M&A Deal Summary

Cathay Capital Private Equity, European Capital, CAPZA and Bridgepoint Acquire The Flexitallic Group

On May 6, 2013, private equity firms Cathay Capital Private Equity, European Capital, CAPZA and Bridgepoint acquired chemicals company The Flexitallic Group from Eurazeo PME and CAPZA for 450M EUR

Acquisition Highlights
  • This is Cathay Capital Private Equity’s 2nd, European Capital’s 7th, CAPZA’s 2nd and Bridgepoint’s 2nd transaction in the Chemicals sector.
  • This is Cathay Capital Private Equity’s 0th, European Capital’s 16th, CAPZA’s 0th and Bridgepoint’s 14th largest (disclosed) transaction.
  • This is Cathay Capital Private Equity’s 16th, European Capital’s 31st, CAPZA’s 39th and Bridgepoint’s 19th transaction in France.

M&A Deal Summary
Date 2013-05-06
Target The Flexitallic Group
Sector Chemicals
Buyer(s) Cathay Capital Private Equity
European Capital
CAPZA
Bridgepoint
Sellers(s) Eurazeo PME
CAPZA
Deal Type Secondary Buyout
Deal Value 450M EUR
Advisor(s) Shearman & Sterling LLP (Legal)

Target

The Flexitallic Group

Paris, France
website
The Flexitallic Group is a specialized sealing solutions and products serving the oil and gas, power generation, chemical and petrochemical industries in emerging and developed markets. Focused on the upstream, downstream and power generation sectors.

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Buyer(S) 4

Buyer

Cathay Capital Private Equity

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2006
PE ASSETS 2.8B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Cathay Capital Private Equity SAS is a French Chinese private equity firm focused on acquiring businesses in France, Hong Kong, and China. Cathay looks to help Western companies leverage opportunities in China and help Chinese companies leverage Western best practices and partnerships. The Firm looks to invest in businesses generating €5 to €150 million in revenues. Areas of interest include retail, consumer goods, electrical equipment, medical devices, pharmaceuticals, animal healthcare, translation, food, consumer services, and software. Cathay Capital Private Equity SAS was formed in 2007 and is based in Paris. The firm has additional offices in New York and Shanghai.

DEAL STATS #
Overall 24 of 91
Sector (Chemicals) 2 of 2
Type (Secondary Buyout) 7 of 16
Country (France) 16 of 37
Year (2013) 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-05 eBaoTech

Shanghai, China

eBaoTech delivers standards-based, highly configurable insurance software solutions to both property and casualty (P&C) and life insurers. eBaoTech's software products enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. eBaoTech is based in Shanghai, China.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-08-21 ZM Logistics

Shanghai, China

Shanghai Zhengming Modern Logistics Co., Ltd. is a third-party provider of temperature-controlled logistics and transportation. The company has heavily invested in IT systems, cold fleet and warehouses as well as new talent recruitment with the objective of becoming the first listed temperature-controlled logistic company in China with significant market share and modernized operations management and a solid business model. Its logistic system covers 20 provinces in China.

Buy -
Buyer

European Capital

London, United Kingdom

website

Category Private Equity Firm
Founded 2005
PE ASSETS 1.2B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

European Capital is the European investment affiliate of American Capital. European Capital looks to provide a variety of investment and financing solutions including unitranche debt, mezzanine capital, senior debt, and equity co-investment. Funds are typically used to support buyouts, recapitalizations, finance growth, and make acquisitions. European Capital is sector agnostic, however the Firm has a preference for investments in the consumer, technology, manufacturing, services, and distribution sectors. European Capital was formed in 2005 and is based in London.

DEAL STATS #
Overall 73 of 74
Sector (Chemicals) 7 of 7
Type (Secondary Buyout) 27 of 28
Country (France) 31 of 31
Year (2013) 1 of 1
Size (of disclosed) 16 of 32
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-22 Metall Technologie Holding

Menden, Germany

MTH is a leading provider of industrial heat treatment technology solutions, both for vacuum and atmospheric furnaces, in the Aerospace, Machine Tooling and Automotive industries, and has been developing well established industrial competences with a focus on energy efficiency and high-performance.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-07-22 CEPL

Beville-le-Comte, France

CEPL is a contract logistics company specializing in the high-growth, detailed picking segment of the warehouse logistics industry with operations in France and Germany. CEPL was founded in 1998 and is based in Beville-le-Comte, France.

Sell -
Buyer

CAPZA

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Capzanine is a provider of equity and junior capital to small and medium-sized unlisted French companies. Capzanine does not have any sector preferences and looks to invest in companies valued from €20 to €400 million. Capzanine was formed in 2004 and is based in Paris.

DEAL STATS #
Overall 41 of 76
Sector (Chemicals) 2 of 2
Type (Secondary Buyout) 16 of 28
Country (France) 39 of 65
Year (2013) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-07 SOCOTEC

Saint-Quentin-Yvelines, France

SOCOTEC’s mission is to ensure the integrity and performance of assets and people’s safety. Through its inspection and measurement, assistance and consultancy, and training and certification services, SOCOTEC helps to optimize the performance of companies in every sector by managing the risks inherent in their activities. Drawing on its expertise and positioning itself as a long-term partner, SOCOTEC supports its clients throughout their project’s lifecycle. As a leader in construction inspection and a major player in TIC for the construction and infrastructure sectors, the SOCOTEC Group has 200,000 clients with operations in 25 countries, 8,000 employees and over 250 forms of external recognition.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 Kopram

Grenoble, France

Kopram is a distributor of accessories and consumables for manual cutting tools and band saw blades for machines. Kopram was founded in 1987 and is based in Grenoble, France.

Sell -
Buyer

Bridgepoint

London, United Kingdom

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1984
PE ASSETS 28.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Bridgepoint is a large European private equity firm that invests in middle-market companies across a broad range of industries with an enterprise value of €200 - €1000 million. Prospective transaction situations include buyouts, buy-ins, growth financings, consolidations, and take privates. The firms invest in the range of €75 - €400 million transaction. Bridgepoint Development Capital specializes in investments in businesses valued up to a €150 million, taking equity stakes of between €10 million and €75 million. General sectors of interest include consumer products and services, retail, financial services, healthcare, media, technology, industrials, and business services. Bridgepoint was formed in 1984 and has offices in London, Frankfurt, Luxembourg, Madrid, Milan, Paris, Stockholm and Warsaw.

DEAL STATS #
Overall 86 of 160
Sector (Chemicals) 2 of 2
Type (Secondary Buyout) 27 of 65
Country (France) 19 of 34
Year (2013) 3 of 10
Size (of disclosed) 14 of 57
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-02 Oasis Healthcare

Moody, Alabama, United States

Oasis Healthcare Ltd. is a provide care and support for those facing life-limiting illnesses to enable the patient to remain at home or in a home-like setting, such as a nursing home, during the illness.

Buy £185M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-27 Permaswage

Gardena, California, United States

Permaswage (formerly known as GDT) is a aerospace component supplier manufacturing permanent couplings used to connect hydraulic, air, fuel or other tubing in all types of civil and military aircraft. Permaswage also has a fast growing business supplying components for electricity sub-stations.

Sell $600M

Seller(S) 2

SELLER

Eurazeo PME

Paris, France

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Eurazeo PME, formerly known as OFI Private Equity Capital. Eurazeo PME invests equity and mezzanine capital in secondary buyout transactions of unlisted French companies. The Firm looks for opportunities valued between €50 and €200 million. Areas of interest include chemicals, financial services, consumer services, retail, manufacturing, distribution, and life science. Eurazeo PME was formed in 1997 and is based in Paris.

DEAL STATS #
Overall 7 of 24
Sector (Chemicals) 2 of 3
Type (Secondary Buyout) 4 of 14
Country (France) 5 of 18
Year (2013) 1 of 2
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-04-09 Idéal Résidences

Paris, France

Idéal Résidences (Financière Montalivet) is an independent player specialising in the management of nursing homes for convalescing and elderly individuals.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-19 IES Synergy SA

Montpellier, France

IES is a designer and manufacturer of power conversion solutions for the Electric Vehicle market. It provides onboard and external battery charging solutions for the consumer and industrial EV markets based on our unique proprietary high frequency switching technology and compact, lightweight designs for harsh and industrial environments.

Buy €22M
SELLER

CAPZA

Investor Investor Investor Investor Investor

website

Category Private Equity Firm
Founded 2004
PE ASSETS 2.5B EUR
Size Large
Type Sector Agnostic
DESCRIPTION

Capzanine is a provider of equity and junior capital to small and medium-sized unlisted French companies. Capzanine does not have any sector preferences and looks to invest in companies valued from €20 to €400 million. Capzanine was formed in 2004 and is based in Paris.

DEAL STATS #
Overall 15 of 37
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 11 of 28
Country (France) 15 of 35
Year (2013) 2 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-02-07 SOCOTEC

Saint-Quentin-Yvelines, France

SOCOTEC’s mission is to ensure the integrity and performance of assets and people’s safety. Through its inspection and measurement, assistance and consultancy, and training and certification services, SOCOTEC helps to optimize the performance of companies in every sector by managing the risks inherent in their activities. Drawing on its expertise and positioning itself as a long-term partner, SOCOTEC supports its clients throughout their project’s lifecycle. As a leader in construction inspection and a major player in TIC for the construction and infrastructure sectors, the SOCOTEC Group has 200,000 clients with operations in 25 countries, 8,000 employees and over 250 forms of external recognition.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 Kopram

Grenoble, France

Kopram is a distributor of accessories and consumables for manual cutting tools and band saw blades for machines. Kopram was founded in 1987 and is based in Grenoble, France.

Sell -
Mergr

Product

Company

Legal