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News and events
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PRESS REVIEW
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| 07/2010 |
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| Bignon Lebray (Guy de Foresta, Thierry Permezel and Philippe Woerner) advised Poxel, a biotechnology firm, in regard to a capital-raising operation of 16 million euros. The purpose of this round of financing is to accelerate the development of the firm's products portfolio. |
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| 06/2010 |
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Bignon Lebray (Thomas Buffin and Alexandre Ghesquière) advised bank Crédit Agricole Nord de France and bank BRED Banque Populaire with regard to the capital intensive reorganization of group Sia Conseil (management advisors). Bignon Lebray (Claire Baufine-Ducrocq, Paul-André Nivault and Yohann Toreau) advised IBM as regards the acquisition of Altis Semiconductor by Mr. Yazid Sabeg. Altis Semiconductor is specialized in the manufacture of advanced logical electronic components and a major player in the market of semiconductors in Europe. It was jointly owned by IBM and Infineon. |
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02/2010 Naxicap Partners acquires a share of the capital of Numerix Group |
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Naxicap Partners has invested 1,5 M€ in Numerix group (10 M€ in turnover), which is the first French solution integrator in the field of medical imaging: 1M€ was issued through convertible bonds and 0,5M€ shares were purchased from minority holders. Numerix will hence be able to expand its internal and external growth, and broaden its range of equipments and solutions.
Bignon Lebray & Associés (Matthieu Lochardet) advised Naxicap Partners in this transaction.
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01/2010 Ludgate Environental Fund (LEF) injects 3M€ in Terra Nova
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Terra Nova, a company dedicated to the recycling of electronic cards, has raised 8,1 million euros from investors, in order to finance the construction of a processing chain and recycling factory on the metallurgic site of Isbergues (North county). Site is expected to open beginning 2011.
The major investor is Ludgate Environmental Fund (LEF), the British fund specialist of cleantech companies.
By injecting 3 million euros, LEF will hold 25% of the capital of Terra Nova.
Bignon Lebray & Associés (Thomas Buffin et Florence Loyez-Pierard) assisted Terra Nova in this deal. |
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11/2009 FSI acquires a stake in Avanquest Software |
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Founded more than 20 years ago, Avanquest Software is today one of the main software developers and publishers for individuals and professionals in the world. Through external growth, the listed company has the ambition to join the world's top 5 software publishing companies for the general public. To support this development, Avanquest Software decided, on November 12, 2009, to welcome Fonds Stratégique d'Investissement (FSI) in its capital. Following the investment, FSI should become the company's main shareholder owning 20% of the capital.
As a reminder, last March, Oddo Asset Management had taken a 15% stake by investing 4,5M€. At the beginning of 2010, FSI will thus make a first capital acquisition through a capital increase raised from 8 to 9 M€. The preferential rights of subscription will be maintained at a maximum price of 3,65€, and this transaction will be carried out simultaneously with the issue convertible bonds up to the amount of 3 M€. FSI is also committed to taking part in future capital raising operations by the end of March 2011 if any major external growth project would arise and recquire a new capital increase.
However, it was agreed that FSI's total holding could not exceed 20% of the capital of Avanquest Software and that its investment would be capped at 20M€ maximum in order not to dilute the shares of the historical shareholders too significantly. Bignon Lebray & Associés (Jacques Goyet, Florence Dedieu and Stéphanie Dourdin) advised the seller. |
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07/2009 Softway Medical continues its expansion and welcomes a new shareholder |
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Softway Medical (formerly listed on Euronext Paris) is a software developer which provides software solutions for the health care industry. It is the leader in France on its historical market of imaging services for radiology and nuclear medicine, and plays a significant role in hospital-related information systems. The Group also develops management solutions, through the company Microconcept, to be used by health care auxiliaries.
Softway Medical equips today nearly 140 public hospitals and PSPH, 230 private clinics, 800 radiology practices and more than 6.000 health professionals.
The level of activity and profitability have been significantly increasing: the group’s turnover attained 28,5M€ in 2008 (+27% compared to 2007) for an operational result of 3,4M€ (1,3M€ in 2007).
Such performances are the result of an excellent company know-how, coupled with appropriately carried-out R&D investments and a perfectly-suited commercial strategy.
GRED, the company that owns a majority share of Softway Medical group, and its co-shareholders acting in concert launched on June 9 a simplified takeover bid on Softway Medical at the price of €1,28 per share and per convertible bond, i.e. for a total value of 27,7M€ (post-dilution), which was followed by its mandatory withdrawal from Euronext securities listings.
The shareholders of Softway Médical have taken the opportunity of this reorganization to include Naxicap Partners, a capital-development company, in the capital of Softway Médical.
The interest acquired by Naxicap Partners was performed through a share repurchase and a capital increase subscription amounting approximately to 3,0 M€. GRED and the DESHAYS family remain the majority shareholders at the conclusion of these operations.
The transaction was completed by way of a bank financing in the amount of 5,7M€ subscribed with several banking institutions including Natixis.
This transaction took place at a time when development perspectives in the health care software industry are very favorable, thanks in particular to the impetus given by public authorities which require a better control of the costs, hence of computer investments. The whole financings will thus enable Softway Medical to consolidate both its position as a leader and its financial standing.
Counsel of the investor: Bignon Lebray (Matthieu Lochardet) |
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| A and A International, a company from Hong Kong controlled by Chinese nationals, has taken over SCEA Château Richelieu. |
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| A and A International, a company from Hong Kong controlled by Chinese nationals, has taken over SCEA Château Richelieu, a 17 hectare estate which includes a 14 hectare vineyard, located at Fronsac (Gironde). This Château estate, which was first owned by the Cardinal of Richelieu had been in the possession of Arjen PEN, a Dutch citizen, over the past four years, along with 17 other shareholders. The new owner wants to increase exports to Asia and open a wine bar in Beijing before 2010 where the best Château Richelieu vintages will be savored by customers. The acquisition of the estate was performed in collaboration with a team of lawyers from Bignon Lebray & Associés, namely Jacques GOYET, Bruno LEFEBURE, Xiaofei GUO and Cai CHEN. |
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| Amazon May Inc., a company from the British Virgin Islands, subscribed to a capital increase in JCLM |
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| Amazon May Inc., a company from the British Virgin Islands, subscribed to a capital increase in JCLM, a French couture company which exploits the VALERIAN trademark and consequently holds, to date, a little more than 13% of the share capital and voting rights of the said company. Bignon Lebray & Associés' team: Bruno Lefébure, Edouard Waels, Xiaofei Guo and Cai Chen assisted JCLM. |
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| Mid-February Ion Beam Services (“IBS”) finalized a major capital raising operation of 3,5 M€. |
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| Accompanied by Capital Vizille Innovation, a shareholder of IBS since 1998 which provided 1,2 M€ again for the occasion, BNP Paribas Private Equity, 2,3 M€, has led the operation destined to support the commercial expansion of IBS' new Pulsion machine. The latter rests indeed on an immersion-based technology deemed to be much more efficient than the traditional technology although more expensive. The turnover of the group could exceed 8 M€ to attain tens of million euros thanks to the Asian market. |
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| IP-LABEL increases its capital with NAXICAP PARTNERS. |
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The measurement and consultancy Institute of the perceived quality of digital services has purchased the Parisien “Auditec-Newest” who provide services via the internet. BIGNON LEBRAY & ASSOCIES (Matthieu Lochardet) advised the buyer.
Baptised “IP-Label.Newtest”, the new acquisition states revenues of 10 M€ in 2008, with 70% of revenues made overseas.
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| The NUXE Laboratory, specialised in natural plant-based cosmetology, has accelerated its growth with the inclusion of NAXICAP PARTNERS to its capital. |
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NUXE, one of the most dynamic players on the market of natural cosmetology sold in pharmacies and drug stores, has selected NAXICAP PARTNERS to join them in their strategic development in France and internationally.
It’s within this context that the shareholders of NUXE Group decided to open its capital to NAXICAP PARTNERS with minority participation, while at the same time preserving its strong family reputation.
BIGNON LEBRAY & ASSOCIES (Matthieu Lochardet) advised the investor during this transaction.
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| BIGNON LEBRAY & ASSOCIES (Rémi de Gaulle, Clyve Monfredo) legal advisors of FRUILIANCE regarding the purchase of LES 4 SAISONS, a canning factory. |
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| The holding company Fruiliance which already controls the jam specialist « Confit de Provence », based in Puyricard, Bouches-du-Rhône, has just acquired Les 4 Saisons, a canning factory in Britanny. This company produces top of the range jam in jars. |
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01/2008 BIGNON LEBRAY & ASSOCIES (Jean-Christophe Amy and Edouard-Jean Curtet) advised the shareholders and managers of LEVER DE RIDEAU as to their LBO transaction with SIPAREX, an investment fund. |
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Set up in 1991 by its current manager Thierry Teyssier, the group LEVER DE RIDEAU (Lever de Rideau and its subsidiary Lever de Rideau Voyages) was developed in stages, through internal and external growth, in the fields of events, business trips, seminars and conventions and publishing.
The shareholders decided to get associated with Siparex, the reference investment fund, in order to speed up group development by means of organic growth and acquisitions.
The management team shall remain the majority shareholder of the new entity by the side of Siparex, the financial investor via its fund “Siparex Mid Cap”, and Thierry Teyssier shall keep on focusing on management and development. Siparex will bring its know-how in terms of strategy and financial engineering, for purposes of accelerating the Group’s development.
The senior debt was syndicated with a three-bank pool (Banque Tarneaud, LCL and Banque Cantonale de Genève).
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01/2008 Nactis has taken over Sofral through its subsidiary PB Nactis and opened its capital to two investors: Naxicap Partners and Unigrains. BIGNON LEBRAY & ASSOCIES ( Jacques Goyet ) advised the purchasers. |
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In order to speed up its development, Nactis, a renowned player in the aroma industry in France, took over Sofral a company based in Strasbourg (67) through its subsidiary, PB Nactis.
Sofral, which was created in 1976 by Pierre Holzschuh, is specialized in the formulation and production of aromas, natural colorings and flavorings used in the food industry, i.e. meat, fish, delicatessen, ready-made meals, snacks and soups.
In order to emphasize its merger with Nactis group and ensure continuity with its customers and suppliers, the company was renamed « NACTIS – SOFRAL ».
Taking the opportunity of this acquisition, two minority financial partners entered Nactis’ capital by contributing 12 M€ (10 M€ in shares plus 2 M€ in convertible bonds): NAXICAP Partners from Groupe des Banques Populaires and UNIGRAINS, a financial investor which specializes in agribusiness.
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01/2008 CIC Bank of Vizille brings 4 M€ in shareholders’ equity to Team Tex, leader of child car seats. BIGNON LEBRAY & ASSOCIES (Gilles Bazaille et Yan Freyria Courtois) advised the Seller. |
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Team Tex SAS, based in Charvieu (38) and specialized in the designing, manufacturing and marketing of child car seats strengthened its shareholders equity. The Bank of Vizille which contributed 4 M€ in shareholders equity, entered the capital as a minority shareholder.
Set up in 1994 (suppressed by Y Nania), Team Tex has rapidly found its bearings on the market of child car seats by becoming notably the main supplier of supermarket distribution in France and abroad where it has been performing more than 50% of its turnover. With a broad range of products and prestigious names such as Ferrari, Team Tex sells its products under different tradenames and has also developed its own brands.
By entering into a partnership with Bank of Vizille, Mr. Yves Nania, who manages the company with his children, has found a way to strengthen its development abroad thanks in particular to the setting up of new subsidiaries and the continued diversification of its top-of-the line offer of products.
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01/2008 The manufacturer of aluminum collapsible tubes Alltub has carried out its second acquisition with Naxicap Partners. Naxicap Partners was advised by BIGNON LEBRAY & ASSOCIES (Matthieu Lochardet) as to the acquisition-related aspects. |
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In order to accompany its growth, the leaders of Alltub associated itself with Naxicap Partners for purposes of acquiring the Group. Resulting from a spin-off of one of the activities of Alcan Pechiney, Alltub is the world leader on the market of aluminum collapsible tubes and also produces rigid aluminum packaging: aerosols, cartridges and tubes.
Laurent Musitelli, the current President of the Group is pleased with this new collaboration with the team of Naxicap Partners, which will accompany Alltub in completing an ambitious development plan abroad.
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07/2007 MBO Partners acquires 80 % of Profimo |
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MBO Partners acquires 80 % of Profimo, side by side with the company’s former commercial director. The company, which is located in Saint-Etienne, manufactures frontage sections for the construction industry, and belonged to the founding family. In 2006, Profimo employed 41 workers, and reached a turnover of almost 10 million euros, for a 10 % net margin.
The seller’s counsels: legal: Bignon Lebray & Associés (Gilles Bazaille and Yan Freyria Courtois); financial: CIC-Vizille Capital Finance (Cyril Serratrice, Hervé Liagre). The purchasers’ counsels: legal: Alcya Conseil (Laurent Simon, Claire Touzet); accounting due diligence: Grant Thornton (Robert Dambo, Pierre-Olivier Arsac). |
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08/2007
Altamir & Cie and Amboise Investissement merge and raise 120 M€ on the stock market.
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Altamir & Co and Amboise Investissement, two listed venture capital companies, merged on June 4, 2007. The new entity, Altamir Amboise, launched a capital increase with preferential subscription rights of approximately € 120 million.
Altamir Amboise is a venture capital company that co-invests with private equity funds managed by Apax Partners in France, and leverages Apax Partners’ know-how and investment strategy. Its total proforma Net Asset Value amounts approximately to € 430 million. Altamir Amboise is listed on the Eurolist market of Euronext Paris, Compartment B.
Bignon Lebray & Associés (Jean-Christophe Amy, Alexandre Ghesquière and Edouard Waels) advised Altamir & Cie and Amboise Investissement.
ABN AMRO Rothschild and Natixis, leaders and book keepers in this transaction, were advised by Brandford-Griffith & Associés (Laurent Sablé, Thibaut Cambuzat). |
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07/2007 Finadvance takes over Piscine Ambiance |
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Finadvance takes over Piscine Ambiance through a MBI. Finadvance, along with the Company’s former General Manager, now holds 93% of the shares. Piscine Ambiance, with 40 employees, manufactures, installs and markets buried-in swimming pools in ready-to-assemble form. Its turnover should attained 12 million euros in 2007. The purchasers’ counsels: Bignon Lebray & Associés (Clyve Monfredo and Olivier Nett); Due diligence: financial: Ficorec (Guillaume Debuyck), customer satisfaction: La Voix du Client (Alain Sabathier), environment: Organce (Sabine Bachellez), insurance: Aon Mag (Patrick Steeps), manager's legal adviser: Jean-David Zerdoun.
The seller’s counsels: financial: EY CF (Olivier du Fau de Lamothe, Vincent Maignault); legal: Marck Deneuville; senior debt: LCL.
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07/2007 Alfesca has taken over Le Traiteur Grec. |
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Le Traiteur Grec, a French leader in the preparation and manufacturing of Greek food specialities is a family-owned company, created in 1974 by George Gkotzaridis. As of December 31, 2006, Le Traiteur Grec achieved a turnover amounting to 12 million euros, showing a progression of 10% every year for the past 2 years. Alfesca, a group from Iceland, is the European leader of gourmet food (foie gras, blinis, smoked fish) under the trademarks Delpierre, Labeyrie, York, Islandia, Blini or Skandia. In 2005-2006, its turnover amounted to 554 million euros compared to an EBITDA of 43,8 million euros. Through this acquisition, Alfesca is pursuing its development in France and supplements its line of products on the particular segment of blinis and tarama. Counsels of the Sellers: BIGNON LEBRAY & ASSOCIES (Jacques Goyet, partner, and Edouard Jean Curtet, associate), counsels of the purchasers: White & Case (Vincent Morin, partner, and Eric Muller, associate). |
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06/2007 NAXICAP Partners enters the capital of PARADIS DU FRUIT |
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NAXICAP Partners is taking part in the development of the chain of restaurants PARADIS DU FRUIT and invests 5M€ in the company PARADIS DU FRUIT S.A.
The chain has perfected a unique concept of restaurant/lounge/ice cream parlor, open nonstop all-day long, which offers, in a colorful and exotic setting, a range of light, healthy and natural food centered around one type of product: fruits.
Thanks to an original positioning on a segment still not very competitive, PARADIS DU FRUIT has become a player that is impossible to circumvent in the French specialty restaurant business.
PARADIS DU FRUIT has generated a turnover of approximately 20M€ through a chain of 16 restaurants located in the highly-patronized areas of Paris, in the bordering cities, or in the main shopping centers of the periphery.
The chain is envisaging, during the next 5 years, to open 16 new restaurants, including 6 branches.
NAXICAP Partners took a minority interest in PARADIS DU FRUIT S.A.. The transaction was carried out through a structured financing was set up by BANQUE POPULAIRE VAL DE FRANCE, which allowed the management team headed by Claude LOUZON, cofounder and shareholder of reference, to finance the whole plan of development of the chain.
The LOUZON family, which was advised by DELOITTE and owned at the end of this transaction more than 2/3 of the capital, wanted to take advantage of this operation to associate the main executives of the company to the opening of its share capital.
BIGNON LEBRAY & ASSOCIES (Matthieu LOCHARDET) and, ACA (Olivier LELONG) respectively advised NAXICAP Partners in all legal and financial matters.
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03/2007 OPi SA, Pharmaceuticals for Rare Diseases and EUSA Pharma Inc have announced that the shareholders of OPi and EUSA Pharma entered into a firm share transfer agreement under which EUSA Pharma has acquired 100% of the shares of OPi SA. |
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The closing of the transaction took place on March 15, 2007. The combination of both companies will create an integrated pharmaceutical company, present in Europe and North-America, and specialized in hospital drugs designed to treat orphan diseases, to be applied in oncology and intensive care, and in the treatment of pain. The international commercial infrastructure of OPi will be used as the starting point of the structuring of the operations of EUSA Pharma and the site of Lyon will be used as the R&D platform of the new group. The law firm BIGNON LEBRAY & ASSOCIES (Gilles Bazaille and Yan Freyria-Courtois), have accompanied OPi and its team since 2002 in their development (capital raised, external growth, taxation, licence agreements, research and development, contract of co-operation and distribution). |
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03/2007 The holding FINANCIERE FINAY, located in Lambersart (59) and run by Lydie Fillion and Yann Chanay, took over Trocmé-Vallart International (Le Ronssoy - 80), through a MBO. Trocmé-Vallart International is the European leader of the twisting and thermosetting of synthetic threads used for the manufacturing of carpets and floor covering fabrics. |
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Lydie Fillion and Yann Chanay had been managing Trocmé-Vallart International for several years. Trocmé-Vallart International is one of the last independent worldclass manufacturers. It produces 1,350 tons of twisted and thermoset threads per month and has 230 employees. The purchasers were advised by BIGNON LEBRAY & ASSOCIES (corporate law: Thomas Buffin and Marie Benoit-Gonin, tax law: Gilles Bazaille and Yann Rouleux, labor law: Antoine Benoit and Anne Lamblin) and MAZARS (Philippe Michalak and Jean-François Caron). The Seller, Thierry Gardon, was advised by François Barbe from the Bar of Lyon. The purchasers were accompanied in the process with the regional investment capital company FINORPA SCR (Thierry Chevallier and Jean-Sylvio Marie-Jeanne). The banking pool, headed by BNP-PARIBAS (Marie-Line Signé and Jean-François Ramon) was comprised of BSD-CIN (Ludovic Oden and Alain Marty), HSBC FRANCE (Erick Gönczy) and CREDIT LYONNAIS (Gérard Barillet). OSEO BDPME (Bertrand Fontaine and Alain Tueux) secured the transaction. |
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01/2007 Cira Concept Europe took over Cira Concept group at the cost of 12,5 million euros. |
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Cira Concept Europe, a company held by Platina, an investment fund, headed by Mssrs. Thomas Rottner and Karim Dhanani, and some of the manager, Mssrs. Philippe Lanoir, Jean-François Aznar, Laurent Perrin, Sebastien Sebag and Stephan Sebag, took over Cira Concept group at the cost of 12,5 million euros. This group, which is based in the area of Lyon, employs nearly 300 collaborators, including its Rumanian subsidiary, Cira Concept Romania. It carries out an activity in the fields of engineering and integration of automated systems in France and abroad on a number of varied sectors, among which oil, chemical, cosmetic, pharmaceutical and nuclear. Cira Concept group is counting on this operation to particularly accelerate its international development. The sellers were advised by Gilles Bazaille, Yan Freyria Courtois and Julien Simoncello (BIGNON LEBRAY & ASSOCIES), the purchaser was advised by Eric Baroin and Cyril Facchin (Lamy) and the banker of the senior debt was advised by Séna Agbayissah and Constantin Achillas (Denton Wilde Sapte). |
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02/02/2007 Accor sold its subsidiary Go Voyages to Financière Agache for 281 million euro. |
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Go Voyages is a tour operator not only specialized in the sale of plane tickets at the best price, including holiday packages and car rentals, and a whole range of tourist offers. By selling its subsidiary to Financière Agache Investissement (Arnault Group), the hotel and service group ACCOR is carrying out a policy of transfer of non-strategic assets..
In order to pursue the synergy achieved over the past four years between Accor and Go Voyages, a renewable commercial partnership, aiming at distributing in a privileged manner Accor hotels by Go Voyages, has been signed for three years.
The current leaders of Go Voyages were advised by BIGNON LEBRAY & ASSOCIES (Jacques Goyet, partner, and Matthieu Lochardet, associate, both at the Parisian office).
Debevoise & Plimpton LLP (Marc Castagnède, Felicia Henderson and Philippe Tengelmann) represented Accor Group.
Financière Agache Investissement was advised by Clifford Chance (Marcus Billam and Laurent Schoenstein).
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