011 – MONT BLANC AB/AUTOMAXI – Acquisition

CFI

Type of transaction : Acquisition

Sector : manufacture of car accessories

Date : January 2011



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Targeted company : The Swedish group Mont Blanc AB is a leading manufacturer of roof racks, roof bars roof boxes, bike carriers and other car accessories in Sweden and in Northern Europe held by its management along with a Swedish private equity, Accent Private Equity. The group operates plants located in Sweden and in England as well as a logistics center in Germany. It employs about 175 people and achieved net sales of c. €30m in 2010.


Description of the assignment : January 2011, Mont Blanc Group AB acquired 100% of the shares of Access Auto Investissement SAS, holding of the French company Automaxi SAS and its Romanian subsidiary, Automaxi Romania.


Created 50 years ago, the French group is a leading manufacturer in France and in Southern Europe of roof racks, bike carriers and other car accessories. The group is positioned on the aftermarket in 20 European countries. It operates two units located in Saint-Malo (France) and in Brasov (Romania) and employs about 100 people.

In 2010, the group achieved net sales of €12m. Since 2005 the group was held by its management team along with Union Expansion Ouest and Synergie Finance, two French private equity funds.

Through this acquisition, the Mont Blanc group will strengthen its position as number two on the aftermarket in Europe after Thule and will consolidate sales of 40 M€.


Thanks to the CFI Swedish M&A consulting firm Keystone, Accent Private Equite asked Athema / to assist the Mont Blanc AB in the acquisition of the Automaxi group. 

 

June 2010 – Heuliez Group – Disposal / fundraising

Type of transaction : Disposal / fundraising

Sector : automotive

Date : June 2010


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June 2010 – Heuliez Group – Disposal / fundraising

Type of transaction : Disposal / fundraising

Sector : automotive

Date : June 2010


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Targeted company : Heuliez Group is historically one of the main French automotive group. It operates two distinct activities: industrial sub-contracting and electrical vehicle design.


Description of the assignment :Since the beginning of 2010, Heuliez was facing significant financial difficulties and it mandated Athema as its financial advisor to identify financial partners able to provide the group with the funds required to pursue its activities and growth.


In July 2010, Heuliez was acquired by French industrial group Baelen Gaillard Industrie (BGI) and German groups ConEnergy and Kohl. In this context, BGI has acquired the subcontracting assets, and together the German groups became majority shareholders of Heuliez Véhicules Electriques, alongside with the Poitou-Charentes Région.


Athema / advised Heuliez group in the identification and negotiations with potential acquirers. Athema / also advised Heuliez Véhicule Electrique in raising for the funds required to finance its growth. Following the completion of the transaction, the company raised €18M of new funds, including 10M€ from a capital increase subscribed by Con/Energy and Kohl and €8M through a loan granted by the French Industrial Ministry in the context of a bid for the “Government loans for decarbonated vehicles”.

 

May 2010 - L’Occitane - Advisor to the Initial Public Offering in Hong-Kong

Type of transaction : advisor to an initial public offering

Client : L’Occitane

Sector : distribution

Date : may 2010

Amount of the transaction : 500 M€


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May 2010 - L’Occitane - Advisor to the Initial Public Offering in Hong-Kong

Type of transaction : advisor to an initial public offering

Client : L’Occitane

Sector : distribution

Date : may 2010

Amount of the transaction : 500 M€


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Targeted company : L’Occitane was founded in the 70’s in Manosque, and under the management of Reinold Geiger became an international cosmetics group, specialising in natural products. With a chain of over 1,000 stores worldwide, the group recorded sales of over €537M in 2008/2009 generating an operating income of €80.5M.


Description of the assignment : Athema / had advised Reinold Geiger and the management of L’Occitane in the structuring and implementation of the LBO that allowed them to gain control of the group in 2007. In the context of further considerations regarding the strategic development and growth of L’Occitane, it appeared that an initial public offering in Hong Kong was the most relevant transaction to finance the growth of the group, especially in Asia where it has over 40% of its total sales.

The initial public offering was completed on May 7, 2010, based on a valuation of €2.1Bn. The transaction reached an amount of circa €500M, in half through a capital increase and in half through a share disposal. After the transaction, the group was able to pay off almost all of its LBO debt, and raised significant growth financing capacities.

Athema / advised the group during the entire process, selected the offering banks and negotiated the amendments of the LBO debt to allow the IPO to be completed.

February 2010 - SETCARGO / QUALITAIR – Merger / Acquisition

Type of transaction : merger / acquisition

Client : Setcargo et Qualitair

Sector : transport

Date : february 2010


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February 2010 - SETCARGO / QUALITAIR – Merger / Acquisition

Type of transaction : merger / acquisition

Client : Setcargo et Qualitair

Sector : transport

Date : february 2010


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Targeted compagny : Qualitair & Sea and Setcargo merge to constitute a leading French independent group in freight forwarding. The newly formed entity employs a workforce of 350 and has sales of €120m, of which 40% in sea freight, 40% in air freight, the balance corresponding to logistics.

It has a global coverage over the five continents, with agencies and branch office in Brazil, the United States, Mexico, Morocco, Turkey, China, India, Japan, Middle-East, and the French overseas departments. Its clients are leading oil, automotive, aerospace, pharmaceutical and food groups.


Description of the assignment : The merger consisted in a disposal of 100% of Setcargo shares to Crystal Group, the holding company of the Qualitair & Sea group. In consideration, Setcargo shareholders will receive Crystal Group shares, of which they will own 45%.

Athema / intervened as advisor to structure the merger and to value the two companies, while ensuring the implementation of the merger during the negotiations between the parties.

January 2010 - Commagnac Industries and SLS - Merger

Type of transaction : merger / acquisition

Client : Commagnac Industries et SLS

Sector : transport and logistics

Date : janvier 2010

Amount of the transaction : confidential


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January 2010 - Commagnac Industries and SLS - Merger

Type of transaction : merger / acquisition

Client : Commagnac Industries et SLS

Sector : transport and logistics

Date : janvier 2010

Amount of the transaction : confidential


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Targeted company : Commagnac Industries, owned in majority by investment fund Perfectis Private Equity, acquired SLS, a transport and logistics group specialising in the delivery of heavy and voluminous parcels to consumers. SLS is a leader on the Internet parcel delivery market (e-commerce).


Description of the assignment : This merger led to the creation of a leading French group on the special delivery market: delivery of voluminous, fragile, high-value products, made with determined delays (planned, express or extremely urgent deliveries). The group will be one of the few players on its market to address the B2B, B2C and C2C segments.

This transaction was completed in the context of a 100% disposal of SLS shares to Comagnac. Hervé Toscano, founder and manager of SLS, is now a minority shareholder of the newly formed group, and will support its growth.

Athema / introduced SLS to Commagnac Industries and acted as advisor in the transaction.

October 2009 - STEF-TFE - Acquisition

Type of transaction : Athema / advised STEF-TFE in the acquisition of a 69% stake in Compagnie Méridionale de Navigation

Client : STEF-TFE

Sector : transport

Date : october 2009

Amount of the transaction : confidential


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October 2009 - STEF-TFE - Acquisition

Type of transaction : Athema / advised STEF-TFE in the acquisition of a 69% stake in Compagnie Méridionale de Navigation

Client : STEF-TFE

Sector : transport

Date : october 2009

Amount of the transaction : confidential


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Targeted Company : Compagnie Méridonale de Navigation (CMN) is based in Marseille, where it provides marine transportation (passengers and fret) services to Corsica under a Public Service Delegation contract, shared with the SNCM. STEF-TFE was its major shareholder, and SNCM was a minority shareholder.


Transaction : Athema / advised STEF-TFE in the valuation of the CNM stake owned by SNCM and in the negotiations to acquire this stake.

September 2009 - Molex - Asset disposal

Type of transaction : asset disposal

Client : Molex

Sector : industry

Date : september 2009


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September 2009 - Molex - Asset disposal

Type of transaction : asset disposal

Client : Molex

Sector : industry

Date : september 2009


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Description of the assignment : After an 11 month social conflict and growing tensions with the French government, Molex mandated to find an appropriate solution to the crisis.

Following intense negotiations with the French government and the HIG investment fund, Molex contributed to the re-industrialisation of the Villemur-sur-Tarn site, through a €5,4m investment in a newco sold to HIG capital for €1,5m worth of orders to the newco and the acquisition of most industrial assets of the site for €1 also.

The French government committed to finance the newco for €6,6m.

This agreement allowed the PSE (French employment conservation plan) to be validated by the social partners and to start the re-industrialisation process of the Villemur-sur-Tarn site.

The high level of synergies between Athema / and the Mayer Brown law firm, legal advisor to Molex, led to this positive outcome.

July 2009 - L’Occitane - Capital increase structuring

Type of transaction : capital increase structuring

Client : L’Occitane

Sector : distribution

Date : july 2009


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July 2009 - L’Occitane - Capital increase structuring

Type of transaction : capital increase structuring

Client : L’Occitane

Sector : distribution

Date : july 2009


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Targeted Company : L’Occitane was founded in the 70’s in Manosque. Since the arrival of Reinold Geiger as manager and shareholder in 1996, the company recorded an intense international growth. It operates 1,000 stores worldwide and has sales of over €600m of which 80% outside France.


Description of the assignment : Athema / raised a €50m debt financing allowing to structure a capital increase for L’Occitane International. This capital increase was conducted to provide the group with further financing capacities and will allow L’Occitane to grasp international growth opportunities, and reinforced the capitalistic position of Reinold Geiger, who is since the major shareholder of L’Occitane.

July 2009 - Airbus and Natixis Lease - Implementation of a leasing program

Type of transaction : implementation of a leasing program

Client : Airbus & Natixis Lease

Sector : aviation

Date : july 2009


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July 2009 - Airbus and Natixis Lease - Implementation of a leasing program

Type of transaction : implementation of a leasing program

Client : Airbus & Natixis Lease

Sector : aviation

Date : july 2009


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Description of the assignment : The Athema / Structured Finance team advised Airbus and Natixis Lease in the financing of 3 simulators replicating the flight conditions of the Airbus A380 and A320.

The 10-year operating lease contract includes a (x), subscribed by a major insurance company.

The combination of a bank, financing the entire purchase price of the simulators, with an insurance company guaranteeing the (x), allowed to structure a deconsolidating scheme under applicable IFRS standards.

With this transaction, Athema /, an insurance broker specialising in (x), expands its intervention scope to highly technologic and specific assets.

July 2009 - Parisot - Implementation of a trade receivable financing program

Type of transaction : trade receivable financing program

Client : Parisot Group

Sector : furniture manufacturing

Date : july 2009


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July 2009 - Parisot - Implementation of a trade receivable financing program

Type of transaction : trade receivable financing program

Client : Parisot Group

Sector : furniture manufacturing

Date : july 2009


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Targeted Company : Established in 1936, Parisot Group is a French leading furniture manufacturer, including kit furniture (panel based or solid wood) and kitchen and bathroom furniture.

Parisot group has a turnover of approximately € 360 million.


Description of the assignment : Athema / advised Parisot Group for the structuration of a trade receivable financing program on two of its main subsidiaries : Parisot Meubles et Compagnie Française du Panneau.

This program, exclusively dedicated to the “export” accounts receivable, completes the financing of the Group working capital needs. This transaction involves the transfer of a total turnover of approximately € 28 million.

This solution is fully backed by a trade credit insurance that allows Parisot to secure its payments in case of a possible financial failure of its clients export.

January 2009 - Allociné - Acquisition (34%)

Type of transaction : acquisition (34%)

Client : Allociné

Sector : sporting goods retail

Date : january 2009


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January 2009 - Allociné - Acquisition (34%)

Type of transaction : acquisition (34%)

Client : Allociné

Sector : sporting goods retail

Date : january 2009


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Targeted Company : Talent Group is an advertisement agency that markets movies previews in UGC, Pathé, Gaumont and CGR cinemas networks. Talent Group also publishes the magazines Illimité and Dimension Cinéma , distributed in UGC and Pathé-Gaumont networks.


Description of the assignment : In less than 10 years, Allociné has become the first Internet media on the entertainment industry with nearly 6 million unique visitors per month.

Allociné offers a wide range of Internet services: news, interactive databases, ticketing, video on-demand, trailers, social networking tools.

Athema / advised Allociné to acquire 34% of Talent Group, with an option to increase its shareholding. Through this transaction, Allociné consolidates its leadership in the cinema industry by developing a multi-media offer for distributors and advertisers.

June 2008 - Sport 2000 - Shareholding reshuffling / Fund raising (equity and debt)

Type of transaction : shareholding reshuffling/Fund raising (equity and debt)

Client : Sport 2000

Sector : sporting goods retail

Amount of the transaction : between € 100M and € 130M €

Date : june 2008


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June 2008 - Sport 2000 - Shareholding reshuffling / Fund raising (equity and debt)

Type of transaction : shareholding reshuffling/Fund raising (equity and debt)

Client : Sport 2000

Sector : sporting goods retail

Amount of the transaction : between € 100M and € 130M €

Date : june 2008


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Targeted Company : Sport 2000 is an independent network of 400 sporting goods retailers founded in 1966, ranking as the 4th largest sporting goods retailer in France. In 2007 the network has recorded sales of € 570M in 500 stores, located in both skiing resorts and other locations throughout France.


Description of the assignment : Led by a management team with a proven sporting goods, retail and integrated network experience, Sport 2000 has designed an ambitious business plan encompassing investments of over € 100M over 5 years, dedicated to :

The creation of an integrated network of 60 stores before 2010

The accelerated development of the Mondovélo, SkiWay and S2 stores


Following the bid managed by Athema, investment fund Activa Capital was retained to support and implement this business plan, alongside the management and the members of the Sport 2000 network. Activa Capital invested €40M and now holds a 37% stake in Sport 2000. In addition to this equity investment, Sport 2000 raised capex lines of €65M, provided by Société Générale, Banque Palatine and BESV.

Athema / advised Sport 2000 in the conception of its business plan and in the fund raising process required for its execution.

April 2008 - Villas Prisme - Disposal

Type of transaction : disposal

Client : Villas Prisme

Sector : residential construction

Date : april 2008


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April 2008 - Villas Prisme - Disposal

Type of transaction : disposal

Client : Villas Prisme

Sector : residential construction

Date : april 2008


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Targeted Company : Villas Prisme is a residential construction company. With sales of some €30M for over 300 houses built yearly, Villas Prisme ranks as the leading residential construction company in the PACA (Provence Alpes Côte d’Azur) region.


Description of the assignment : Athema / was mandated by the management team of Villas Prisme, who fully owned the company, to handle its disposal. The goal was either to sell the company to a larger player of the residential construction industry, or to an investment fund to support its growth. Athema / supervised the bid, which included both competitors and investment funds. The management team sold its shares to UI Gestion to support the expansion of Villas Prisme, while retaining a stake in the company.

April 2008 - GE Private Equity - Acquisition of a Minority Bloc of Shares

Type of transaction : acquisition of Minority Bloc of shares

Client : GE Equity Europe

Sector : high Technologies

Date : april 2008


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April 2008 - GE Private Equity - Acquisition of a Minority Bloc of Shares

Type of transaction : acquisition of Minority Bloc of shares

Client : GE Equity Europe

Sector : high Technologies

Date : april 2008


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Targeted Company : Ulis, a subsidiary of Sofradir (85%) and of CEA Valorisation (15%), manufactures and markets, in France and globally, uncooled infrared detectors designed for civilian imaging equipment.

5 years after it was founded, Ulis employed a staff of 70 and had a 20% market share on the global market for new generation detectors. As of December 31, 2007, Ulis recorded sales of some €39M (of which 98% internationally).


Description of the assignment : According to the shareholders agreement signed in 2002 by Sofradir and CEA Valorisation, a disposal process of the 15% stake owned by CEA Valorisation in Ulis was launched in 2007.

In March 2008, GE Equity was approved as a new shareholder of Ulis by Sofradir and all of its shareholders (Safran-40%, Thalès-40%, Areva-20%). The closing took place in mid-April 2008.

Athema / advised GE Equity in this acquistion.

April 2008 – C10 – Merger / Acquisition

Type of transaction : adivice on an acquisition

Client : C10

Sector : logistics

Amount of the transaction : € 90M

Date : april 2008


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April 2008 – C10 – Merger / Acquisition

Type of transaction : adivice on an acquisition

Client : C10

Sector : logistics

Amount of the transaction : € 90M

Date : april 2008


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Targeted Company : Elidis, Alpes and Leodis constitute the on trade distribution network of Brasseries Kronenbourg (subsidiary of Scottish & Newcastle).

Elidis, Alpes and Leodis employ a staff of 1,200 and operate 60 warehouses, representing sales of €350M. These warehouses will be sold over the next year to members of the C10/Distriboissons network.


Description of the assignment : C10 is a French network of independent wholesale beverage distributors to the on trade industry (cafés, hotels, restaurants, pubs, etc.). With over 180 network members, C10 is the third largest player on the French market, behind France Boissons (number 1, subsidiary of Heineken) and Distriboissons (number 2).

On April 1, 2008, C10 and Distriboissons have merged thus creating an independent network of over 300 members, representing sales of €2bn and a market share of over 40%.

At the same time, this new network acquired the on trade distribution network of Brasseries Kronenbourg (subsidiary of Scottish & Newcastle), encompassing 3 companies: Elidis, Alpes and Leodis, for a total amount of €80M.

Athema / advised C10 in the negotiations with Scottish & Newcastle for the acquisition of Elidis, Alpes and Leodis, and in the financial structuring of the transaction.

January 2008 - STEF TFE - Block Trade

Type of transaction : block trade

Client : STEF-TFE

Sector : logistics

Amount of the transaction : about € 12M

Date : january 2008


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January 2008 - STEF TFE - Block Trade

Type of transaction : block trade

Client : STEF-TFE

Sector : logistics

Amount of the transaction : about € 12M

Date : january 2008


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Targeted Company : With a turnover of more €.1,7 billion, STEF-TFE is a leader in the transport and storage of frozen goods in France. Listed on the stock exchange since 1998, the company nowadays capitalizes nearly € 630M.


Description of the assignment : In a difficult context on financial markets, Athema / advised STEF-TFE for the acquisition of a block of its own shares from one of its shareholders, Richelieu Finance. The transaction, carried out as part of its own shares purchasing program, enabled STEF-TFE to repurchase a number of shares representing nearly 2.1% of its equity.

December 2007 - SNCF – Transfer of financial assets

Type of transaction : transfer of financial assets between SNCF and the French State

Client : SNCF

Sector : transport

Amount of the transaction : € 8Bn

Date : december 2007


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December 2007 - SNCF – Transfer of financial assets

Type of transaction : transfer of financial assets between SNCF and the French State

Client : SNCF

Sector : transport

Amount of the transaction : € 8Bn

Date : december 2007


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Targeted Company : SNCF (Société Nationale des Chemins de Fer Français) is one of the largest public companies in France.

SCNF operates over 32,000km of railroads including 1,850km of high-speed railways and 14,800km of electric railways. With a staff of some 166 000 agents and over 14,000 trains circulating daily, SNCF is the second largest railway operator in the European Union, behind Deutsche Bahn.


Description of the assignment : SAAD (Service Auxiliaire d’Amortissement de la Dette) was a financial vehicle created in 1991 to hold some of the SNCF debt until 2028, and through which the French State repaid annually a fraction of the SNCF debt.

In accordance with new accounting standards, applicable to both the SNCF and the French State, the SAAD was dissolved and its assets transferred to the Caisse d’Amortissement de la dette publique. Accordingly, and in conformity with the agreements regulating the SAAD, SNCF reimbursed a fraction of the debt in anticipation, for an amount equivalent to its due annual contribution.

Athema / advised SNCF in the determination of the amount of this repayment, which totaled € 640 million.

July 2007 - Unimédia - Capital Raising

Type of transaction : capital Raising

Client : Unimedia

Sector : media / audiovisual production

Amount of the transaction : € 1,5M

Date : july 2007


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July 2007 - Unimédia - Capital Raising

Type of transaction : capital Raising

Client : Unimedia

Sector : media / audiovisual production

Amount of the transaction : € 1,5M

Date : july 2007


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Targeted Company : Created by Pascal Bataille and Laurent Fontaine, Unimédia is specialized in the production of game and entertainment shows for the french TV channels.. The Group is active in the entertainment market, magazines, documentaries, fiction, short programmes and cartoons through the following companies:


Loribel to produce TV shows (Y-a que la Vérité qui Compte, La méthode Cauet, La revanche des stars, Les missions de Gérald Dahan…)

Blooprod, for the production of short programs (La vie intensément, Le choizing…)

Blue Spirit Productions, a company which is co-owned by its founder and Unimédia, and specializes in the production of cartoon movies (Kirikou, Grabouillon, M Comme Max…)

Galaxy-7, which specializes in fiction and cartoons (Balise le blasé, Babette ou les menteurs…)


Description of the assignment : Athema / was mandated to assist the Group Unimédia in the search for a financial partner which would support its development projects and diversification strategy. It is in this context that the private equity fund Aurel Next Stage invested as a minority shareholder in the group in July 2007.

May 2007 - L’Occitane - LMBO

Type of transaction : advice on the structuring of an LMBO

Client : L’Occitane

Sector : distribution

Length of the assignment : 10 months

Amount of the transaction : € 800M

Date : may 2007


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May 2007 - L’Occitane - LMBO

Type of transaction : advice on the structuring of an LMBO

Client : L’Occitane

Sector : distribution

Length of the assignment : 10 months

Amount of the transaction : € 800M

Date : may 2007


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Targeted company : L’Occitane was founded in the 70s and has grown rapidly and globally since the arrival of Reinold Geiger both as a shareholder and manager in 1996. With over 1,000 stores worldwide, the Company has sales of € 336 million, of which 80% are recorded outside France.


Description of the assignment : The shareholding managers contacted Athema / in 2006 to work on a reshuffling of the capital. Their purpose was to increase their stake in the Company through a LMBO, while pursuing its expansion. Athema / advised the management in its negotiations with Clarins and structured a LBMO allowing the managers and employees to reach their goals and permitting Clarins to further support the development of L’Occitane while realizing its investment for a significant amount. Athema / then led the tender bid process for the LMBO.
The managers and employees now hold a 83,5% stake in the Company while Clarins and a financial investor respectively own 10% and 6% of its capital. The LBMO financing consists in a € 280 million banking loan – including a € 205 million senior debt and a € 75 million capex line and revolving loan – and in a € 100 million seller’s loan. A joint-venture will be created soon with Clarins to complete acquisitions, with a € 500 million investing capacity.

March 2007 - STEF TFE - Assets sales

Type of transaction : assets sales

Client : STEF TFE

Sector : logistics

Length of the assignment : 9 months

Date : march 2007


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March 2007 - STEF TFE - Assets sales

Type of transaction : assets sales

Client : STEF TFE

Sector : logistics

Length of the assignment : 9 months

Date : march 2007


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Targeted company : Following its acquisition of Cryologistics, and given its new position on the French temperature-controlled logistics market, STEF TFE had to comply with French antitrust regulation.
The “DGCCRF”, the French antitrust authority, ordered STEF TFE to dispose warehouses (including both real estate assets and goodwill), representing a total storage capacity of 500,000m3 within the year following the acquisition. Athema / was mandated to conduct this sale.


Description of the assignment : Following a tender bid including some 20 industrial players, groups Poldi and Coopagri acquired the Loudéac and Saint-Caradec sites (in the Brittany region), while Sofrica and Sofrino, along with Vectrane, purchased the sites in Trappes, Marne la Vallée and Rungis near Paris, to outsource those assets.

March 2007 - Daco - Structuring of an LMBO

Type of transaction : advice on the structuring of an LMBO

Client : Daco

Sector : distribution

Length of the assignment : 8 months

Amount of the transaction : between € 15M and € 20M

Date : march 2007


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March 2007 - Daco - Structuring of an LMBO

Type of transaction : advice on the structuring of an LMBO

Client : Daco

Sector : distribution

Length of the assignment : 8 months

Amount of the transaction : between € 15M and € 20M

Date : march 2007


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Targeted company : Daco is family-owned company, specialising in the distribution of dry fruits and peanuts to general retailers. With sales of some € 35 million growing steadily, Daco ranks #2 on its market.


Description of the assignment : In the context of a capital reshuffling, Athema / was mandated to structure an LMBO transaction. Following a tender bid involving private equity funds, MBO Parternaires was selected by the management and the shareholders to support the development of the company it its new venture.

February 2007 - Quick - Acquisition

Type of transaction : advice concerning an acquisition

Client : CDC Capital Investissement

Sector : fast food industry

Length of the assignment : 3 months

Amount of the transaction : € 760M

Date : february 2007


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February 2007 - Quick - Acquisition

Type of transaction : advice concerning an acquisition

Client : CDC Capital Investissement

Sector : fast food industry

Length of the assignment : 3 months

Amount of the transaction : € 760M

Date : february 2007


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Targeted company : Quick is a listed Belgium company, ranking #2 on the French hamburger market and #1 in Belgium with sales of over € 470 million and some 400 restaurants.


Description of the assignment : GIB holding, a company held by the Albert Frères et Ackermans groups, intended to sell its stake in Quick, acquired in 2003, after having supported the restructuring of the group, led by its President, Jean-Paul Brayer.
Athema /, informed of the upcoming tender bid for the disposal of Quick, rapidly contacted CDC Capital Investissement, which it had previously advised on its acquisition of Frères Blanc along with ING Corporate Finance for the capital markets aspects of the transaction.
In a highly competitive context and with regards to the hidden real estate value, it was quickly decided to pre-empt the transaction, which also allowed avoiding potential market rumours, which could have polluted the disposal process.
Therefore, in less than 15 days after the launch of the disposal process, CDC Capital Investissement was able to produce a binding and fully financed offer.
The price which included the real-estate value, was such that it prevented the intrusion of an hedge fund which could have blocked the delisting of the company from the Brussels stock exchange. The public offer was a true success and CDC Capital Investissement acquired over 95% of the shares of Quick, which was thereafter delisted.

December 2006 - Téléshopping / 1001 listes - Aquisition

Type of transaction : advice concerning an acquisition

Client : Téléshopping / TF1

Sector : distribution

Length of the assignment : 6 months

Amount of the transaction : about € 20M

Date : december 2006


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December 2006 - Téléshopping / 1001 listes - Aquisition

Type of transaction : advice concerning an acquisition

Client : Téléshopping / TF1

Sector : distribution

Length of the assignment : 6 months

Amount of the transaction : about € 20M

Date : december 2006


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Targeted company : 1001 listes is an Internet wedding list specialist company. Led by Pauline d’Orgeval it rapidly grew to become #2 on its market, behind Galeries Lafayette.


Description of the assignment : Aurel conseil convinced the shareholders of 1001 listes that an industrial acquirer, able to integrate the company in a larger business environment, would better allow the company to pursue its growth.
TF1, through its online shopping subsidiary Téléshopping acquired the company in an over-the-counter transaction.
1001 listes, with sales of some € 25 million and the support and media power of TF1, should continue its development.

November 2006 - Immobiliere Mory - Asset sales

Type of transaction : asset disposal

Client : Mory Group

Sector : express deliveries/transport logistics

Length of the assignment : 9 months

Amount of the transaction : confifential

Date : november 2006


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November 2006 - Immobiliere Mory - Asset sales

Type of transaction : asset disposal

Client : Mory Group

Sector : express deliveries/transport logistics

Length of the assignment : 9 months

Amount of the transaction : confifential

Date : november 2006


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Targeted company : Immobilière Mory is a part of the Mory Group, owned by Alain Bréau and the management of Mory. Its assets comprise a portfolio of leasing contracts on assets managed by the Mory Group.


Description of the assignment : Aurel conseil received a mandate to organise a tender offer to sell all the leasing contracts. Subsequently, GENERAL ELECTRIC REAL ESTATE France acquired the portfolio through its subsidiary IPBM, which benefits from the favourable tax legislation for SIICs.

March 2006 - Geoxia - LMBO

Type of transaction : LMBO structuring

Client : Geoxia

Sector : home building

Length of the assignment : 9 months

Amount of the transaction : confidential

Date : march 2006


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March 2006 - Geoxia - LMBO

Type of transaction : LMBO structuring

Client : Geoxia

Sector : home building

Length of the assignment : 9 months

Amount of the transaction : confidential

Date : march 2006


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Targeted company : With a turnover of €581m and well-known brand names such as Maison Phénix, Maisons Familiales and Maisons Castor; Geoxia is France’s leading home-builder. A spin-off from Générale des Eaux, the company was acquired by Barclays Private Equity and the company’s management in 1999. Natexis Private Equity and Initiative & Finance became shareholders in 2003


Description of the assignment : During 2005, the company’s shareholders decided to sell their stake and considered two options: a disposal through a tender bid, or, an I.P.O.. The first solution presented the drawback of replacing the managers and the main shareholders, whilst the latter did not allow the investors to sell all of their shares. Aurel conseil therefore proposed to the Group’s management that they structure an LMBO, allowing them to acquire majority stake in the company. Aurel conseil received a mandate to structure this transaction (debt negotiation, mezzanine debt and guarantees) and to advise the management in its negotiations with Barclays Private equity, the selling shareholder, and with Natexis Private Equity/Initiative & Finance, who reinvested in the Group’s capital.

Janvier 2006 - Moonscoop - Structuring an acquisition financing

Type of transaction : funding advice

Client : Moonscoop

Sector : media

Length of the assignment : 16 months

Amount of the transaction : € 12M

Date : january 2006


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Janvier 2006 - Moonscoop - Structuring an acquisition financing

Type of transaction : funding advice

Client : Moonscoop

Sector : media

Length of the assignment : 16 months

Amount of the transaction : € 12M

Date : january 2006


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Targeted company : MOONSCOOP is one of the leading European animated series producers, such as TITEUF or CODE LYOCO, sold to TV channels. The popularity and success of MOONSCOOP can be attributed to its ability to acquire derivative rights on its characters. This allows the company to license and/or market derivatives products such as video games, DVDs, school bags or any other products targeting young children.


Description of the assignment : During its rapid growth phase, MOONSCOOP needed to secure financing to acquire targets in Europe and the USA. In this context, Aurel conseil received a mandate and raised €12 million from BNP PARIBAS, which allowed MOONSCOOP to acquire MIKE YOUNG PRODUCTIONS in the United States.

January 2006 - Cryologistic - Acquisition

Type of transaction : advice concerning an acquisition

Client : STEF TFE

Sector : transport / logistics

Length of the assignment : 9 months

Amount of the transaction : confidential

Date : january 2006


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January 2006 - Cryologistic - Acquisition

Type of transaction : advice concerning an acquisition

Client : STEF TFE

Sector : transport / logistics

Length of the assignment : 9 months

Amount of the transaction : confidential

Date : january 2006


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Targeted company : STEF-TFE is a leader in the transport and storage of frozen goods in France. For several years it had wanted to acquire Cryologistic, n° 2 in the sector. In early 2005, when it was informed by Aurel conseil that Cryolostic was for sale, STEF-TFE made an offer to its American owners, which was rejected as they were already committed to Paluel-Marmont Capital and Alliance Entreprendre.


Description of the assignment : Having received a mandate from STEF-TFE, Aurel conseil began to negotiate with the new shareholders of Cryologistic and this resulted in the signature of an agreement at the end of 2005. STEF-TFE’s market position in the sector required approval from the DGCCRF as a result of competition regulations. An agreement was reached which allowed the transaction to be rapidly closed, subject to a commitment from STEF-TFE to sell off part of the assets.

December 2005 - Les Frères Blanc - Acquisition

Type of transaction : advice concerning an acquisition

Client : CDC Entreprise Capital

Sector : restaurants

Length of the assignment : 3 months

Amount of the transaction : confidential

Date : december 2005


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December 2005 - Les Frères Blanc - Acquisition

Type of transaction : advice concerning an acquisition

Client : CDC Entreprise Capital

Sector : restaurants

Length of the assignment : 3 months

Amount of the transaction : confidential

Date : december 2005


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Targeted company : With a turnover of more than €100 million and owning prestigious restaurants such as l’Alsace, Le Procope, Le Grand Café and the restaurant chain, Chez Clément, the Group, Les Frères Blanc, is one of the leading restaurant group in Paris and France.


Description of the assignment : In mid 2005, the family shareholders, Pierre and Jacques Blanc, decided to sell their group and mandated a bank to organise a tender bid. Having studied the sector for several months, coupled with an in-depth knowledge of the conditions surrounding the transaction, as well as of the objectives of the sellers, Aurel conseil proposed its advisory services to CDC Enterprise Capital to assist them in what was to be the first investment of their new fund. Following a very competitive tender which involved three rounds, CDC Entreprise Capital won the tender for an amount exceeding €150 million.

June 2005 - Mory Group - LMBO

Type of transaction : advice concerning the structuring of an LMBO

Client : Mory Group

Sector : express deliveries / transport logistics

Length of the assignment : 7 months

Amount of the transaction : confidential

Date : june 2005


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June 2005 - Mory Group - LMBO

Type of transaction : advice concerning the structuring of an LMBO

Client : Mory Group

Sector : express deliveries / transport logistics

Length of the assignment : 7 months

Amount of the transaction : confidential

Date : june 2005


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Targeted company : With a turnover of € 840 million, Mory Group is one of the leading independent groups of the express deliveries and transport logistics sector in France. In 1999, the Group was acquired from the CDR in an LBO transaction led by the investment funds Bridgepoint Capital and Barclays Private Equity and Alain Bréau, its Chairman and Chief Executive Officer.


Description of the assignment : After six years of restructuring and growth, the investment funds decided in 2005 to sell their majority stake. Alain Bréau and the Group’s management then wanted to acquire all the shares of the company and mandated Aurel conseil at the beginning of 2005 to structure their offer. Following a restrained tender offer, Aurel conseil accepted Société Générale’s offer, which involved issuing senior debt of € 70 million. The investment funds renewed their support to the management team of the Mory Group by investing € 15 million in the form of an ORA (bonds redeemable with shares).

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