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M&A in Retail & Consumer in France - H1 2017
Back up to speed
PwC
Highlights
2
• Mixed feelings as H1 2017 deal volume in the Retail & Consumer sector, at 151, shows an increase vs H2 2016 (127) but is clearly below H1 2016 levels (c.180).
• This is mainly driven by moderate corporate M&A activity whilst deals are sustained on the Private Equity side. Half of deals for the period were financed by venture capitalists and Private Equity while the proportion was closer to 38% last year.
• Slower corporate M&A activity has a knock-on effect on outbound deals which have shrunk to little more than 20 operations in the semester. Domestic deals represented the lion’s share of the activity.
• Deal volume has been balanced between large transactions (22 above €100m deal value or turnover), mid market play with 61 deals in the €10m-€100m mark and funding to back smaller businesses / start ups (56).
• This year again, Food and Wines & Spirits lead by volume with almost half of deals. Personal equipment – Clothing and Personal care – comes in at second place, although c. 1/3 of activity in apparel was distress related.
• e-commerce business models continue to attract PE and corporate interest with close to 30 deals on internet pure players.
This report analyses deals in the Retail & Consumer sector that took place over the course of the first semester of 2017 involving at least one French party (acquirer or target company).
Target Country Deal description Acquiror Country Type Deal size
(€m)
Revenues
Target (€m)
CHRISTIAN DIOR SE
(25.9% Stake)FR
LVMH launched an IPO in June to acquire the
26% in Dior it did not already own in order to
simplify LVMH’s ownership structure
BERNARD
ARNAULT (Private
Investor)
FRCorporate
(25,9%)12 111 -
WHITEWAVE FOODS
COMPANYUS
Danone completed its largest deal in a decade by
acquiring WhiteWave, a US upmarket natural and
health foods producer. This deal makes Danone
the world’s biggest producer of organic dairy
products
DANONE SA FRCorporate
(100%)11 787 2 846
CHRISTIAN DIOR
COUTUREFR
LVMH fashion and leather goods division buys
Christian Dior Couture for an enterprise value of
€6.5bn
LVMH MOET
HENNESSY LOUIS
VUITTON SE
FRCorporate
(100%)6 500 1 854
CERAVE, AMBI,
ACNEFREEUSA
After IT Cosmetics in 2016, L'Oreal acquired the
US skincare brands Ambi, Acnefree and CeraVe
from Valeant to reinforce its fast-growing Active
Cosmetics division
L'OREAL /
L'OREAL USAFR Corporate 1 228 159
PROSOL GESTION
(Grand Frais)FR
Investment fund Ardian acquired a majority stake
in Prosol Gestion (Grand Frais) in order to support
its national roll-out
ARDIAN AND
OTHER
INVESTORS
FR PE (Majority) - 1 600
THE BODY SHOP FRNatura, the leading direct selling cosmetics
company, acquires The Body Shop from L'Oréal
NATURA
COSMETICOSBR
Corporate
(100%)1 000 921
MAISONS DU MONDE
SASFR
After the IPO in 2016, Bain Capital finally sold its
remaining stake in Maisons du Monde, a furniture
and houseware retailer
PUBLIC FRStock Market
(31,2%)400 882
READY PAC
PRODUCE INC.US
French canned-vegetable company Bonduelle has
acquired a privately held California producer of
fresh prepared salads Ready Pac, to strengthen its
position in the US market
BONDUELLE SA FRCorporate
(100%)379 740
FINANCIERE
TURENNE
LAFAYETTE S.A.
(Cooked Meats
Division)
FR
Cooperl Arc Atlantique acquired the meat products
division of Financière Turenne Lafayette which
was in financial distress (Madrange, Paul Predault,
…)
COOPERL ARC
ATLANTIQUE S.A.FR
Corporate
(100%)- 480
AGORA
DISTRIBUTION SASUFR
GiFi, the value retailer, integrated distressed Tati
and intends on keeping the Tati brandGIFI GROUPE FR
Corporate
(100%)- 347
PwC 3
Each and every CAC40 player was involved in acquisitions or carve outs and these companies were responsible for the largest operations over the semester – each of which reflects a wider trend in its segment:
• Danone has signed the deal of the year with WhiteWave to establish itself as the leading organicdairy business globally – followed by a recent divestment (from Stonyfield) to comply with competition authorities’ decisions. Organic is a major trend across the food value chain.
• Pernod Ricard invests in craft and organic liquors with US-based craft liquor producer Smooth Ambler Spirits, Mexican high-end Mezcal brand Del Maguey and even more recently single malt brand The Glenallachie. Those types of assets are highly sought-after as evidenced by the rest of thedeal flow.
• The upcoming Essilor-Luxottica merger has attracted a lot of attention from the press. We notice that a flurry of related deals are taking place in eyewear as luxury players and competing manufacturers are building their own strategies. LVMH invests and sets up a JV with Marcolin, the Italian eyewear manufacturer, whilst Kering Eyewear and Richemont / Cartier join forces and expect both industrial and commercial synergies.
• L’Oréal turned the page on Body Shop which goes to Brazilian beauty giant Natura but invests in several active cosmetics US brands coming out of Valeant’s portfolio. Again, active cosmetics has been ripewith deal activity attracting interest from bothcorporates and PE.
• Finally Carrefour has announced an IPO for its Brazilian business as well as its real-estate arm Carmila.
Sources: Zephyr, Capital Finance, Merger Market, PwC analysis
PwC4
PwC
At a glance
5
International features
Private EquityCorporate
52%48%
> €100m < €10m€10-100m
Compared to
H1 2016
Number of deals where deal value or target revenue is …
Number of deals by investor type
Domestic deals Inbound deals Outbound deals
Number of deals by segment
Food (agro,
processing, retail)
Clothing
Home goods, Appliances & Electricals
Wine & Spirits
Personal Care &
Cosmetics
Other specialists
PwC
Food: health and convenience,a winning combination
6
• M&A activity reflects ongoing mega trends in the food sector. The top four trends at a glance:
Organic and Health segments
• As announced in 2016, Danone has successfully sealed its acquisition of WhiteWave Food Co and sets itself as the leader in organic dairy production. This was followed in July by the sale of Stonyfield to Lactalis for €765m to comply with competition authorities.
• Alimentation et Santé (Ebro Foods’ subsidiary), seals a €15m deal with Vegetalia, one of Spain’s organic food pioneers.
• Unigrains widens its portfolio by acquiring a 30% stake in Nutrisens, a French dietary requirements food specialist. Through this deal, Nutrisens will be able to cater to new dietary needs and diversify its distribution channels.
Premiumisation and “savoir faire” à la française
• Challenged by vegetarian / vegan trends, meat players actively pursue a premiumisation strategy. With the purchase of high-end meat producers Brient and Teyssier, Agrial and Euralis reinforce their respective portfolios.
• Arcady’s, the Gourmet food player, gets further backing from PE investor Extendam to support diffusion of its French savoir-faire abroad.
• Innovative new entrants keep challenging the entire Food chain by introducing new ingredients (insects, seaweed) as well as reinforcing emerging consumption habits (vegan menus, powdered menus, etc. see table).
Ready made on the rise
• Pre-Cooked or “pre”pared ingredients are flying high. The bakery market welcomes new actors such as Mix Buffet or Novepan (the result of Grain D’Or and Lubrano et Fils’ merger). Cerelia took control over English Bay Batter, the cookies specialist, hence strengthening its positioning in North America.
• Ready meals are popular as well. Bonduelle sealed a €379m deal with US-based Ready Pac; William Saurin was swallowed by Cofigeo. Arterris and the Belgian Ter Beke acquired the remaining 67% stake at Stefano Toselli to create operational synergies and expandits reach.
New business models, where health and convenience meet:
• On the services side, Frichti (freshly prepared meals delivered directly to consumers) has successfully raised €30m.
• Les Popotes and its fresh organic vegetarian baskets was acquired by Foodette, joining its ever growing “family” (4jours4diners and l’Epicier Toqué, both acquired end of 2016).
Food remains the most active segment M&A-wise, with 43 deals struck over the 6-month period, but volumes are below 2016 levels (61 deals in H1). After numerous outbound deals in Europe and emerging countries namely in the agro sub-sector last year, this first half is rather marked by a shift to domestic deals with food transformation being the most active area.
PwC 7
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Food processing
THE WHITEWAVE
FOODS COMPANYUS DANONE SA FR
Corporate
(100%)
Danone completed its largest deal in a decade by
acquiring WhiteWave, a US upmarket natural and
healthy foods producer. This deal makes Danone the
world’s biggest producer of organic dairy products
11 787 2 846
READY PAC
PRODUCE INC.US BONDUELLE SA FR
Corporate
(100%)
French canned-vegetable company Bonduelle has
acquired a privately held California producer of fresh
prepared salads Ready Pac, to strenghten its
position in the US market
379 740
FINANCIERE
TURENNE
LAFAYETTE S.A.
(Cooked Meats
Division)
FRCOOPERL ARC
ATLANTIQUE S.A.FR
Corporate
(100%)
Cooperl Arc Atlantique acquired the meat products
division of Financière Turenne Lafayette which was in
financial distress (Madrange, Paul Predault, …)
- 480
FINANCIERE
TURENNE
LAFAYETTE SAS
(Ambient Prepared
Meals Division)
FRCOFIGEO SA /
ARTERRIS SCAFR
Corporate
(100%)
Cofigeo (Zapetti) and Arterris took over William
Saurin, French prepared meat products division of
Financière Turenne Lafayette
- 250
STEFANO TOSELLI
SASFR TER BEKE NV/SA BE
Corporate
(67%)
Belgian ready meals specialist Ter Beke acquired the
remaining 67% stake in Stefano Toselli (pasta ready
meals specialist) to create operational and
commercial synergies
- 67
YEO FRAIS SAS FRMAITRES LAITIERS DU
COTENTIN SCAFR
Corporate
(cooperative)
(100%)
The French dairy cooperative Maitres Laitiers du
Cotentin, acquired (private label) yoghurts specialist
Yeo Frais, adding a new competency to its portfolio
- 66
BRIENT FR AGRIAL FRCorporate
(100%)
French co-operative Agrial struck a deal to fully
acquire Brient, a high-end meat specialist. This
should allow Agrial to strengthen its poultry and meat
division, which already accounts for over 6% of total
revenues (approximately €275m)
- 65
NUTRISENS SAS FR UNIGRAINS SA FR PE (30%)
By selling a 30% stake to Unigrains, the dietary food
specialist Nutrisens should benefit from its investor's
sector expertise to further expand internationally
- 60
VERQUIN
CONFISEUR SASFR SUCRALLIANCE SAS FR
Corporate
(100%)
To extend its range of products and create synergies,
Sucralliance, a French candy producer, acquired its
fast growing competitor Verquin Confiseur (both
branded and private label producer)
- 45
COUVOIR PERROT FR LDC FRCorporate
(100%)
The French agri industrial company LDC, specialized
in poultry and meat acquired the chick-hatching
company Couvoir Perrot, in order to optimize supply
- 32
AMAND-BIANIC
GROUPFR POPY GROUP FR
Corporate
(100%)
Pork products specialist Popy Group acquired its
Breton competitor specialized in andouille and thus
completed its distribution channels
- 30
GRAIN D’OR GEL
SAS / LUBRANO ET
FILS
FR
AZULIS CAPITAL / MARC
LÉVY / FRANÇOIS
LUBRANO / BNP
PARIBAS
DÉVELOPPEMENT /
ARKÉA CAPITAL / SWEN
CAPITAL PARTNERS /
GROUPE SMA
FR PE
Grain d'Or Gel and Lubrano et Fils' merger gave birth
to a €50m-turnover group Novepan, gathering
complementary product offerings and geographic
coverage on high-end frozen bakery products
- 26
HERB'S
INTERNATIONAL
SERVICE
FR DOEHLER GROUP SE DE Corporate
German natural ingredients group Doehler
strengthened its healthy food segment by acquiring
Herb's International Service, a French natural health
ingredients producer and supplier
25 -
RENE LAURENT
SASFR
FRUTAROM INDUSTRIES
LTDISR
Corporate
(100%)
Acquisitive flavour and ingredients specialist
Frutarom Industries completed one of its eight
acquisitions of the year reinforcing its positioning in
the French market with family-owned business
René Laurent
20 12
EAU DE QUEZAC FR
SOCIETE DES EAUX
MINERALES D'OGEU
SAS
FRCorporate
(100%)
To strengthen its leadership position in the "regional
waters" sub-segment, Ogeu acquired Eau de Quezac
from Swiss giant Nestlé Waters
- 20
TEYSSIER
SALAISONSFR GROUPE EURALIS FR
Corporate
(100%)
Through its subsiduary Jean Satalaven, Euralis
acquired Teyssier, a high-end dry meat specialist,
hence reinforcing its premium take on meat
- 16
PwC8
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
VEGETALIA SL SP
ALIMENTATION ET
SANTE SAS (Ebro
Foods)
FRCorporate
(100%)
To become a European leader in organic food,
Alimentation et Santé, subsidiary of Ebro Foods,
acquired a Spanish organic food pioneer Vegetalia in
a €15m deal
15 12
PIZ'WICH EUROPE
SASFR ARDIAN FRANCE SA FR PE
With the arrival of Ardian in its capital, Piz'Wich, a
frozen pizza specialist, aims to not only strengthen its
position in the snacking industry but also expand
internationally as well as develop its in-flight catering
offerings
- 14
LES DUCS DE
GASCOGNE SASFR
MARIE JOLLIVET /
CYRIL JOLLIVETFR
Individual
(100%)
The French family business specialized in authentic
foie gras was sold to the Jollivet couple, who was
seeking new investment opportunities
- 11
SFOGLIA TORINO IT UNIGRAINS SA FRCorporate /
PE
Sfoglia Torino has acquired 100% of the capital of
Idea Quick Srl, an Italian frozen puff pastry producer,
with growth capital provided by Unigrains, thus
consolidating the Italian frozen dough market
- 11
ALGAIA FR
CEA INVESTISSE-
MENT / EMERTEC
GESTION /
MAABAROT
PRODUCTS
FR / ISR PE (Majority)
Algaia, which develops and commercializes
seaweed-based ingredients raised €6.5m to pursue
its development by increasing production capacity
and reinforcing the R&D unit
7 -
SOCIETE
NOUVELLE
FARANDOLE
GOURMANDE
SASU
FR MIX BUFFET SAS FRCorporate
(100%)
With €200m in yearly revenues, Sodebo's competitor
Mix Buffet, one of France's main pre-packaged salad
manufacturers, has successfully sealed a deal to
acquire this quiches and petits fours producing facility
from Délifrance
6 2
GROUPE SUD
CEREALESFR ARTERRIS FR
Corporate
(100%)
Arterris, a French agri-cooperative, consolidated its
position in the South of France by merging with Groupe
Sud Céréales, a cooperative engaged in agricultural
products, including food grains and oil seeds
2 84
FEED SASU FRSENSEII VENTURES
SASFR PE
Feed has the objective to become the European
leader of Smart Food with its ultra-healthy meals
(powdered solution drinks and bars) and raised €1m
1 -
ENTOMA SAS FR
BPI GROUPE SA / LE
COMPTOIR DE
L'INNOVATION SASU
FR PE
Entoma, also known as Jimini, successfully finalized
its €1m fundraising campaign, which should allow it
to further expand through R&D and develop its
insect-based product portfolio and accelerate the
acceptance of insects in food
1 0
ENGLISH BAY
BATTER INCCA
CERELIA SASU
(Backed by IK)FR
Corporate /
PE (100%)
Cerelia pursues its external growth strategy by
acquiring the Vancouver-based English Bay Batter,
specialized in cookies and muffins, its 3rd foreign
acquisition in the span of 18 months
- -
Food retail
PROSOL GESTION
(Grand Frais)FR
ARDIAN AND OTHER
INVESTORSFR
PE
(Majoritaire)
Investment fund Ardian acquired a majority stake in
Prosol Gestion (Grand Frais) in order to support its
national roll-out
- 1 600
GALLEN SA FR GROUPE LE GRAET FRCorporate
(51%)
Breton fish trade wholesalers Groupe Le Graet and
Gallen decided to associate to pursue a common
development strategy and create synergies
- 35
FRICHTI FR
VERLINVEST / FELIX
CAPITAL / ALVEN
CAPITAL / IDINVEST
PARTNERS
FR/EN/BEPE / Venture
Capital
The ready meal home delivery player Frichti has
succeeded in raising €30m from four investment
funds to develop its offering and start its international
expansion
30 -
COOKIN‘
THEWORLD SASFR
NORMANDIE CAPITAL
INVESTISSEMENT
GESTION SAS / 360
CAPITAL MGMT. / ISAI
GESTION SAS
FR PE
Cookin'TheWorld (now QuiToque), which delivers
fresh ingredients and food recipes to the consumers'
door, succeeded in raising €4m in order to support its
growth
4 1
ARCADY'S (ex CCK
Diffusion)FR EXTENDAM FR PE
Extendam enters Arcady's capital and joins Groupe
Bertrand in accompanying the French high-end
delicatessen company in its national and international
expansion
3 18
LES POPOTES
SARLFR
TRENT & CO SAS
(FOODETTE)FR
Corporate
(100%)
Only a couple of months after acquiring 4Jours4Dîners
and l'Epicier Toqué, Foodette purchased Popotes, a
100% organic and vegetarian products player that
delivers fresh food baskets directly to consumers homes
- 0
Note: the table above excludes the pet food industry and the following operations: Yooji, Clair de Lorraine, Ministry of Cake, Olives & Co, Eau des Alpes,
Pomuni France, L'Escargot Courbeyre, La Meringaie, WeCook, L'Igloo and the Carrefour IBO
PwC 9
PwC
Wine & spirit: the harvest of authenticity
10
• “Domestic” deals remain a key feature in Wines and Spirits with 12 deals involving French acquirers and targets. Four cross-borders deals however were completed by French brands which grabbed assets in the US and the Caribbean.
• Beyond classic consolidation, we observe three recurring investment themes:
Acquirers have an appetite for craft and organic
• Pernod Ricard invests in US-based craft liquor producer Smooth Ambler Spirits.
• Remy Cointreau invests in Domaine des Hautes Glaces, the “Alpine farm distillery”, an organic single malt whisky producer (6 months only after the Westland acquisition).
• Bouygues brothers’ family office makes its third acquisition in vineyards with Clos Rougeard, a French-based organic winemaker.
(Ultra)-premium brands attract interest from both Spirit companies and luxury players diversifying their product portfolio
• Bollinger pulls its weight and grows its stake in Delamain, a super premium cognac house.
• Private Investor Dona Bertarelli diversifies its luxury portfolio of investments with The Wine Merchant, a French wine trading company.
Brands seek international exposure
• InVivo pursues its InVivo Wine €1bn ambition. Created in 2015, with the acquisition of a Bordeaux trading company and a stake in wine cooperative Vinadeis, InVivo Wine added a substantial asset this year with Dutch trader Baarsma Wine that generates €210m annual revenues and opens new doors for export markets.
• Cognac Ferrand goes to the roots with West Indies Rum Distillery, a historic Barbadian rum business, gaining access to Barbados and Jamaican sourcing for Plantation.
Downstream, the sector is rife with innovative concepts: Petit Ballon (an online subscription based player) and Kol (pure mobile, home delivery) are in early stage development. Petit Ballon should benefit from synergies with new shareholder Vente-Privee.com whilst Kol is rolling out in France and the UK in the midst of its fundraising process.
It has been an active semester in the Wine and Spirits M&A space with 18 deals struck over the 6-month periodversus 23 over the whole of 2016. Most deals involved wine and spirits producers (12 operations) although distribution – wholesale and retail – is also a hot topic (6 operations).
PwC 11
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Production
WEST INDIES
RUM
DISTILLERY LTD
BB*COGNAC FERRAND
SASUFR
Corporate
(100%)
Cognac Ferrand completed its first acquisition abroad
through Barbadian rum producer West Indies Rum
Distillery
23,0 -
CHATEAU DE
SANCERRE
WINERY
FR ACKERMAN SA FRCorporate
(Majority)
Terrena's subsidiary Ackerman acquired the premium
France-based vineyard Château de Sancerre to support
its export strategy
20,5 3,5
CLOS
ROUGEARDFR
MARTIN BOUYGUES;
OLIVIER BOUYGUESFR
Family Office
(Majority)
The Bouygues family completed its third vineyard
acquisition through Clos Rougeard, a precursor organic
France-based vineyard. The 8th generation of the
Foucault family will remain involved in management
12,0 -
JEAN CHATEL
SAFR CHATEL FAMILY FR MBO
ACG Management sold its stake in rum and liquor
distillery Jean Chatel to the Chatel Family, who became
the sole shareholder
- 20,0
BEAUX-FRÈRES US HENRIOT FRCorporate
(Majority)
Champagne Henriot completed its first investment abroad
through the acquisition of US-based Pinot noir producer
Beaux-Frères
- 11,0
DELAMAIN ET
CIE SAFR
SOCIETE JACQUES
BOLLINGER SAFR
Corporate
(Majority)
France-based Champagne producer Bollinger increased
its stake in Delamain, XO pure player and premium spirits
producer ("Vieux cognac de Grande Champagne")
- 4,0
SMOOTH
AMBLER
SPIRITS
COMPANY
US
NBV INVESTMENTS
INC. / PERNOD
RICARD
US/FRCorporate
(Majority)
Pernod Ricard and its US subsidiary NBV Investments
acquired a majority stake in craft and premium spirits
producer Smooth Ambler Spirits
- 2,8
DOMAINE DES
HAUTES
GLACES SAS
FR REMY COINTREAU SA FRCorporate
(100%)
Rémy Cointreau acquired the France-based organic and
premium malt whiskey distillery Domaine des Hautes
Glaces, to reinforce its activity in this fast-growing
segment
- 0,3
CHÂTEAU BEL-
AIRFR GOLDEN FIELD CH
Corporate
(100%)
Agrofood giant Golden Field invested in Bordeaux-based
Château Bel-Air (55 ha), a premium wine producer- -
Wholesale / Retail
BAARSMA WINE NL INVIVO INVEST FRCorporate
(100%)
InVivo acquired wine distributor Baarsma Wine, to extend
its reach to Northern European market- 210,0
L D. VINS FR JACKY LORENZETTI FRIndividuals
(100%)
After acquiring vineyards, Jacky Lorenzetti invested in
wine merchant L. D. Vins (3/4 of sales are exported)- 50,0
THE WINE
MERCHANT SAFR
DONA BERTARELLI;
YANN GUICHARD;
YANN BORGSTEDT
CHFamily Office
(100%)
A Swiss Family Office acquired the Wine Merchant,
French wine trading company, to diversify its luxury
portfolio of investments
- 40,0
LE PETIT
BALLON SASFR VENTE-PRIVEE.COM SA FR
Corporate
(Majority)
Vente Privée acquired the innovative subscription-based
wine distribution start-up Le Petit Ballon to strengthen its
position in the wine market (currently, wine represents 5%
of VP's offering)
- 8,0
KOL FR
DAY ONE
ENTREPRENEURS &
PARTNERS (ex
L‘Accélérateur Capital
Partners) / BUSINESS
ANGEL(S)
FREarly stage
fund raising
Wine and spirits home delivery start-up Kol raised €1m
from venture capital funds Day One Entrepreneurs &
Partners and Business Angels
1,0 1,0
(*) BB: Barbados
Note: the table above excludes the following operations: Les caves de la Bergère, Château Trianon, Château Haut-Batailley and Les viticulteurs de Fort Medoc
PwC
Clothing and footwear: through thickand thin
12
• Out of the 26 deals struck over the 6-month period, one third relate to distress situations. In parallel, rising stars receive backing from investors, and Private Equity is very active, playing a part in nearly half of the deal activity.
• M&A in the segment remains dominated by strictly domestic deals (20 out of 26), with little outbound investment and few foreign investors coming to the rescue of struggling players.
Distress situations across segments
• Value players Tati and Mim are taken over by fellow retailers GiFi and Tally Weijl. In the same segment, Swiss value fashion retailer Yendi did not find new investors and was put in bankruptcy procedure earlier this year.
• After Blancheporte and Becquet in prior years, Spanish catalogue operator Venca leaves the 3SI portfolio through an MBO. 3 Suisses Group itself is in exclusive talks with potential acquirer Domoti although the deal has not been officially sealed.
• Vivarte pursues its divestment strategy with the Pataugas brand going to Colis Privé founders and shoe manufacturing site CVC to German restructuring player Hanse. More recently in July, Kookai was taken over by its Australian licensee Magi Entreprise.
New French brands with strong identity and rich product design content are backed by private investors
• Fashion brand Sessun gets support from ECP which also owns Figaret and Le Slip Français.
• Contemporary cashmere brand Kujten has sought investors M Capital to continue its retail roll out strategy.
• Both innovative watch brand Klokers and Compressport, a sports technical wear brand surfing on the running trend, close their funding rounds successfully.
Innovative business models continue to thrive
• Originally pure-mobile player Jello (operating as Sprint) continues to rock the online fashion space and gets supports from investors including Groupe Arnault.
• Online second-hand fashion players vestiaireCollective and Videdressing get new rounds of funding.
Finally omnichannel investments go both ways
• Conforama invests in e-commerce pure player Showroomprivé.
• Pure player Spartoo grabs Kindy’s child footwear assets.
Fortunes of players involved in apparel and footwear are very contrasted, to say the least, and this is reflected in this half year’s M&A trends.
PwC 13
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Manufacturers and Traders
NOYON
DENTELLEFR
ETAM / LA PERLA
INTERNATIONAL LIVING /
MAS / VAN DE VELDE
FR Corporate
Management, backed by historical key clients,
acquired the France-based distressed lace
manufacturer Noyon Dentelle
- 15,5
COMPAGNIE
VOSGIENNE DE
LA CHAUSSURE
FRHANSE INDUSTRIEKAPITAL
BETEILIGUNGS GMBHDE PE
Hanse, specialist distress investor, acquired
Vivarte's shoe manufacturing asset CVC and
ambitions to premiumize production
- 12,0
Brands and Retailers
CHRISTIAN DIOR
SE (25.9% Stake)FR
BERNARD ARNAULT
(PRIVATE INVESTOR)FR
Corporate
(25,9%)
LVMH launched an IPO in June to acquire the 26%
in Dior it did not already own in order to simplify
LVMH’s ownership structure
12 111,0 -
CHRISTIAN DIOR
COUTUREFR
LVMH MOET HENNESSY
LOUIS - VUITTON SEFR
Corporate
(100%)
LVMH fashion and leather goods division buys
Christian Dior Couture for an enterprise value of
€6.5bn
6 500,0 1 854,0
AGORA
DISTRIBUTION
SASU
FR GIFI GROUPE FRCorporate
(100%)
GiFi, the value retailer, integrated distressed Tati
and intends on keeping the Tati brand- 346,7
MIM FR TALLY WEIJL / ETAM CH / FR Corporate
Swiss youth fashion retailer Tally Weijl committed
to maintain c.70 stores (to be converted to the TW
concept)
- 150,0
RAUTUREAU
APPLE SHOES
SAS
FR
M. XAVIER MARIE /
ALLIANCE ENTREPRENDRE
SAS / EPF PARTNERS SA
FR PE (100%)
Xavier Marie, Maisons du Monde founder, and an
experienced footwear manager took over multi-
brand shoe manufacturer Rautureau (the family
had sold childrenswear brand Pom d'Api in 2016)
15-20 41,2
FINSBURY FR
BPIFRANCE INVESTIS-
SEMENT / ALLIANCE
ENTREPRENDRE /
MANAGERS
FR PE (Minority)
Men's shoe brand and retailer Finsbury raised
€10m to support its ongoing development
(international, digital, diversification into
accessories)
10,0 40,0
ACTIFS DE
KINDYFR GALATÉE / SPARTOO FR
Corporate /
Private Investors
(100%)
Spartoo and Galatée respectively took over
childwear and sock subsidiaries of Kindy group, in
financial distress
- 32,3
BRUNO SAINT
HILAIRE SASUFR
FABRICE DORR / VINCENT
LEFEBVREFR MBO (100%)
Management acquired Activa's share in tailor
specialist Bruno Saint-Hilaire, with plans to
increase retail presence whilst maintaining its
multibrand network
- 20,8
SESSUN SAS FREXPERIENCED CAPITAL
MANAGEMENT SASFR PE (43%)
Second investment in the semester for ECP in fashion
with Sessun, the clothing and lifestyle brand- 20,0
PATAUGAS
SASUFR HOPPS GROUP SAS FR
Corporate
(100%)
Hopps, owned by Colis privé's shareholders,
completed the acquisition of Pataugas from Vivarte
with intent to reenergize the brand
- 15,6
COMPTOIR
INTERNATIONAL
DE LA CHEMISE
SAS
FREXPERIENCED CAPITAL
MANAGEMENT SASFR PE (70%)
After Sœur in 2016, ECP acquired Figaret and
plans on repositioning the affordable luxury brand,
and driving international expansion. EPI keeps a
minority stake
- 14,4
DIDIER
PARAKIANFR
ZHEJIANG DUNNU
INDUSTRIAL CN Corporate
Chinese textile group Zhejiang comes to the rescue of
distressed womens’ fashion creator Didier Parakian- 10,0
GIAMBATTISTA
VALLI EURLFR ARTEMIS SA FR PE (Minority)
Artemis follows up on its 2015 investment in
Courrèges with a stake in Haute couture creator Valli- 9,8
COMPRES-
SPORTFR CALCIUM CAPITAL FR PE
France-based technical wear specialist
Compressport raised funds to support international
expansion, surfing on the running craze
5,0 10,0
KUJTEN FRM CAPITAL PARTNERS (ex
Midi Capital)FR PE
Created in 2012, contemporary cashmere brand
and retailer Kujten found new partners to support
its roll-out
3,0 5,5
AFFORDANCES FR
CRÉDIT AGRICOLE ALPES
DÉVELOPPEMENT /
ENTREPRENEURS
FACTORY
FR PE (40%)
Created in 2014, premium watch player
Affordances (Klokers brand) raises €2m from PE
investors. Management keeps a controlling stake
and targets a €20m turnover by 2020
2,0 -
PwC14
Note: The table above excludes the investment in IP Finance by Reworld Media and Private investors, and the fundraising of Les Culottées.
* This transaction has not completed as of September 2017
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
E-commerce / Home shopping specialists
SHOWROOM-
PRIVE.COMFR CONFORAMA FR
Corporate
(17%)
Showroomprivé found a new partner, Conforama,
to improve sourcing of home-related products in
line with its diversification strategy
157,4 539,7
3 SUISSES* FR DOMOTI FR CorporateAfter acquiring Becquet, a catalogue operator in
2016, Domoti is rumored to take over 3 Suisses- 115,0
JELLO LABS
INC.US
FIDELITY INVEST-MENTS /
GROUPE ARNAULT SAS /
THRIVE CAPITAL
MANAGEMENT LLC /
BOXGROUP
US / FR PE
Pure mobile retailer Jello Labs (operating under
the Spring brand) closes a new round of funding,
including former investor Groupe Arnault
59,8 -
VESTIAIRE
COLLECTIVE SAFR
EURAZEO CAPITAL SA /
VITRUVIAN PARTNERS
LLP / IDINVEST PARTNERS
FR PE
Former shareholder Eurazeo reinvests along with
new international partners in second-hand online
specialist Vestiaire Collective to accelerate its
international growth
58,0 100,0
VIDEDRESSING.
COMFR
DN CAPITAL / PITON
CAPITAL / EARLYBIRD
VENTURE CAPITAL /
GENERIS CAPITAL
PARTNERS
FR / EN /
DEPE
A new round of funding for the second-hand online
specialist Videdressing, to comfort its position and
model
5,4 35,0
VENCA SP MANAGERS - MBO (100%)
After Becquet and Blanche Porte, 3 Suisses
divests Venca, the Spanish fashion mail order
business, taken over by Management
- -
PwC 15
PwC
Personal Care & Cosmetics: no blemishes
16
Eyewear players along the whole value chain are reviewing their positions: whilst the Luxottica -Essilor merger is expected to be finalised in the second half of this year, other players are on the front foot:
• Kering Eyewear and Richemont / Cartier join forces and expect both industrial and commercial synergies.
• LVMH invests and sets up a JV with Marcolin, the Italian eyewear manufacturer. The partnership called Eyewear will start with Celine and Louis Vuitton branded spectacles and should widen to the Group’s other brands.
• PE-backed UK player Inspecs invests in Killine, a French manufacturer with strong positions in Asia including two plants.
• New player Jimmy Fairly wants to bring affordable products onto the market and finds backing from ECP.
Luxury group LVMH turned the page on its JV with De Beers and the Baccarat story:
• De Beers group has bought back its stake from the joint-venture with LVMH, which has become a jewellery leader on its own since the acquisition of Bulgari in 2011.
• Starwood and the fund L Catterton (of which LVMH is shareholder) sold French high-end crystal specialist Baccarat to a Chinese fund (Fortune Fountain Capital).
Cosmetics is ripe with M&A activity, from mega deals to small venture - but the themes are common across deal size: active cosmetics, natural cosmetics and innovation:
• Active cosmetics is particularly prominent. L’Oréal acquires three brands from Valeant. Revitacare is grabbed by a Chinese HA specialist and Dermavita by a medical device and cosmetology player.
• Innovative concepts get backing from PE: Skinjay with its essential oils shower solution and Feeligreen with its technology-inspired device and anti-ageing cream combo.
At the retail end of cosmetics, Natura grabs the big prize with Bodyshop whilst Sephora continues its European expansion with Turkish retailer Tekin Acar; Yves Rocher takes control of its distributors in Romania and Hong Kong and invests in Israel-based soap brand Sabon. In France independent selective perfumery retailers don’t just sit back: Passion Beauté gets PE backing to continue its development.
Finally online players pursue their strategies:
• Showroomprivé extends its category coverage with Beauté privée, whilst feelunique reinforces its beauty credentials with Madine, the French beauty content website.
Striking features in Personal Care & Accessories this semester: two “mega deals”, a flurry of corporate cross-border activity (9 inbound and 6 outbound out of 26 deals) and extensive Private Equity involvement (10 outof 26).
PwC 17
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Brands / Manufacturers
CERAVE, AMBI,
ACNEFREEUSA L'OREAL / L'OREAL USA FR Corporate
After IT Cosmetics in 2016, L'Oreal acquired the US
skincare brands Ambi, Acnefree and CeraVe to
reinforce its fast-growing Active Cosmetics division
1 228,0 158,7
MARCOLIN IT LVMH FRCorporate
(10%)
LVMH acquired 10% of eyewear manufacturer
Marcolin and launched a joint venture to develop
partnerships with the Italian company
- 434,8
KERING
EYEWEARFR
COMPAGNIE
FINANCIÈRE RICHEMONTCH
Corporate
(30%)
Kering entered into a strategic partnership with Maison
Cartier (Richemont) in a move to create industrial and
commercial synergies
- 340,0
SABON ISR YVES ROCHER S.A. FRCorporate
(70%)
In line with its objective to generate 50% of turnover
abroad by 2026, Yves Rocher acquired 70% of Israel-
based soap and cosmetics brand Sabon
86,6 100,0
LABORATOIRE
REVITACAREFR
BLOOMAGE
BIOTECHNOLOGY
CORPORATION LIMITED
CNCorporate
(100%)
Chinese biomedicine and hyaluronic acid specialist
Bloomage invests in Revitacare, a specialist brand,
supplying medical aesthetic practitioners with anti
ageing products
25,2 -
LE COUVENT DES
MINIMESFR
INVESTISSEURS
INDIVIDUELS / HLD
GROUPE
FRCorporate /
PE (100%)
L'Occitane disposes of Le Couvent des Minimes to
Filorga's owner HLD20,0 10,0
LALIQUE FRTAMER GROUP / FAMILY
OFFICESSA
PE
(Minority)
Maison Lalique received €15m from Family offices to
support international growth, especially in Asia
(currently 20% of activity)
15,0 125,0
ACTIV MEDICAL
DISPOSABLEFR
CM-CIC
INVESTISSEMENTFR PE (28%)
In a market driven by ageing population, Activ Medical
Disposal invited CM-CIC to contribute to its growth- 60,0
MAISON FRANCIS
KURKDJIANFR LVMH FR
Corporate
(Majority)
After Serge Lutens, Atelier Cologne and L'Artisan
Parfumeur, it's Maison Francis Kurkdjian's turn to join a
global Luxury group
- 23,0
FEELIGREEN FRINNOVACOM,OTIUM
CAPITALFR PE
Feeligreen innovates with instrumental cosmetics,
offering both devices and anti-ageing creams, building
on the IoT trend
3,5 0,5
SKINJAY FR SEVENTURE PARTNERS FR PESkinjay offers a unique shower solution with a device
and essential oil capsule combination3,5 0,5
JUVEDERM
(Dermavita)FR DIMA CORP LU Corporate
Dimacorp, the medical device and cosmetology
distributor, acquires Dermavita, an active cosmetics
brand
- -
KILLINE GROUP FR INSPECS LIMITED UKCorporate /
PE
PE owned eyewear manufacturer Inspecs (€60m
turnover) acquired Killine group, a major spectacles
supplier with two plants in Asia, a key growing market
- -
Personal Equipment / Luxury
BACCARAT FRFORTUNE FOUNTAIN
CAPITAL (FFC)CN
PE
(88,8%)
After the Chinese group Gangtai's acquisition of
jewellery brand Buccellati in 2016, it's FFC's turn to buy
French luxury crystal maker Baccarat from L Catterton
185,0 148,0
DE BEERS
DIAMOND
JEWELLERS
LIMITED
FR/UK
DE BEERS GROUP
SERVICES (Proprietary)
LIMITED
LUCorporate
(50%)
De Beers acquired remaining the 50% of De Beers
Diamond Jewellers from LVMH, putting an end to its JV
with LVMH, 16 years after its creation
- 137,2
CHRISTIAN
BERNARDFR
MARCEL ROBBEZ-
MASSONFR
Corporate /
PE
FCDE-backed jewellery manufacturer Marcel Robbez-
Masson consolidates its position on the market with the
acquisition of the financially distressed manufacturer
Christian Bernard
40,0 50,0
PwC18
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Retailers
THE BODY SHOP FR NATURA COSMETICOS BRCorporate
(100%)
Natura, the leading direct selling cosmetics company,
acquires The Body Shop from L'Oréal1 000,0 921,0
JIMMY FAIRLY
SAS (46% Stake)FR
EXPERIENCED CAPITAL
PARTNERS SAS;
ARNAUD PLOIX
(PRIVATE INVESTOR)
FR PE (43%)
Odyssée Ventures sold its stake in eyewear retailer
and brand Jimmy Fairly to ECP. Fairly's ambition is to
pursue its development in France and in Europe
8,0 6,0
PASSION BEAUTE FR ESFIN GESTION FR PEPassion Beauté, a group of independent perfume and
cosmetics retailers, raised €5m to extend its reach5,0 116,0
TEKIN ACAR
BUYUK
MAGAZACILIK
TICARET AS
TR SEPHORA SA FRCorporate
(100%)
Sephora acquired 19 stores from Tekin Acar, the
distressed Turkey-based cosmetics retailer- -
COSMETIQUES DE
FRANCE SARLRO YVES ROCHER S.A. FR Corporate
Yves Rocher acquired the Romania-based franchiser
of cosmetics CdF, operating 40 stores in Romania.
CdF helped Yves Rocher become the first single-brand
retail store in Romania
5,0 5,2
YES GREEN HK YVES ROCHER S.A. FR CorporateYves Rocher acquired the Hong-Kong based franchiser
Yes Green which operates 20 stores in Hong-Kong1.0 - 20.0 -
E-commerce
BEAUTE PRIVEE
SASFR SHOWROOMPRIVÉ FR
Corporate
(60%)
SRP pursues its diversification strategy with this beauty
pure player18,0 19,0
SANTÉDISCOUNT FR ARDIAN FR PE
After acquiring Comptoir Santé from Casino in Nov.
2016, online health and beauty retailer Santédiscount
gained backing from Ardian
- 15,0
PHARMARKET
SASFR
MR JEAN-CLAUDE
LABRUNE / MR TONY
PARKER / MR LAURENT
DE CLERGERIE / MR
REGIS FABRE
FR IndividualsThe online pharmacy retailer Pharmarket raised €1m to
support its development1,0 -
MADINE SAS FR THEBIGWEB UK LTD UKCorporate
(100%)
UK online beauty retailer Feelunique (Thebigweb)
accelerates its penetration of the French market with
the acquisition of the online beauty content The
Beautyst (Madine)
- 0,1
PwC 19
PwC
Home Goods, Appliances & Electricals: from floor to ceiling
20
One common point with last year though: private equity players remain very active and domestic deals remain a key feature in the segment, with only one significant inbound investment over the period (a Polish acquirer).
The most prominent theme is the interest in wholesale and BtoB players / omnichannel:
• Polish kitchen-equipment specialist Amica acquired household appliances wholesaler SIDEME.
• LDLC continues its omnichannel and BtoB consolidation play by acquiring BIMP, a key hi-tech and Apple products reseller that caters to professional and educational segments as well as consumers.
• Naxicap invests in electricals and home equipment wholesaler Findis.
• GEI, via its investments in Miss Numérique and Objectif Bastille, builds a €40m turnover omnichannel hi-tech player.
Other investments in the sector are rather diversified but mainly revolve around well-being at home: comfortable bathroom solutions, luxurious home fragrances and exterior lighting, customized music players … (see illustration below).
Maisons du Monde was the highest value operation and only significant pure retail deal, with Bain Capital divesting its last shares post IPO. There will be more to come in the second half of the year in this segment with the likes of Ceconomy, which has announced the acquisition of Artemis’ 25% stake in Fnac Darty for a value of c.€452m.
M&A in the Home Goods, Appliances & Electricals segment has witnessed a slowdown, with 15 deals struck over the 6-month period versus 35 in H1 2016.
• Easy Shower
• ILEA
• Roger Pradier• Manufacture Française de Bougies
• Lampe Berger
• Orvema
• Bron Coucke• Maisons du Monde
• Prizm
PwC 21
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Manufacturers
PMH FR P3G INDUSTRIES FRCorporate
(100%)
PMH (Parisot group), a home furniture manufacturer, has
been acquired by its former subsidiaries group (P3G
Industries) to reach critical mass (now a top-ten player in
Europe with a combined turnover of €290m)
- 190
LAMPE BERGER FRARGOS SODITIC /
MANAGERSFR
PE
(Majority)
The investment fund Argos Soditic acquired a majority stake
in Lampe Berger, the home fragrance lamps manufacturer.
The SME plans to invest in R&D and Sales
- 50
EASY SHOWER FR TURENNE CAPITAL FRPE
(Minority)
Turenne Capital took a minority stake in French SME Easy
Shower, a producer and installer of showers and baths for
persons with reduced mobility. This should support further
growth (M&A and international)
- 15
ORVEMA FR
LABRUYERE
EBERLE (Financière) /
MATHILDE
CREATIONS
FRPE
(Majority)
Labruyere Eberlé acquired Orvema, an interior perfumes and
decorative items manufacturer in receivership, to revitalise
this company
- 13
ROGER PRADIER FR CONSTELLATION FR/BE PE (25%)
With new investors entering Roger Pradier's capital (namely
Tristan de Witte - 75%, and Constellation - 25%), the historic
French outdoor lighting specialist aims to increase its export
activity to 50%, benefitting from its investors' international and
luxury expertise
- 8
BRON COUCKE FRTELLIER GOBEL &
CIEFR Corporate
Bron Coucke, a historical actor of utensils and equipments for
professional cooking, has been acquired by Tellier Gobel &
Cie, to create synergies and internationally extend and
consolidate their portfolio of complementary products
- 7
ILEA FR
OCÉAN
PARTICIPATIONS,
SIPAREX, SODERO
GESTION
FR PE
Ilea, a producer of customizable showers specially suited for
senior customers, raised €1.1m, with a view to develop its
commercial position in France and abroad and to acquire new
competencies
1 3
MANUFACTURE
FRANCAISE DE
BOUGIES
FRBPIFRANCE
INVESTISSEMENTFR PE
BPI "fonds pour les savoir d'excellence" invested in French
premium perfumed candles manufacturer "Manufacture
Française de Bougies", a supplier to premium candles brands
such as Diptyque or L'Artisan parfumeur
- 2
PRIZM FR
CM-CIC
INNOVATION / KIMA
VENTURES
FR PE
Prizm, the start up launched in 2014 and developing smart
audio players, raised €1m to develop its R&D team and keep
its technological advantage
1 -
Wholesalers / Retailers
MAISONS DU
MONDE SASFR PUBLIC FR
Stock
Market
(31,2%)
After the IPO in 2016, Bain Capital finally sold its remaining
stake in Maisons du Monde, a furniture and houseware
retailer
c. 400 882
FINDIS FR
NAXICAP
PARTNERS, OUEST
CROISSANCE,
SODERO GESTION,
BPI FRANCE, SG
CAPITAL
PARTENAIRES
FR PE
Naxicap acquired Findis, the electricals and home equipments
wholesaler from Activa Capital, Capzanine, EPF Partners &
Quilvest Private Equity
- 300
SOCIETE
INDUSTRIELLE
D'EQUIPEMENT
MODERNE
SIDEME SA
FR AMICA SA POCorporate
(60,706%)
The Polish kitchen-equipment specialist (€650m) acquired all
of the household appliances retailer SIDEME's shares, hence
buying off those owned by Electrolux (39%) and Crosslee
(22%)
4 81
BIMP (OLYS) FR GROUPE LDLC FRCorporate
(100%)
By acquiring BIMP, the hi-tech/Apple BtoB distributor and
retailer, LDLC, who struck a strategic deal in 2016 by
acquiring Domisys, strengthened its product portfolio
(PC/Apple) and footprint (14 agencies / stores)
- 40
BACK MARKET FR
DAPHNI / AGLAE
VENTURES /
BUSINESS
ANGEL(S)
FR PE
The greentech online platform, Back Market, which offers
repackaged electricals and electronicals, succeeded in raising
€7m to accelerate its international development and reinforce
its relationship with reconditioning partners
7 28
MENATEX
(Objectif Bastille)FR
MISS NUMERIQUE
(Libertad Holding)FR
Corporate
(Majority)
Libertad Holding (Miss Numérique) acquired Objectif Bastille,
photo and video BtoB online retailer after welcoming GEI in its
capital (minority)
- 20
PwC
“Other Specialists” have found their pet subject
22
The petcare industry has been particularly active (9 deals across the whole value chain), with targets specialized in nutrition and pet supplies with traditional models…
• Animal nutrition and health global player Neovia consolidates its position on the animal nutrition segment with two acquisitions: Mexican premix producer Apligen and French dietary products specialist Agranix.
• PE funds showed interest in this fast-growing segment: CM-CIC invested in animal nutrition specialist Idena (Innovation Développement) to support its international growth.
• Medor et Compagnie (Estolon - subsidiary of garden center retailer Botanic) acquired pet food and accessories retailer Rapid Croq to double its store network.
… and innovative / online business models:
• Subscription-based Animal box was acquired by Doctissimo to strengthen its e-commerce activity and diversification into pets.
• Pet supplies retailer LesGriffes.fr offers onlineprivate sales.
Online players always keep attracting investors (10 out of 23):
• Niche markets are digitizing: Chronocarpe and NaturaBuy, two online fishing platforms expand with PE support and art selling online platform Artser (Mumart) accelerates its expansion abroad.
• Technology flourishes : Drone Volt acquired one of the reference drone selling online sites for professionals in Denmark.
• The online subscription-based flowers delivery start-up Bloomon, which raised €21.4m, reduces the number of intermediaries “from grower to customer”.
The segment of Specialist Retailers remained as dynamic as in H1 2016 (23 deals in H1 17 vs. 27 in H1 16). Deals, mostly domestic (15 out of 23), attracted both PE funds (11 deals) and corporate acquirers, driven by consolidation.
PwC 23
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
Manufacturers / Retailers
FDG FR
CM-CIC
INVESTISSEMENT /
MANAGERS
FRPE
(Majority)
FDG is a diversified consumer goods player, which
provides sourcing and merchandizing activities to
supermarkets across 15 product categories
- 123,0
ARTEUM SAS FR ARTS ET BIENS FR PE (65%)
PE fund Arts et Biens acquired 65% of art-related
products retailer Arteum, which also operates a network of
museum shops
3,5 14,0
INNOVATION
DVPT. EN
NUTRITION
ANIMALE SAS
FR
CM-CIC
INVESTISSEMENT
SASU
FR PE
In a high growth context, the animal nutrition specialist
Idena (Innovation Développement en Nutrition Animale)
sought funding to invest in R&D and expand abroad,
notably on Asian markets
1,9 23,0
APLIGEN SA DE
CVMX NEOVIA SC FR
Corporate
(100%)
Neovia strengthened its premix business and extended its
product offer by acquiring Mexico-based livestock nutrition
products manufacturer Apligen
- 22,4
OR BRUN FR ELEPHANT VERT CH Corporate
Or Brun, French leader of organic products for garden
maintenance, has been acquired by Elephant Vert, a
Swiss group developing organic fertilizers
- 20,0
SAS BILLAUD
GRAINSFR NEODIS (InVivo) FR Corporate
Neodis (animal and vegetal division of InVivo) acquired
Billaud, specialized in seed mixture manufacturing for
birds and animals, to complement its product offer
- 10,0
RAPID CROQ'
SARLFR ESTOLON SASU FR
Corporate
(100%)
Estolon (Botanic group subsidiary), garden activities
company, acquired Rapid'croq, a pet food and
accessories retailer, enabling it to double its 'Médor et
Compagnie' stores network by external growth
- 3,2
AGRANIX SAS FR NEOVIA SC FRCorporate
(100%)
Neovia reinforced its feed supplement offer for animals
with the acquisition of Agranix, a boluses and dietary
products specialist
- 1,8
MARBOTIC FR
MICHELIN
DEVELOPPEMENT /
FAMILY OFFICE
MIRABELLE
FR PE
Marbotic, a connected wooden toys manufacturer, raised
€1.45m from family office Mirabelle and Michelin
Développement
1,5 -
HUBLEX FR
INVESTESSOR - LES
ANGELS DE PARIS -
ILE DE FRANCE /
FEMMES BUSINESS
ANGELS / INVEST-Y
ANGELS
FR PE
Hublex, designing and developing self-balancing vehicles
("gyropodes") for use in professional environment,
increased its capital to launch the production and
development of its vehicles
1,0 -
EN SELLE
MARCELFR LEPAPE FR Corporate
Sports retailer Lepape invested in En Selle Marcel, a
Parisian concept store dedicated to city bikes, with the
ambition to take advantage of complementary positionings
- 1,0
ADAX SAS
(Snacks Business)FR
RONDO FOOD GMBH &
CO. KGDE
Corporate
(100%)
German pet snack manufacturer Rondo consolidates its
position on the market with the acquisition of Adax, and
expands its product range
- -
E-commerce / Omnichannel
BLOOMON
NEDERLAND BVNL
PARTECH
INTERNATIONAL
PARTNERS SAS /
FORTINO BEHEER /
INKEF CAPITAL BV /
ANGEL INVESTORS
FR /
BE /
NL
PE
The online flowers subscription-based delivery start-up
Bloomon, disrupting traditional business models by
reducing intermediaries ("from grower to customer"),
raised €21.4m to support its growth
21,4 -
FITNESS-
BOUTIQUEFR
M CAPITAL PARTNERS
(ex Midi Capital)FR PE
The omnichannel sports retailer Fitnessboutique raised
€4.3m to support its national and international expansion4,3 40,0
GIFT FOR YOU NL WONDERBOX FRCorporate
(100%)
Wonderbox strengthened its position in Nordic countries
with the acquisition of gift boxes Dutch leader Gift for You- 17,0
NATURABUY FR
NEXTSTAGE AM|LO
CAPITAL /
PERSONNE(S)
PHYSIQUE(S) /
MANAGERS
FR PE
Next Stage AM invested €10.5m in the hunting and fishing
equipment website NaturaBuy to accelerate its
development and reinforce its teams
10,5 2,5
PwC24
Target Country Acquiror Country Type Deal description Deal size
(€m)
Revenues
(€m)
CHRONOCARPE FR
NOTUS
TECHNOLOGIES /
COMPAGNIE D'ANJOU
FR PE (100%)
Notus and Compagnie d'Anjou acquired the online fishing
accessories retailer Chronocarpe and intend to support its
international expansion
- 7,0
CHEVAL-
ENERGY.COM
(Vet Company)
FR
GENERIS CAPITAL
PARTNERS / PRIVATE
INVESTORS /
FOUNDERS
FRPE &
Individuals
Cheval-Energy, the online food supplement retailer for
horses, invites PE and private investors to contribute to its
fast expansion
- 3,2
MUMART SAS FRMR FREDERIC
JOUSSETFR
Individuals
(30%)
After the acquisition of Beaux-Arts magazine in 2016,
Frederic Jousset (co-founder of the customer experience
specialist WebHelp) invested in art selling online platform
Arstper (Mumart) to accelerate its expansion abroad in a
growing online art market
2,0 0,2
ANIMALBOX
SASFR DOCTISSIMO SAS FR Corporate
Doctissimo (Lagardère Active) strengthens its e-
commerce activity and diversification into pets with the
acquisition of the subscription-based pet care box
Animalbox
- 2,0
DANDRONE DK DRONE VOLT FR Corporate
The omnichannel drone retailer Drone Volt acquired
Dandrone, the online civilian drone retailer for
professionals
- 0,9
LESGRIFFES.FR FRUNDISCLOSED
INVESTOR- -
Online pet supplies private sale retailer Lesgriffes.fr was
acquired by an undisclosed investor0,3 -
NEUMATICOS &
BICICLETAS
MTB SL
SP PUMPED SARL FRCorporate
(100%)
Neumaticos y Bicicletas MTB retails cycling tires and
accessories online and now operates as a subsidiary of
Pumped SARL
- -
Note: the table above includes the pet food industry
PwC
Notes
25
PwC
Notes
26
PwC
Notes
27
PwC
Contacts
28
PwC supports Private Equity and Corporates in every step of their acquisitions, integrations and divestment processes
Sabine Durand-Hayes
Partner PwC TransactionsRetail & Consumer LeaderPwC France
+33 1 56 57 85 29
Anne-Lise Glauser
Partner Strategy&
+33 1 56 57 84 53
Ghislaine Chevalier
Director PwC Transactions
+33 1 56 57 16 04
Fabien Fontaine
Director Strategy&
+33 1 56 57 85 18
Cécile Bouzereau
Marketing & BusinessDevelopment
+33 1 56 57 13 17
Nour Tekaya
Marketing & BusinessDevelopment
+33 1 56 57 73 37
Transactions Deals Strategy & Operations
Business Development