Apax Partners (1) and LBO France have joined forces to acquire a majority equity stake in Maisons du Monde. The management team will keep approximately 20% of the equity and Ixen, a shareholder since 2005, will also retain a minority interest.
The debt financing will be provided by a pool of banks led by Calyon, CIC and Natixis for the senior debt, and Euromezzanine for the mezzanine debt. The transaction is expected to be completed within the next few weeks.
Maisons du Monde is a specialised home decoration and furniture retailer in France, Belgium, Spain and Italy. It operates a network of over 175 owned stores located in shopping malls, city centres and retail parks. In 2007, Maisons du Monde posted sales of ¤230 million with an operating margin of 16%.
Founded in 1996 by Xavier Marie, Maisons du Monde has become a leading French retailer on the dynamic home decoration market thanks to its unique positioning: a quality product offering based on major fashion trends at attractive prices. Maisons du Monde’s collections are updated four times per annum and are presented in stores as themed corners with a large number of products.
The management team has successfully exported the concept abroad by opening 13 stores in Europe. In May 2006, the company also launched a European-wide e-commerce site (www.maisonsdumonde.com) which posted excellent 2007 results.
Xavier Marie, Chairman and founder of Maisons du Monde, said: “After three very good years of co-operation with Ixen Partners and Barclays Private Equity, we are today partnering with Apax Partners and LBO France, two of the most dynamic private equity firms on the French market, with acknowledged sector expertise. This is the very best partnership for a new phase of development, for both Maisons du Monde and myself as its manager.”
Jean-Louis Rambaud, Partner at Apax Partners, commented: “Maisons du Monde is a fast growing company backed by a unique retail concept and a very high quality management team. It is a perfect example of our sector focused strategy. We are delighted to provide our support to the company over the coming years and contribute to its growth in France and internationally.”
Robert Daussun, Chairman of LBO France, commented: “This transaction was realized within a challenging financial environment, demonstrating clearly that investors and financial providers can indeed transact on quality deals benefiting from a clear strategy, strong growth and proven management team. This marks the return to strong fundamentals”.
(1) through its funds including Altamir Amboise
About Altamir Amboise
Altamir Amboise is a listed private equity company with ¤500 million under management, targeting NAV per share growth in line with the top-performing private equity players.
Altamir Amboise co-invests with the funds managed by Apax Partners SA, a leading private equity firm with over 30 years of investing experience. It offers investors access to a diversified portfolio of fast-growing companies across Apax’ sectors of specialisation: Tech & Telecom, Retail & Consumer, Media, Healthcare, Business & Financial Services.
Altamir Amboise is listed on Euronext Paris, Compartment B, ticker: LTA, ISIN: FR0000053837.
For further information: www.altamir-amboise.fr
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