MARC ORIAN :

Date of Investment : Mar-1993

Date of Exit : Jul-2001

Sales at Entry :EUR16m

Sales at Exit : EUR111m

Transaction type : Leveraged Build-up

Project : Roll-Out of store network

 Leading jewellery and watch retailer in France. In 1993, ASTORG structured an LBO on the company (EUR16m sales - 18 stores) with the company's founder and a co-investor (Euridi). In 1996, ASTORG advised on and structured the company's initial public offering on the Second Marché, the mid-cap section of the Paris Bourse, whilst actively working towards the add-on acquisition of the Pop Bijoux chain (185 stores in France) and raising the required acquisition debt. The Pop Bijoux network was then brought into the Marc Orian concept and the acquisition of new sales outlets continued, until the company was sold in 2001 with over EUR110m in sales.

SEPHORA 

Date of Investment : Sep-1991

Date of Exit : Jul-1997

Sales at Entry :EUR28m

Sales at Exit : EUR177m

Transaction type : Leveraged Build-up

Project : Create leader in modern perfume distribution

World leader in selective perfume stores. In 1991, ASTORG structured the leveraged buyout (LBO) of Shop 8 (EUR28m sales - 12 stores) with the company’s founder and a co-investor (Apax). In 1993, ASTORG played a prominent role in the negotiations to acquire Sephora (35 stores in France) as an add-on acquisition for Shop 8, and raised the required acquisition debt while massively reinvesting in the operation. The aggregated network then took on the concept created by Shop 8, and the acquisition of new sales outlets continued until the company was sold in 1997 to LVMH, whith over EUR175m in sales.

SOCS 

Date of Investment : Sep-1992

Date of Exit : Jan-1996

Sales at Entry :EUR7.4m

Sales at Exit : EUR12.7m

Transaction type : Expansion Capital

Project : Accelerate growth and consolidate market

European leader in insurance IT software. ASTORG became a minority shareholder in 1992 (EUR9.2m sales) and worked alongside the management in the successful launching of a new product. ASTORG was very active in the design of the company’s strategy and the implementation of an aggressive external growth plan, by organizing the creation of joint ventures with manufacturers and fully structuring the acquisition of 3 complementary add-on targets. ASTORG's exit took place as the company was sold to an American IT software editor. It was then generating sales of ca. EUR13m.

FABRICAUTO

Date of Investment : Feb-1997

Date of Exit : Apr-2004

Sales at Entry :EUR14.5m

Sales at Exit : EUR31m

Transaction type : Leveraged Build-up

Project : Consolidate market into duopoly

 Leading manufacturer of automobile licence plates in France. In 1998, ASTORG negotiated and organized the add-on acquisition of the company’s main competitors, Europe Production. The group was generating over EUR30m in sales at exit, after having transfered its merged activities to a single site in Mâcon and reorganized its production  process. It was sold to 3i in a secondary buyout.

FREMAUX

Date of Investment : Feb-1994

Date of Exit : Jun-2002

Sales at Entry :EUR77m

Sales at Exit : EUR149m

Transaction type : Expansion capital

Project : Downstream vertical integration into high-end retailing

 A French leader in home textiles. It produces material for home furnishings and also makes and distributes household linen in department store corners or in proprietary stores under the Yves Delorme and Olivier Desforges brand names. When ASTORG took up a minority shareholding in 1993, the group was generating sales of EUR77m. ASTORG worked closely with the management  advising on the company's acquisitions, particularly for the Olivier Desforges chain in 1997. Astorg's stake was repurchased by the founding family in 2002, when sales had approximately doubled to EUR137m.

RIBER

Date of Investment : Jun-1997

Date of Exit : Feb-2004

Sales at Entry :EUR14m

Sales at Exit : EUR17m

Transaction type : Expansion Capital

Project : Ride growth of semi-conductors for mobile applications

One of the world leaders in the manufacturing equipment for semi-conductor components. ASTORG invested in Riber in 1997 (EUR14m turnover), by structuring a spin-off from Instruments SA, another Astorg portfolio company. After having assisted the management team in the restructuring and financing of the company, ASTORG was highly proactive in the company's initial public offering in 2000. After a peak of EUR42m in 2000, sales gradually eroded to EUR17m in 2003. Astorg exited in 2004 on the stock market.

VYGON

Date of Investment : Jul-1995

Date of Exit : Jun-2003

Sales at Entry :EUR75m

Sales at Exit : EUR106m

Transaction type : Expansion Capital + Build-Up

Project : Create Franco-German leader

Franco-German leader in the production of sterile disposable medico-surgical material (1990 sales of EUR66m). ASTORG became the only minority financial partner, alongside the owning and managing family. In 1996, ASTORG helped solve shareholding litigations by organizing the merger with Vygon's German sister company. ASTORG’s stake was sold to the family shareholders in 1999, when the company was generating over EUR106m in sales.

CHATEAUD'EAU

Date of Investment : Mar-1996

Date of Exit : Sep-1999

Sales at Entry :EUR7.5m

Sales at Exit : EUR9.3m

Transaction type : Expansion Capital + Build-Up

Project : Create 1st mover - leader in water fountains

French leader in water fountains. ASTORG invested in the company in 1996, in order to advise on and fund its high speed development. After having advised the management team on numerous acquisitions and on adequately structuring its internal growth process, ASTORG exited when the company, then generating ca. EUR10m in sales, was sold to the Suez Group.

PRAT EDITIONS

Date of Investment : Apr-1990

Date of Exit : Dec-1997

Sales at Entry :EUR20m

Sales at Exit : EUR32m

Transaction type : Expansion Capital + Build-Up

Project : Consolidate segment of professional  publishing market

Leading French publisher of practical professional information, updated by mail. ASTORG became a minority shareholder in 1990 (EUR20m sales). ASTORG then actively sought build-up targets, and advised the managing-owner (i) on the add-on acquisition of ESF, a complementary publishing house in 1994, and (ii) on the spin-off of its presentation support equipment activity in 1997. The company was sold to a large European publishing group at the end of 1997, with sales in excess of EUR32m.