LOWENDAL GROUP

Date of Investment : Jan-2001

Date of Exit : Sept-2004

Sales at Entry :EUR 9 m

Sales at Exit : EUR 24 m

Transaction type : Expansion Capital + Capital restructuring

Project : Buy and Build strategy

Lowendal Group is a professional firm of operational and cost control consulting.  Backed by strong organic fundamentals and growth, the company, actively assisted by ASTORG, has initiated an external growth plan to acquire firms operating in complementary niche markets. Since ASTORG's investment in the company, AGIO LOWENDAL has successfully completed two add-on acquisitions. Astorg exited this investment in 2004 by selling its stake to another private equity fund, allowing its founding CEO to regain a controlling position upon Astorg's exit. Over 3 years, sales had more than tripled - mostly organically -  to EUR24 m.

FRANS BONHOMME  

Date of Investment : Feb-2000

Date of exit : Sept-2003

Sales at Entry :EUR 350m

Sales at Exit : EUR 438 m

Transaction type : Secondary MBO

Project : Roll-out  strategy

ASTORG co-sponsored with two other equity house (PAI Partners and Cinven) this MBO transaction on Frans Bonhomme, the leading French distributor of plastic pipes and fittings. With its financial sponsors' support, Frans Bonhomme's management has conducted an agressive network expansion policy, opening 20 outlets per year instead of 6 in the previous years.  Working capital was also reduced by two percentage points, and the group legal structure greatly simplified by a series of mergers leading to only one company and one brandname. The management team was greatly reinforced with the recuitment of a senior CFO and a Deputy CEO, hired and trained to replace the 65 year-old departing CEO. Astorg and its fellow controlling shareholders sold Frans Bonhomme to another private equity group in 2003: sales had increased by over 26%, EBITDA by 43% and Frans Bonhomme's network had grown from 148 at end-1999 to 207 at end-2002.

REGIE LINGE  

Date of Investment : Apr-1999

Date of Exit : Apr-2006

Sales at Entry :EUR 54m

Sales at Exit :EUR 140m

Transaction type : Buyout 

Project : Buy and Build strategy

ASTORG has inspired, structured and funded the transformation of the Régie Linge industrial franchise into an integrated linen rental company, with a view to create the French #3 player of this industry, just behind Ellis and BTB, through numerous additional acquisitions. Over 15 acquisitions have been completed to grow the company's market share and complete its nationwide geographic coverage, thereby giving it access to the largest corporate accounts. RLD's portfolio has also been refocused towards the value-added segments of the market, and its production process has been streamlined. Former owners of the acquired businesses have become minority shareholders alongside Astorg.

SEBIA 

Date of Investment : Mar-2001

Sales at Entry :EUR 42m

Transaction type : Buyout 

Project : Geographic expansion

ASTORG structured the LMBO of SEBIA, the world’s #2 manufacturer of electrophoresis-based medical diagnostic equipment. SEBIA designs, manufactures and distributes to medical laboratories, machines and reagents used in the medical diagnosis of some human blood proteins. Since Astorg's acquisition,  SEBIA has acquired its US distributor, established a subsidiary in Spain, invested in  a new production site three times the size of its previous site, and launched a breakthrough generation of machines, making it the undisputed technological leader in its field. With several new tests in its R&D pipeline and realistic leadership ambitions in Asia, SEBIA aims to become the global leader in its niche market, and to boraden its scope to other areas of the specialized diagnostics market.

PICARD SURGELES

Date of Investment : Mar-2001

Date of Exit : Dec-2004

Sales at Entry :EUR 576m

Sales at Exit : EUR 776 m

Transaction type : Buyout 

Project : Store network expansion - roll-out of concept

ASTORG participated in the Picard Surgelés MBO, as the company was sold by Carrefour to its founding family, partnering with a club of private equity sponsors led by Candover. Picard is the unchallenged French leader in frozen food retail distribution, with hundreds of stores nationwide. ASTORG played an active role at the company's board to promote an agressive expansion strategy. Candover, Astorg and Montagu sold the company in December 04 to BC Partners : sales had grown from EUR576 million to close to EUR800 million, with EBITDA growing by 50% in the period.

PIZZA PINO  

Date of Investment : Dec-2001

Sales at Entry :EUR 23m

Transaction type : Turnaround - Management Buy-In 

Project : Restaurant network expansion - Roll-Out of concept and brand

ASTORG took over the Pizza Pino restaurant chain in 1999, after it had been under Chapter 11 protection for two years. This popular mid-market specialist of Italian food operates restaurants in and near Paris and suburbs, as well as one sizeable unit in Lyon. Under Astorg's active sponsorship, Pizza Pino's management  expanded the restaurant network by opening new restaurants in 1st class sites in Paris, and upgraded the company's management systems to prepare the company for an agressive roll-out strategy. ASTORG has also fully structured the add-on acquisition of its main franchised restaurant of Place Bellecourt in Lyon. Pizza Pino currently enjoys comfortable operating margins, which, coupled with strong growth, demonstrate that the company has been successfully turned around.

1000 AMIS  

Date of Investment : Aug-1999

Sales at Entry :EUR 17.5m

Date de Sortie : Sept. 2006

Transaction type : Turnaround - Management Buy-In 

Project : Create 1st retail chain for pets in France - Design and Roll-Out of concept and brand

ASTORG, jointly with a co-investor (Apax), launched a friendly takeover bid to acquire a controlling interest in 1000amis. 1000amis operated a small network (15 stores nationwide) and was yet  the French leader in the distribution of pet foods, pet supplies and related products. Following the acquisition, ASTORG hired a new management team to restore operating profitability and resume expansion according to a new store model. In November 2002, 1000amis merged with its main competitor Animalis, established "greenfield" by the Bourriez retail group, to become the unchallenged French industry leader. ASTORG retained a minimal minority stake in the merged entity. With the provision of time, heavy management resources  and new money, the chain has expanded to 26 stores and sales of EUR60 m. Animalis-1000amis is positionned for rapid and profitable growth.

UN JOUR AILLEURS 

Date of Investment : Oct-2002

Date of Exit : Jul-2006

Sales at Entry :EUR 95m

Sales at Exit :EUR 115m

Transaction type : MBO

Project : expansion of store network - enlargement of concept scope

In 2002, ASTORG has teamed up with the Founder-Chairman and management team of Un Jour Ailleurs, the leading French specialized clothing retailer for women over 40, to structure its LMBO. In just a few years, this company consolidated its leadership position thanks to a unique market positionning and a focused strategy nurtured  by bottom-up information from the proprietary store network. Under Astorg's ownership, the chain has expanded its network of over 100 stores throughout France and  Benelux, located in high streets and shopping malls, and has opened new outlets in  Italy and Spain. Continued like for like growth in a difficult European consumption environment has demonstrated the robustness of UJA's model.

PASTEUR CERBA 

Date of Investment : Dec-2002

Date of Exit : Jul-2006

Sales at Entry : EUR 74m

Sales at Exit :EUR 103m

Transaction type : MBO

Project : Create European leader in esotering testing

Astorg Partners organized in 2002 the buyout of this medical diagnostic laboratory alongside its team of biologists. Pasteur Cerba was founded in 1967 and gradually became the French market leader in its segment. The company's diverse range of activities covers most medical diagnostic disciplines split between Specialized Biology, Genetics, and Pathology, and offers an unrivalled  panel in Europe of over 1,300 tests in fields as diverse as infectious disease, virology, autoimmune disease, allergy, endocrinology, oncology, toxicology, and molecular genomics. Additionally, Pasteur Cerba has developed in 2001 a BSE testing department, which today is one of the largest in Europe. Drawing on the scientific leadership of its biologists team, and on its technology transfer priority right from Institut Pasteur, Pasteur Cerba endeavours to build-up, with Astorg’s support , a European leadership position.