Sicli Holding has issued a binding offer to acquire all the shares in the companies comprising the Vulcain Group: Vulcain Prévention Incendie, CEMIS Système de Sécurité Incendie, Société Française de Préventique, SAMMIEE, CPSA and SDI. Sicli Holding is part of UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE: UTX), a leading provider to the aerospace and building systems industries worldwide.
The Vulcain Group has a national coverage in France and provides three types of services: fire detection through its CEMIS subsidiary, fire prevention through its Vulcain Prévention Incendie subsidiary and training activities and safety services through its Société Française de Préventique subsidiary.
The completion of the acquisition remains subject to customary conditions precedent such as the consultation of the works council of certain companies of the Vulcain Group and approval by the French Competition Authority. Closing of the acquisition is expected to take place in the second quarter of 2016.
NextStageAM, a leader in growth equity capital, joins forces with Jean-Hugues Loyez (Castorama’s former Chairman) and Daniel Vercamer (Nocibé’s founder and former Chairman) to assist both entrepreneurs Olivier Raulin (former CFO at Nocibé) and David Gaudicheau (retailing and cosmetics expert – Douglas, Nocibé and Vivarte) in their entrepreneurial and industrial ambition to develop Adopt’, a French retail brand specialized in perfumes and cosmetics.
Adopt’ was founded in 1986 by Dominique Monlun. His vision was to create a retail brand dedicated to designing and marketing EverydayLowPrice perfumes, cosmetics and fashion accessories. Over the past 30 years this perfumer and entrepreneur has succeeded in generating significant growth and deploying a network of over 100 company-owned and franchised stores. Today, he is proud to say that “Adopt’ perfumes are currently sold at over 550 outlets in France and in the world”.
This ambitious growth project is led by Olivier Raulin who will be Adopt’s new chaiman. David Gaudicheau will oversee the retail network. These two entrepreneurs intend to leverage their complementary experiences in cosmetics and retail management to roll out a strategic growth plan for Adopt’ in France, internationally and online. Dominique Monlun will continue to support the product innovation efforts of the Adopt’ brand as a master perfumer and will remain a minority shareholder.
Olivier Raulin ― “By renovating our stores and opening new ones we are aiming at a total of 150 company-owned Adopt’ stores in France within the next five years. In the same time, we will continue to innovate, both in France and internationally, to offer the best products range and develop a strong customer experience. The feedback we are getting from our partners and lessors is very positive. They consider that Adopt’s concept of selling high-quality “Made in France” perfume and cosmetics at competitive prices to young women is particularly compelling and strategically positioned”.
Grégoire Sentilhes, NextStageAM’s Chairman and CEO ― “NextStageAM has decided to take a majority stake in the company in order to enable Adopt’s to accelerate its growth and provide long-term strategic and financial support via NextStage, our investment holding company. This support will empower Adopt’ to develop its brand offline and online and expand its network of perfumes and cosmetics stores in France and abroad. Adopt’s position in the market is very promising. Its segment is growing rapidly, fueled by an economic environment in which emotions and customer experience are playing an increasingly large part. Today, as less than one woman out of four tends to shop in traditional perfumeries, Adopt’ gives women an alternative shopping and product experience with premium quality perfumes and cosmetics at very competitive prices”.
The entrepreneurs and retailing experts Daniel Vercamer and Jean-Hugues Loyez also believe that the market is rapidly changing. They consider that the Adopt’ concept has a strong and promising potential, capitalizing on compelling products particularly appealing to active young women. That is the reason why they have decided to invest alongside NextStageAM and contribute their experience to Adopt’s team of entrepreneurs.
On December 3rd, 2015, NextStageAM, one of the European leaders in growth equity, won the 2015 Gold Award* for the Best European Growth Equity Fund. More than 450 global and European private equity players attended the ceremony organized by Private Equity Exchange & Awards.
The award winners were chosen by a panel of 80 private equity experts from all over the world (institutional investors, investment bankers, ..) based on a variety of criterias*, such as track record, performance, IRR , exit, …
“We remain very humble but we are proud of this recognition and would like to thank our investors, partners and entrepreneurs for the trust they have placed in the NextStageAM team, since 2002. As well as the regularity of our performance and the quality of our track record, this 2015 Gold award for the Best European growth equity Fund highlights the importance of an innovative industrial vision and long-term investor approach backing top talented entrepreneurs and in providing patient capital to fund the growth champions of tomorrow, going global” said Grégoire Sentilhes, Chairman & CEO of NextStageAM.
Having supported Resto In’s development in France and abroad for the past six years, NextStageAM is selling its stake in the company to GeoPost, the international express delivery subsidiary of Europe’s no. 2 postal group, La Poste.
Founded by Clément Benoit and Pilar Granell in 2006, Resto In has become a European leader in deliveries to the home or office of restaurant meals, cakes and pastries, groceries and cheeses as well as flowers and pharmaceutical products, in less than 45 minutes. With operations in Paris, Marseilles, Lyon, Brussels, London, Madrid, Barcelona, Berlin and Hamburg, the company posts growth of more than 30% a year and is targeting sales of €16 million in 2015.
“NextStageAM’s investment in our capital encouraged us to accelerate our development strategy. We were able to draw on the necessary resources to expand our presence in France and abroad, in particular through acquisitions. This has enabled us to bring sales from €4 million in 2009 to €16 million in 2015. Apart from the business aspects, we are also very happy with the relationship of trust built up with NextStageAM, which has proved to be a very active partner at our side” say Clément Benoit and Pilar Granell, joint-founders of Resto In.
NextStage AM joins in the development of LinXea, one of France’s top four online distributors of life-insurance products
In association with M.I.3 SA, NextStage AM announced its acquisition of LinXea, a leading French online distributor of life insurance products, altogether with Yves Conan and Stéphane Carlucci, two entrepreneurs with deep experience in financial products advisory and distribution.
With more than €800 million in assets under management, LinXea has grown steadily since it was founded in 2001; and its annual intake and client numbers are currently recording strong growth. This transaction also enabled to retain LinXea’s founders involved – David Capdevielle and Sylvie Solinas -, in order to take advantage of their experience in the online distribution of financial products.
LinXea’s operational development and the new strategic projects will be managed by Yves Conan (Banque Transatlantique, Société Générale and Morgan Stanley) and Stéphane Carlucci (Banque Transatlantique, Banque Martin Maurel), two highly regarded experts in the savings and wealth management advisory industry. They will contribute their respective experience in product distribution and advisory and wealth engineering on behalf of retail clients.
Through its new investment vehicle NextStage SCA, NextStage AM is hereby making its fourth investment since June 2015, which is fully consistent with one of its central investment themes related to the “on-demand economy,” with a goal of developing new financial products and services on this platform as well as an innovative user experience, notably through a partnership-based strategy.
“With only 1.5% market share in France, online distribution of financial products is set to grow rapidly in the years ahead and will replace a product-based approach with one more focused on customer satisfaction. LinXea’s experience and know-how along with the quality of its ownership team are decisive advantages in order to offer savers innovative and long-term solutions consistent with regulatory requirements, which will continue to become more stringent,” noted Jean-David Haas, Chief Executive Officer of NextStage AM.
NextStage AM announces the acquisition of a stake in La Compagnie du Catamaran, the controlling holding company of Fountaine Pajot, a global leader for sail and power cruising catamarans based in La Rochelle.
Pioneer in the market for sail cruising catamarans since 1983, Fountaine Pajot’s boatyard developed globally in this promising market and, as of 1998, led the way in the rapidly growing power catamaran segment thanks to its innovative profile.
For 40 years, the boatyard has designed, produced and marketed more than 2,500 catamarans and has launched more than 38 models to date. Last year (fiscal year ending August 31, 2014), Fountaine Pajot, which has 440 employees split into two different manufacturing sites, generated sales of €49.6 million, up 22% from 2013, with a €6.9 million EBITDA (14% of sales).
Following this share purchase transaction from several historical shareholders and ACE Management fund, NextStage AM has become the second-largest shareholder of the holding company alongside the Fountaine family, which continues to hold a majority stake. “This association with NextStage AM will enable Fountaine Pajot to further strengthen its strategic position,” says Claire Fountaine, the Chairman of Fountaine Pajot. “Thanks to its innovative industrial vision and its long-term investment approach, NextStage AM will support the Fountaine family and the management team currently leading the company’s development.”
Nicolas Gardies, Chief Executive Officer of Fountaine Pajot, noted that “the boatyard continues its long-term development, and this new association with NextStage AM will help to further enhance the strategy of pushing major innovation trends on behalf of recreational boaters.”
“We chose to invest in the Fountain Pajot controlling holding company through the new NextStage vehicle, which is making its third investment, in order to provide long-term equity financing for the new team of entrepreneurs led by Nicolas Gardies (General Manager) and Romain Motteau (Deputy General Manager)”, explained Grégoire Sentilhes, Chairman and Co-Founder of NextStage AM. “While the cruising market is changing and increasingly growing in international markets, we share the vision of Jean-Francois and Claire Fountaine for Fountaine Pajot, which seeks to strengthen its presence in high-growth regions backed by the boatyard’s considerable innovative capabilities. Weare convinced that, thanks to their design, comfort and performance, Fountaine Pajot catamarans provide recreational boaters a unique experience at a time when the value of our emotions becomes more important.”
About Fountaine Pajot
Founded in 1976 by Jean-François Fountaine and Yves Pajot, Fountaine Pajot, a leading recreational boat brand, launched its first sail cruising catamaran in 1983 followed by its first power cruising catamaran in 1998.
Backed by its unique know-how in catamaran design and manufacturing, the company offers a wide range of catamarans developed and manufactured at its two manufacturing sites in La Rochelle and Aigrefeuille (Charente Maritime). To date, the company has manufactured more than 2,500 catamarans and launched 38 models.
The boatyard relies on its innovative capabilities to constantly renew its product line and offer boats that continuously satisfy the needs of a demanding customer base that is enthusiastic about navigation.
Highly aware of its environmental impact, Fountaine Pajot integrates renewable energy sources on its models. Its ECO CRUISING concept makes its Fountaine Pajot sailboats “energy positive” and significantly reduces the environmental footprint of the brand’s power catamarans.
In February 2010, Philippe Benquet teamed up with NextStage AM to take over Acorus (formerly Dallavalle), a company founded in 1996 and specialized in renovating housing on behalf of social housing associations. Led by Philippe Benquet, the company quickly diversified into other markets such as hotels, healthcare centers and public buildings with customers such as Accor, DomusVi, BnF, etc. From its initial base in the Paris region, Acorus also rolled out its model in other regions of France, opening agencies in Bordeaux, Lyon and Nantes.
Five years later, Acorus’s sales have virtually tripled and its headcount has increased by more than 300 people to 464 employees. For the takeover of Peintisol, the company’s first acquisition, MI3 has joined NextStage AM and Philippe Benquet with a view to backing the company’s long-term growth.
“Over the years, Acorus has built a solid reputation based on a pioneering and original position as a building services company in the construction sector. By focusing as much on customer service as on project execution, we have managed to build customer loyalty and develop our skills base to respond to two major challenges facing society today: renovating existing buildings (health, safety and energy efficiency) and adapting residential and other buildings to the needs of an ageing population (home care for the aged, access for persons with reduced mobility).
Our customer satisfaction rate (98%) symbolizes the success of the lean organization we put in place five years ago and which will underpin our future growth”, says Philippe Benquet.
NextStage AM’s Investment Director, Michaël Strauss-Kahn, points out: “Over the past five years Acorus has made remarkable headway with its growth plan thanks to the leadership of Philippe Benquet and his team, who have successfully drawn on the company’s organic growth potential to bring sales up from €25 million in 2009 to €61 million in 2014. We are pleased that Philippe has chosen to continue with NextStage AM for his future projects and are very happy to support his upcoming expansion plans.”
Peintisol (2014 sales of €12 million), a specialist in painting, floors, façades and external insulation since 1971, is the first acquisition to be made by Acorus. The deal will add to the company’s skills base, enable it to enter new markets and contribute to its robust expansion over the coming years.
Acorus was founded by Franck Dallavalle in 1996 and specialized immediately in renovation work for social housing associations in the Paris region.
In 2010, after its takeover by Philippe Benquet, the company’s development accelerated thanks to the renewed confidence of its existing customers and its entry into new markets such as hospitality and healthcare.
In 15 years, Acorus has forged a solid reputation based on its pioneering and original positioning in the construction sector as a ‘building services company’, developing its business as a general contractor in its five business lines: rehabilitation, renovation, upkeep, maintenance and adapting building for persons with reduced mobility.
The company’s greatest strength is its ‘SME’ culture, based on good work relationships, responsibility and respecting customers and employees. Since 2013, Acorus has progressively rolled out a ‘Lean Construction’ approach across all its activities and optimized its organization and performance by freeing the energy of all its employees to focus on customer service. The first results of this innovative approach were rewarded by the Medef’s managerial innovation award presented to the company by Isaac Getz in March 2015.
NextStage AM announces a €10-million investment in BOW (Be Over the World), a global player in connected devices and related services.
BOW is a fast-growing and profitable company which has now been distributing close to a million devices globally through two different brands : MyKronoz and RoadEyes. BOW operates worldwide in the ‘wearables’ (smartwatches and activity trackers) and connected vehicle markets.
NextStage AM’s new long-term investment arm, NextStage, will accompany the founders – who remain BOW’s majority shareholders – with equity financing to support the group’s international expansion, particularly through the opening of its US and Chinese subsidiaries.
This investment will boost the development of innovative services, leveraging the boom in social networks and the emergence of a shared economy where individuals are increasingly connected and guided by emotional values. Connected devices open a new era for communication and mobility. This offers many opportunities for BOW to gather and bring together a global community of users, particularly behind the MyKronoz brand.
“We are currently experiencing a new age of user hyper-connectivity with the boom in mobility and renewed social links arising from the Third Industrial Revolution. The all-connected Internet links people, their data and devices in a digital ecosystem, which has become global, thereby providing genuine opportunities for developing connected products suited to their new lifestyles. We were attracted by NextStage AM’s team, its entrepreneur/investor values and strategic vision of the Industrial Internet”, said Boris Brault, BOW’s founder and Chief Executive Officer.
“By challenging the existing economic models, the new age opened with connected devices and their ecosystems creates excellent growth prospects”, points out NextStage AM’s managing partner, Nicolas de Saint Etienne. “We have chosen to accompany Boris Brault, a young entrepreneur who has already successfully started up and developed several companies, because we share his remarkable vision in line with the needs of young consumers, who are the most demanding and therefore the driving force of the market”.
BOW (Be Over the World) brings together MyKronoz and RoadEyes.
MyKronoz: Founded in Geneva in 2013 and now present in more than 40 countries, MyKronoz has already become a benchmark in wearable devices with a full range of stylish, fashion smartwatches and activity trackers that are accessible to a wide range of users thanks to iOS, Android and Windows Phone compatibility. MyKronoz is distributed by major retailers, such as Orange, MediaMarkt and FNAC in Europe, Walmart and Staples in North America, Yodobashi in Japan and HMV in Hong Kong (www.mykronoz.com)
RoadEyes: Founded in 2011, RoadEyes is the leader in on-board video recording solutions for vehicles. The brand has a wide range of connected devices designed to improve road safety. RoadEyes products are distributed by a strong network of distributors, e-tailers, retailers and specialized retail stores. RoadEyes was recently selected by BPI, UbiMobility and Business France as one of the eight most innovative French companies chosen to present their technologies to US carmakers (www.road-eyes.com)
Download the press release
An innovative platform for long-term investments in European 21st-century mid-cap companies
NextStage AM is launching NextStage, an investment company whose goal is to provide an innovative approach to long-term equity investment in European mid-cap companies, which make up almost 40% of the economy. NextStage is targeting, as a first step, a capital of €250m and intends to rapidly be listed on the Euronext stock market. This vehicle is currently open to major private and institutional investors and will be accessible to individual investors after its introduction on the Euronext stock exchange. NextStage’s first capital increase of €100m will be used to make its initial investments which have already been identified. The company will further increase its capital by €150m by the end of this year.
The launch of NextStage represents a key stage in the development of NextStage AM, majority owned by Grégoire Sentilhes and Jean David Haas, and their managing partners Vincent Bazi and Nicolas de Saint Etienne, and benefits from the active support of its two leading shareholders, Artémis ( holding of Francois Pinault), and Amundi ( the first asset manager in Europe). The first NextStage investor round attracted major institutional shareholders – Amundi, Fonds de Garantie des Assurances (FGA0) – and entrepreneurs – Artémis, Téthys, the co-founder of Castorama and La Senlisienne – most of whom have been supporting NextStage for almost ten years.
NextStage firmly grounds its investment strategy in the exponential rise of the third industrial revolution and positions itself with regard to four key trends that are transforming the value added chain of the global economic landscape: the economy led by the value of our emotions and the quality of the customer experience, the on-demand economy , the industrial internet, and the positive economy (or green growth). This industrial and entrepreneurial vision has guided NextStage AM’s investment strategy for more than ten years.
NextStage backs entrepreneurs with long-term investments in their companies, champions in their markets and already profitable, with revenue ranging from €10m to €500m. Investments will range from €5m to €40m. The goal is to fund the growth of these companies by supporting them in their innovation strategy, internationalization or external growth. NextStage’s portfolio will ultimately break down into a 75% portion invested in unlisted mid-cap companies, and the remainder in mid-cap companies listed on Euronext or Alternext.
The launch of NextStage heralds a major change in the financing of mid-cap companies, suffering historically and Europe from insufficient capital (8% for France, 5% for Italy, 26% for Germany, compared to 79% annual financing flows to mid-cap companies in the United States).
The entrepreneurs of mid cap companies are the leading players in growth, competitiveness and job creation. Between 2002 and 2010, they created 85% of jobs in the European Union.
“The exponential acceleration of the third industrial revolution has created a unique opportunity to invest alongside talented entrepreneurs heading up 21st-century mid-cap companies and expanding on a global scale from Europe. We believe that this will give rise to a profound structural transformation of investors expectations on long-term savings. , and of the expectations of entrepreneurs contributing to the new economic trends of the economy led by the value of our emotions, the industrial internet, the on-demand economy and the positive economy (or green growth). NextStage, which has grown alongside its entrepreneurs based on patient capital, proposes an innovative approach to generate sustained value creation over time,” explains Grégoire Sentilhes, Chairman & CEO of NextStage AM. “Artémis has actively supported and participated in the implementation of NextStage AM’s strategy since 2008. The creation of the new NextStage platform is an innovative project that will support entrepreneurs in accelerating the growth of their companies in a long-term perspective. I am very pleased to be participating in this initiative,” says François Pinault, founder of Artémis and of the Kering group.
The NextStage Supervisory Board appointed Jean-Francois Sammarcelli Chairman at its meeting of June 12th.