Capzanine is investing in EOS Corrugated, a producer of of technical consumables mostly for the corrugated cardboard industry. No financial terms were disclosed.
Paris, 12 February 2018
Capzanine – a European private investment management fund – joins the management of EOS Corrugated to support the group’s development.
Founded in 2013, following Rodicut’s acquisition of Bricq (formerly Voith Paper), EOS Corrugated is one of the world leaders in the production of technical consumables (polyurethane anvil covers, rotatory cutting dies, corrugated belts, and more), mainly for the corrugated cardboard industry. The group, which has 120 staff and a turnover of more than €20m, enjoys international exposure with a presence in over 70 countries.
Capzanine is taking over the majority of the business’ capital and also carrying out a mezzanine investment alongside the management and the historical shareholder, Eximium. The operation is financed by a consortium of three banks: Crédit du Nord, Banque Européenne du Crédit Mutuel and Crédit Agricole Sud Rhône Alpes.
Internationally, the group shows significant growth opportunities, specifically in China and the United States, as well as in new adjacent markets (automobiles, ballistics, the mining industry), both by organic and external growth. This is why Capzanine wants to accompany the group and its director.
In the words of Maxence Radix, Managing Director of Capzanine: “EOS Corrugated has a recognised expertise and major positioning in a niche market which benefits from the growth of the corrugated cardboard market, notably due to the development of e-commerce and China. We are happy to be working alongside the teams during the next stages of the group’s development, all by being associated with Eximium, whom we know well and highly appreciate.”
Bruno Le Bourhis, CEO of Eximium, stated: “The group originates from the merger of two companies with complementary offerings. The first, Rodicut, enjoyed a successful turnaround. The second, Bricq, was a sleeping beauty that we’ve revitalised. The group next experienced a restructuring and value creation period, allowing it to become a significant player in its market. We’re proud to have contributed to the group’s development by allowing it to double in size.”
“As involved shareholders, we’re convinced of the group’s potential and we’re delighted to write a new page of its history alongside Capzanine and the management team”, added Céline Gasco Guénault, Eximium’s Investments Manager.
Philippe Ramirez, President of EOS Corrugated, stated: “I’m happy to be able to pursue this adventure with Capzanine, which shares our vision of the market, and Eximium. We will continue to capitalise on our experience in order to enter new development opportunities.”
List of participants
Transaction investor: Capzanine (Maxence Radix, Clémence Megarbane), Eximium (Michel Baulé, Bruno Le Bourhis, Céline Gascon Guénault), EOS Corrugated (Philippe Ramirez and key managers)
Legal advice (Capzanine): Gowling (Jérôme Patenotte, Sophie Mesnier Teissedre)
Legal, social and tax due diligence: Gowling (Jérôme Patenotte, Sophie Mesnier Teissedre)
Strategic due diligence: Roland Berger (Georges de Thieulloy, Gwendal Louis)
Financial due diligence: Aca Nexia (Hervé Krissi, Romain Bardou)
ESG due diligence: Reporting 21 (Yannick Grandjean, Margot Varache)
Industrial due diligence: Consultrade (Thierry Pace)
Financial instrument valuation: NG Finance (Ghislain d’Ouince, Christophe Lam)
Transaction consultants: Pramex (Jérôme Dupas, Stéphane Delassise)
Legal advice (Eximium): EY Société d’Avocats (Didier Laresche, Régis Lepetit, Natacha Liaboeuf)
Vendor due diligence: Advance Capital (Arnaud Vergnole, Thomas Récipon, Pierre Lamain, Jean-Charles Rousseau)
Legal advice (management): CADRA (Emmanuel Maître, Marlène Alonso)
Senior debt: Banque Rhône Alpes (Christian Souteyrat, Benoît Boucharlat de Chazotte) Crédit Du Nord Corporate Finance (Manuel Aubert, Patrick Pelletier), Banque Européenne du Crédit Mutuel (Jean René Bernasconi, Valérie Meslin, Aurélie Stassinet), Crédit Agricole Sud Rhône Alpes (Franck Dumay)
Legal advice (banks): Simmons & Simmons (Colin Millar, Aurélien Jugand)
Founded in 2004, Capzanine is a European independent private investment management fund. Capzanine supports businesses in their quest for growth, providing financial and industrial expertise to help them achieve success in their development and transfer phases. Capzanine delivers flexible long-term financing solutions to SMEs and mid-cap companies. Depending on the circumstances, Capzanine invests as a majority or minority shareholder and/or as a private debt provider (mezzanine, unitranche, senior debt), in unlisted small and mid-cap companies with an enterprise value of 30 million to 400 million euros. Although broad-based, Capzanine more particularly supports strong value-creating companies in the healthcare, technology, food and services sectors. Based in Paris and run by its partners, Capzanine currently has €2.5 billion in assets under management. Its most recent investments include: FitnessPark, Acteon, MCA, Tessi…
More information: http://capzanine.com Twitter: @capzanine
A family office created by Michel Baulé, Eximium is an atypical actor, with a two-sided entrepreneurial and financial culture, managing investments in listed, unlisted, and holding companies for over €450m.
For its capital development/capital transfer activity, Eximium invests its own capital with no time constraints as part of majority or minority operations. Eximium responds to the share capital financial needs of entrepreneurial SMEs within the framework of their internal or external growth or capital reorganisation projects. Characterised by a long-term vision, a pragmatic and flexible approach as well as an efficient decision-making process, Eximium invests up to €10m per operation (or more, in exceptional circumstances). Today, Eximium accompanies around twenty French SMEs in all business sectors.
To find out more: www.eximium.fr