Introduction to Oloryn Partners 2 Content Introduction to Oloryn - - PowerPoint PPT Presentation
MANAGEMENTWISE [ mndmntwaz ] neologism 1.adj . Said of the advisor well versed in the art of effectively giving counsel to shareholder managers. When it comes to buyouts, Oloryn Partners is definitely managementwise . 2.adv .
Roland de Farcy
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Chairman of Princesse Tam.Tam – Comptoir des Cotonniers until 2009
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LBO activities as manager and investor ‒ CEO of Louisiane Group until 2008 (LBO led by Perfectis) ‒ Senior Advisor at 3i from 2005 to 2007
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Chairman of Hennessy (LVMH Group) from 2002 to 2005
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Founder & CEO of Spizza 30’, launched in 1988, then merged with Pizza Hut which he ran until 2002
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Consultant at the Boston Consulting Group (BCG) from 1980 to 1988
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MBA Stanford Ecole Polytechnique
Frédéric Jannin
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Buy-out director at Apax Partners from 2000 to 2004, and then at 3i from 2004 to 2008
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Management consultant at AT Kearney from 1996 to 2000
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Construction manager at Dumez in Cairo (Egypt) from 1994 to 1996
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MBA Harvard Business School (Graduated with Distinctions /
Ecole Centrale Paris Master of Engineering Cornell University (Zellidja scholar)
Stéphane Franchaud
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Buy-out director at 3i from 1998 to 2008
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Financial auditor and Corporate Finance Consultant at Arthur Andersen from 1995 to 1998
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HEC
Ludovic Thiebaut
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Transaction services consultant at Accuracy from 2011 to 2013
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First experiences in private equity at Naxicap Partners, from 2010 to 2011, and HLD Associés from 2009 to 2010
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Université Panthéon- Assas Magistère Banque-Finance and Master degree in banking and finance
Sébia (EV: €1.3bn)
Louvre Hotels Group (EV: 1.2bn)
Projet Cortex (EV: €800m)
Maisons du Monde (EV: €700m)
Sandro Maje & Claudie Pierlot (EV : €650m)
Frans Bonhomme (EV: €500m)
MergerMarket (EV: €460m – UK)
Outremer Telecom (EV: €400m)
Speedcast (EV: $260m – IPO)
FPS Towers (EV: €200m)
Europe Snacks (EV: n.c)
Colisée Patrimoine (EV: n.c)
Desk (EV: env. €150m)
Buy Way Personnal Finance (EV: n.c)
Groupe JOA (EV: n.c)
Invicta (EV: entre €50 et €100m)
Mediascience - Jeulin (EV: env. €50m)
Arc International Cookware (EV: env. €50m)
Etrali (EV: inf. à €50m)
Michel & Augustin (EV: inf. à €50m)
Objective Criteria
► Intuitu personae ► Reputation ► Fund size adapted to your industrial project ► Timing in the fund’s life cycle ► Internal decision making process
► Corporate governance ► Rights and obligations of management
in case of an exit (tag along, drag along, common exit, IPO, etc.)
► Individual case of exit
(good leaver / bad leaver )
► Salary, bonus ► Fees / Reps & Warranties
► Returns of management’s investment in
case of over-performance
► Returns of management’s investment in
case of under-performance
► Impacts on management’s investment
in case of equity injections
Management buyout closed in January 2012 Buyer: Permira Seller: Alcatel-Lucent Enterprise value: c. $1.500m With $550m in net sales in 2011, Genesys is specialized in the supply of best-in-class customer service solutions Public tender offer closed in October 2012 Buyer: Toyota Tsusho Corporation Seller: Groupe PPR Enterprise value: c. €2.300m With $3.1b in net sales in 2011, CFAO is an automobile and pharmaceutical retailer in Africa and the French overseas territories Management buyout closed in June 2013 Buyer: KKR Seller: L Capital, Florac Enterprise value: c. €650m SMCP is a French multinational clothing retailer composed
sales reached €390m through 550 outlets over the world. Management buyout closed in August 2013 Buyer: Bain Capital Seller: Apax, LBO France Enterprise value: Between €650 and €700m Maisons du Monde is an European leader in furnishing and
220 stores. Management package renegotiation over 2011 Buyer: n/a Seller: n/a Enterprise value: n/a Company specialised in the medical sector Cortex Project (Confidential) Trade sale closed n November 2013 Buyer: Centerbridge & Angelo Gordon Seller: Cinven Enterprise value: c. €500m Frans Bonhomme is the market leader in the distribution of plastic pipes and fittings in France. Group’s 2013 sales reached c. €700m. Management buyout signed in December 2014 Buyer: Montagu PE, Astorg Partners Seller: Cinven Enterprise value: c. €1.300m Sebia is a worldwide leader in innovative laboratory instruments and reagents based on electrophoresis technology (2013 sales: €160m) Trade sale signed in December 2014 Buyer: Jin Jiang International Seller: Starwood Capital Enterprise value: c.€1.200m Louvre Hotels group is Europe’s No. 2 budget operator with a network of more than 1,100 hotels in more than 40 countries worldwide
Trade sale closed in October 2008 Buyer: Game Stop Seller: L Capital Enterprise value: c. €500m Founded in 1983, Micromania is the first video-game retailer
Management buyout closed in March 2010 Buyer: Cinven Seller: Montagu PE, Astorg Partners, ICG Enterprise value: c. €800m Sebia is a worldwide leader in innovative laboratory instruments and reagents based on electrophoresis technology (2009 sales: €120m) Management buyout closed in May 2010 Buyer: PAI Partners Seller: IK Investment Partners, Astorg Enterprise value: c. €500m Cerba European Lab is the French leader of Specialized Biology Laboratory (2009 sales: €238m) CERBA Public tender offer closed in January 2011 Buyer: Axel Springer Seller: Fondateurs, Public Enterprise value: c. €650m SeLoger.com is the French leader in web real-estate ads. The company is listed on Euronext
LBO closed in July 2013 Buyer: Altice Seller: Axa Private Equity Enterprise value: c. €400m Outremer Telecom is the first telecom operator acting in French Overseas Regions (2012 sales: €195m) LBO closed in November 2013 Buyer: Apax Partners Seller: IK Investment Partners EV: n.c. Europe Snacks is the French specialist on the Savoury Snacks Market under private label brands with a turnover of 77 million € in 2012. LBO closed in December 2013 Buyer: BC Partners Seller: Pearson EV: €460m The Mergermarket Group provides the advisory, corporate and financial communities with actionable financial intelligence, analysis and data LBO closed in April 2014 Buyer: Chenavari Investment Managers Seller: APAX Partners EV: n.c Buy Way Personal Finance is one of the leading consumer credit institutions in Belgium and Luxembourg. In particular, it is the leader in retailer co-branded credit cards. LBO closed in September 2014 Buyer: Eurazeo PME, Founder Seller: Naxicap Partners, Foundeur Enterprise value: €175m Colisée group is France’s fourth-largest retirement home
reached a turnover of c. €180m in 2013. IPO in August 2014 Listing market: Australian Securities Exchange (ASX) Seller: TA / Managers Enterprise value: $260m Based in HK, SpeedCast is a leading global network solutions provider, enabling critical communications on land and at sea. 2013 sales amounted to c. $120m LBO closed in December 2014 Buyer: Naxicap Partners Seller: Family shareholders Enterprise value: €150m Desk is a French leaders on the office equipment market with sales reaching c.€100m Restructuring closed in October 2014 Buyer: Alchemy & Davidson Kempner Seller: Bridgepoint & Loto du Québec Enterprise value: n.c. JOA is the third largest operator of casinos in France
Public tender offer realised in July 2011 Buyer: Axa Private Equity Seller: Apax Partners, Public Enterprise value: c. €300m Outremer Telecom is the first telecom operator acting in French Overseas Regions (2010 sales: €188m ; 558 000 subscribers) LBO closed in November 2011 Buyer: Activa Capital Seller: LFPI Enterprise value: between €50m and €75m Primavista is a photographers company specialized in maternity and infancy. In 2010, Primavista’s sales amounted to €65m LBO closed in July 2012 Buyer: LBO France Seller: HIG Enterprise value: between €50m and €75m With €166m in sales, Diam international is a global leader in designing and manufacturing points of sale to the cosmetic industry LBO closed in September 2012 Buyer: TA Seller: Asiasat Enterprise value: c. 70m$ Based in HK, SpeedCast is a leading global network solutions provider, enabling critical communications on land and at sea. 2011 sales amounted to c. $25m LBO closed in September 2012 Buyer: IK Investment Seller: Axa Private Equity Enterprise value: c. 190m€ With c. €170m in sales, Unipex offering innovative products, services and customized solutions for the cosmetics, pharmaceutical, specialty chemicals and nutrition industries LBO closed in October 2012 Buyer: Apax Partners Seller: Pragma Capital Enterprise value: c. 100m€ Texa is an assessor working for insurance companies. Group’s turnover amounted to €110m in 2011 LBO closed in July 2013 Buyer: Qualium Investissement Seller: Family shareholders Enterprise value: Between €50m and €100m Invicta is a French an European leading company in wood- burning apparels. Group sales reached almost €74m€ in 2012. LBO closed in November 2012 Buyer: Antin Infrastructure Partners Seller: Bouygues Telecom Enterprise value: c. €200m FPS Towers is the first independent telecom tower company in France. It operates more than 2,000 towers
Management buyout closed in May 2010 Buyer: Barclays Private Equity Seller: Azulis, Cita Gestion, LFPI, BNP Développement Enterprise value: c. €150m FTFM La Toulousaine is the French leader in selling metallic shutters (2009 sales: €100m) Restructuring realised in September 2010 Buyer: n/a Seller: n/a Enterprise value: c. €50m Potel & Chabot is the French leader in luxury catering. The company organizes reception and premium events (2009 sales: c.€100m) Trade sale realised in January 2011 Buyer: confidential Seller: confidential Enterprise value: between €150m and €200m Purple is a French leader in producing and selling distilled beverages (2010 sales: c.€200m) PURPLE Project (Confidential) Setting up of an incentive system in February 2011 Buyer: n/a Seller: n/a Enterprise value: n/a Setting up of an incentive system (“management package”) in one of the group subsidiaries Management buyout closed in July 2010 Buyer: confidential Seller: confidential Enterprise value: c. €100m Green is a company producing manufacturing goods who is leader on its market (2009 sales: €650m) GREEN Project (Confidential) Management buyout closed in 2011 Buyer: LBO France Seller: Barclays PE Enterprise value: c. €200m Founded in 2000, Karavel-Promovacances is the largest web tour-operator in France (2010 sales: €400m) Management buyout closed in July 2011 Buyer: Abénex, Cathay Capital PE Seller: 21 Partners Enterprise value: between €100m and €150m Vulcanic offers a range of products for industrial heating (2010 sales: c. €60m) Management buyout closed in July 2011 Buyer: LBO France Seller: Orium, Pechel Enterprise value: between €150m and €200m Eminence is a European leader in men’s underwear industry (2010 sales: €140m)
Management buyout closed in September 2010 Buyer: Paluel Marmont Capital Seller: LBO France Enterprise value: lower than 50m€ Scientis-Finipar is one of the French leading companies specialized in manufacturing cleaning products (2009 sales: €55m)
Management buyout closed in September 2011 Buyer: Managers Seller: Altran Enterprise value: lower than 50m€ Present in 20 countries, Arthur D. Little is a premier global management consulting firm with a 125-year track record Management buyout closed in April 2012 Buyer: HIG Seller: Rio Tinto Enterprise Value: Iower than €50m With €300m in net sales in 2011, the activity “Specialty Aluminas Europe” of Rio Tinto is the largest integrated supplier of non-metallurgical aluminas
« Specialty Aluminas Europe »
LBO closed in May 2013 Buyer: The Gores Group Seller: France Télécom Enterprise value: lower than €50m Etrali is one of the leading resellers of voice recording software to the financial services industry. Capital Increase realised in April 2013 Buyer: Artémis Seller: n/a Enterprise Value: Iower than €50m Michel et Augustin is a French food and beverage actor specialized in fresh products. Management Buy-In closed in February 2012 Buyer: Liberty, Idia Seller: Ducros Enterprise Value: Iower than €50m Gyma is a major European actor on the market for cold sauces. LBO closed in August 2013 Buyer: Siparex Seller: Edmond de Rothschild Capital Partners Enterprise value: lower than €50m Mediascience is a French leading designer and distributor of scientific equipment from primary to high school. The company reached €60m of sales in 2012. LBO closed in July 2014 Buyer: Aurora Capital Group Seller: Arc International Enterprise value: n.c. Arc International Cookware manages the licence of Pyrex, a leading brand of cookware known for its heat resistant glass range.
Carve-out realised in March 2009 Buyer: Bavaria Industriekapital Seller: Osny Enterprise value: lower than 50m€ With a total net sales of €28m, Catalent-Osny is specialized in drug manufacturing Delisting realised in May 2008 Buyer: Abénex Capital Seller: Développement & Partenariat Enterprise value: lower than 50m€ Founded in 1987, Réponse is an advisory firm acting in space planning, consulting and engineering (2007 sales: €106m) Management buyout closed in June 2009 Buyer: Managers Seller: Deutsche Post Enterprise value: lower than 50m€ DHL Global Mail Services France (« KOBA ») is a French company specialized in sorting and mailing (2008 sales: €40m). Secondary LBO closed in April 2008 Buyer: Activa Capital Seller: Qualium Investment, CIC Banque de Vizille Enterprise value: lower than 50m€ Saint Hilaire is a ready-to-wear company, designing in France, producing in Europe and selling worldwide Management buyout closed in March 2010 Buyer: IDI Group Seller: Allianz Enterprise value: lower than 50m€ AGF Private Equity (Venture) is an investment firm specialized in venture capital and is one of the French leaders in this market (Assets managed: €400m) Venture