portfolio companies

unrealised
Name Country Fund ACQ. Date
Gevers Belgium SC Fund III May 2007

Gevers

Worldwide leader in Community Trademarks
Facts
Company Name:Gevers
Location:Belgium
Sector:Intellectual Property
Sales:€ 43m (2009)
Homepage:www.gevers.com
Date of investment:May 2007
Deal Type:LBO, buy & build
Syntegra Role:Lead investor

business description

  • With more than 100 years of experience, Gevers helps its customers to create an Intellectual Property portfolio, as well as protect, maintain, evaluate, and of course develop it
  • Gevers consists of seven sister companies all active in Intellectual Property with more than 40 Attorneys specialized in Patents, Trademarks, Copyrights and Designs, and more than 120 paralegals
  • Gevers is worldwide leader in Community Trademarks for many years, as well as the leader for the whole IP market in Belgium
  • Since January 1, 2007 the French Law Firm BLOCH & Associés, located in Paris, is a member of the group

transaction strategy

To back a leading Belgian/French Intellectual Property Firm to pursue European leadership in a fragmented market through acquisitions and new initiatives Expand the business from a fundamentally strong base: Lengthy customer relationships Strong cash generative business Visionary, entrepreneurial involvement of the former owner Pragmatic management team

partially realised
Name Country Fund ACQ. Date
Sirc Italy SC Fund I Nov 2000

Sirc

Leading manufacturer of branded nutraceutical and dietetic OTC products
Facts
Company Name:Sirc
Location:Italy
Sector:Pharmaceutical
Sales:€ 6m
Homepage:www.sircspa.com
Date of investment:Nov 2000
Deal Type:LBO, growth
Syntegra Role:Lead investor

business description

  • Leading manufacturer and wholesaler of branded nutraceutical and dietetic OTC products sold through pharmacies
  • In 2002, sales of dietetic products collapsed as a consequence of a severe market downturn brought about by negative press comments on the effectiveness of weight reducers
  • Since then, the company went through a restructuring phase, aimed at re-establishing sound levels of sales and profitability
  • The company has slowly recuperated sales and margin levels and is today the market leader in melatonin products

transaction strategy

  • Sirc was an interesting opportunity to enter a high-growth industry with clear exit path
    • Attractive entry price significantly below industry standards
    • Built on strong market position, internal and external growth opportunities
    • Objective to structure and grow the existing business
realised
Name Country Fund ACQ. Date
Moleskine Italy SC Fund III Oct 2006

Moleskine

Leading, global brand offering nomadic objects dedicated to our mobile identity
Facts
Company Name:Moleskine
Location:Italy
Sector:Personal accessories
Sales:€ 40m (2009)
Homepage:www.moleskine.com
Date of investment:October 2006
Date of exit:October 2016
Deal Type:LBO, growth
Syntegra Role:Sole investor

business description

  • Moleskine is a fast growing and highly profitable brand that encompasses a family of nomadic objects: notebooks, diaries, journals, bags, writing instruments and reading accessories, dedicated to our mobile identity
  • Moleskine owns the Moleskine brand, under which 10 million notebooks and planners across five continents were sold in 2009
  • Moleskine is developing a full range of new products that it plans to launch in the coming years

transaction strategy

  • Leverage on a leading global brand to fully express the growth potential in existing and new markets
    • Business model with strong cash flows and high profitability
    • Balanced product portfolio coupled with a full range of new products to be launched
    • Enormous potential in the promotional channel
Mühlhan Germany SC Fund I Jul 2001

Mühlhan

World-leader in corrosion treatment for marine steel assets
Facts
Company Name:Mühlhan
Location:Germany
Sector:Surface treatment
Sales:€ 207m
Homepage:www.muehlhan.de
Date of investment:Jul 2001
Date of exit:Sep 2016
Deal Type:Growth capital, buy & build
Syntegra Role:Sole investor

business description

  • World-leader in corrosion treatment for marine steel assets
  • Mühlhan has operations in Germany, the Netherlands, France, Denmark, Poland, Greece, Russia, China and the USA. The firm has acquired unique two-stage blasting technology, which should enable it to outperform all competitors on certain types of rust removal projects. The company also has promising opportunities in wind power and offshore platforms

transaction strategy

  • Consolidation opportunity in fragmented, global market
    • Experienced team with focused platform and leading market technology
    • Leverage strong position in European new-build and through new technology to grow organically and via acquisition to become supplier to new-build and repair sectors world-wide
Market Maker France SC Fund III Nov 2006

Market Maker

French supplier of advertising and promotional material
Facts
Company Name:Market Maker
Location:France
Sector:Promotional and consumer goods
Sales:€ 75m
Homepage:www.select-cadeau.net
Date of investment:November 2006
Date of exit:September 2016
Deal Type:OBO, growth
Syntegra Role:Sole investor

business description

  • Market Maker operates in the business of promotional and consumer products sold to various channels
    • ID Com supplies consumer electronic products to large specialized and generalist retail chains and provides such products to leading B2B customers
    • DAG Import serves a large and diversified base of corporate gifts distributors
  • The vast majority of these promotional products is sourced from Asia, and particularly China

transaction strategy

  • Sustain the Group’s strong growth and help structure it to create a leading B2B distribution operator
    • Pursue the organic growth by reinforcing its sales and logistics capacity
    • Structure the company to allow it to manage and control a higher transaction volume
AML France SC Fund III June 2010

AML

Automotive supplier
Facts
Company Name:AML
Location:France
Sector:Automotive supplier
Sales:€46m
Homepage:aml-systems.com
Date of investment:June 2010
Date of exit:June 2016
Deal Type:Spin off
Syntegra Role:Lead investor

business description

  • AML designs and manufactures active modules for lighting sold to automotive suppliers and OEM. Product range includes levelers, actuators and Headlamp cleaning systems.
  • Headquartered in the Paris area, AML operates and sells from his manufacturing sites located in Hirson (north of France) and Wuxi (west of Shanghai)

transaction strategy

  • To sustain the company’s growth as an autonomous entity following the carve out from his former parent company Valeo, with a particular focus on
    • establishing a strong foothold in the fast developing Asian markets and take advantage in the regulation sea-change
    • developing sales with a wider set of OEM and Tier 1 automotive suppliers
Impression Belgium SC Fund I Feb 2000

Impression

Largest European printer of billboard posters and of POS printed materials
Facts
Company Name:Impression
Location:Belgium
Sector:Specialist printing
Sales:€ 102m
Homepage:www.impression-europe.com
Date of investment:Feb 2000
Deal Type:LMBI, buy & build
Syntegra Role:Lead investor

business description

  • Largest European printer of billboard posters and of POS printed materials
  • Impression runs plants and offices across eight European countries. It consists of the number two printer of billboard posters in Europe, Hecht and the subsequently acquired number one printer, the then publicly traded Affiche Européenne. In 2002, Eclipse, the leading printer of billboard posters in Eastern Europe was acquired

transaction strategy

  • Impression project offered a unique opportunity to form the dominant player in Europe with only remote competition, and exploit this unique position
    • Enhance and structure management around two buy-in managers
    • Rationalise and optimise manufacturing capacity, reduce paper, ink and other purchasing costs - Acquire small businesses with significant domestic market position
Questel France SC Fund III Dec 2007

Questel

Specialist for IT-bases intellectual property management
Facts
Company Name:Questel
Location:France
Sector:Intellectual Property
Sales:€ 19m (2009)
Homepage:www.questel.com
Date of investment:December 2007
Date of exit:June 2015
Deal Type:LBO, buy & build
Syntegra Role:Lead investor

business description

  • Questel develops IT tools to help corporations manage their intellectual property issues. Covering patents, trademarks and industrial design, the company's industry-leading products and services comprise databases, search and monitoring services
  • Questel is headquartered in Paris, with offices in Sophia Antipolis, the high-tech center in the South of France, Brussels and Washington DC
  • Questel has a well-diversified and balanced portfolio of approximately 1000 active clients including mainly blue chip organisations and law firms

transaction strategy

  • Questel benefits from longstanding reputation, very solid customer base and a set of recently developed in house state-of-the-art products. Questel generates solid and recurrent cash-flow
  • Leverage on the growth of new in house products generating higher margins
  • Grow the company through acquisitions in Europe and the US to expand existing customer base
GHH Radsatz Germany SC Fund III Sep 2005

GHH Radsatz

European high-end supplier of train wheels
Facts
Company Name:GHH Radsatz
Location:Germany
Sector:Metal treatment
Sales:€ 219m (2009)
Homepage:www.ghh-radsatz.com
Date of investment:Sep 2005
Deal Type:MBO
Syntegra Role:Sole investor

business description

  • GHH is a European high-end supplier of train wheels. The company manufactures train wheels, wheelsets and reconditioned wheels to the major European train and tram operators
  • In January 2008, GHH bought Valdunes, the leading French manufacturer of wheels and wheelsets
  • GHH-Valdunes dominates the segments of high speed train (ICE, TGV, Thalys, Eurostar) as well as trams
  • GHH-Valdunes operates 4 industrial facilities in France (Dunkerques and Valenciennes), Germany (Oberhausen) and Belgium (Liège)

transaction strategy

  • GHH is a long established company (1787) with proven business model and strong cash generation which formed part of larger conglomerates for a long time. Now the company is in the centre of shareholder focus and will received all support needed to develop its business and to play a leading role in the expected consolidation in the European train wheel manufacturing industry.
Olly Gan France SC Fund III April 2011

Olly Gan

Menswear Retailing
Facts
Company Name:Olly Gan
Location:France
Sector:Menswear Retailing
Sales:€42m
Homepage:www.ollygan.fr
Date of investment:April 2011
Date of exit:May 2014
Deal Type:LBO, growth
Syntegra Role:Lead investor

business description

  • Olly Gan is a menswear brand and retail network which specializes in ready-to-wear for men aged 35-55 in France, selling both "casual" and "city" clothing.
  • The group operates through 115 retail outlets, 80% of point of sales being located in middle-sized cities shopping malls and 20% downtown.

transaction strategy

  • Sustain the group’s growth, notably through the opening of 10-15 new stores per year, wholly-owned as well affiliated.
  • Consider add-on acquisitions as appropriate.
Fountain Belgium SC Fund I Dec 1997

Fountain

Leading European provider of hot drink dispensers and consumables
Facts
Company Name:Fountain
Location:Belgium
Sector:Food dist. service
Sales:€ 39m
Homepage:www.fountain-europe.com
Date of investment:December 1997
Date of exit:December 2013
Deal Type:LBO, Buy & Build
Syntegra Role:Lead investor

business description

  • Leading European provider of hot drink dispensers and consumables to small companies
  • The products are dispensed using proprietary packaging and represent a significant source of recurrent income. With a large proportion of sales generated through indirect distribution channels the company has low overheads and highly predictable margins

transaction strategy

  • With its strong and predictable cash flows, Fountain provided a good platform for further expansion while gaining gradual control of its distribution,
    • Opportunity to enhance management team in areas of marketing and sales
    • In securing distribution, Fountain would become a key access point to mid-size companies for larger group servicing those customers (water, hot drinks etc.)
Schülerhilfe Germany SC Fund III Oct 2009

Schülerhilfe

Leading German provider of tutoring services
Facts
Company Name:Schülerhilfe
Location:Germany
Sector:Private tutoring services
Sales:€ 32m (2009)
Homepage:www.nachhilfe.schuelerhilfe.de
Date of investment:October 2009
Date of exit:October 2013
Deal Type:LBO, growth
Syntegra Role:Joint lead

business description

  • Leading German provider of tutoring services to the German and Austrian primary and secondary education markets
  • Schülerhilfe has developed a network of over 1,100 centres in 890 locations, providing blanket coverage of Germany and Austria
  • Schülerhilfe operates via a mix business model whereby ca. 25% of its centres are company owned whilst the rest is franchised

transaction strategy

  • Value creation for Schülerhilfe consists of boosting sales by taking market share from the informal tutoring market:
    • Professionalize operations and marketing in the centres
    • Widen product and service offering
    • Implement international roll-out (e.g. Poland, Switzerland)
Co.Import Italy SC Fund III Oct 2006

Co.Import

Italian household goods retail chain
Facts
Company Name:Co.Import
Location:Italy
Sector:Household goods retail
Sales:€ 33m (2009)
Homepage:www.coimport.com
Date of investment:Oct 2006
Deal Type:LBO, growth
Syntegra Role:Sole investor

business description

  • CO.Import is a retail chain distributing household goods, decoration and fashion accessories, gift articles and small furniture in the Italian market
  • As of June 08, CO.Import directly operated a total of 41 stores, with a geographic concentration in Northern and Central Italy
  • Three additional openings planned for 2008 all in commercial centers
  • Establishment of a commercial presence in China through a representative office

transaction strategy

  • Leverage on the leading market position to grow the number of stores throughout Italy
    • focus on shopping mall locations, a growth segment of the Italian retail market
    • weak competition from household goods and gifts retailers
    • healthy business model with good fundamentals and profitability margins
SVP France SC Fund III Jan 2007

SVP

Advisory services by phone
Facts
Company Name:SVP
Location:France
Sector:Advisory services by phone
Sales:€ 44m
Homepage:www.svp.fr
Date of investment:Jan 2007
Date of exit:July 2011
Deal Type:LBO, growth
Syntegra Role:Lead investor

business description

  • The SVP group provides specialist advice in a range of professional fields including finance, administration, human resources, technical information, legal and marketing to business clients only over the telephone
  • The business currently serves about 7,000 companies, administrations and local communities, which represents a population of users of over 30,000 managers within those organisations

transaction strategy

  • Investment in a company which generates solid and recurring cash-flows thanks to its unique business model
  • Fully benefit from the in-depth restructuring of the company which has brought SVP back to organic growth
  • Complete some targeted acquisitions to expand product offering and benefit from commercial synergies
Stark Verlag Germany SC Fund III Dec 2006

Stark Verlag

German publisher of educational material for teachers and pupils
Facts
Company Name:Stark Verlag
Location:Germany
Sector:Educational Publishing
Sales:€ 22m (2009)
Homepage:www.stark-verlag.de
Date of investment:December 2006
Date of exit:September 2011
Deal Type:MBI
Syntegra Role:Sole Sector

business description

  • Stark-Verlag is active in the market segments of educational material for teachers and test preparation books for pupils in the German market
  • Stark-Verlag targets a wide range of general educational schools in Germany. Originally the company had a strong presence in federal states where final high school exams where centralized such as Bavaria and Baden-Württemberg
  • Products offered include books for pupils and loose leaflet products exclusively for teachers

transaction strategy

  • Leverage on a strong brand and editorial competence to fully exploit the growth potential in German federal states which are now introducing centralized high school exams and target new markets like primary schools
  • Acquire companies in interesting niches
  • MBI manager with direct marketing experience will improve sales and marketing
Robert Clergerie France SC Fund I Oct 1999

Robert Clergerie

Leading French manufacturer of women’s luxury shoes sold worldwide
Facts
Company Name:Robert Clergerie
Location:France
Sector:Luxury shoes
Sales:€ 23m
Homepage:www.robertclergerie.com
Date of investment:October 1999
Date of exit:April 2011
Deal Type:LBO, growth
Syntegra Role:Sole investor

business description

  • Leading French manufacturer of women’s luxury shoes sold worldwide
  • Robert Clergerie opened in Milan, London and Chicago. Two franchises in France (Toulouse and Montpellier) were converted into wholly owned stores in 2000

transaction strategy

  • Robert Clergerie game plan was to boost development through store openings in key cities
    • Based on a solid reputation and brand image and key new hires
    • Growth to be fuelled by more products (bags, accessories) and new stores (Italy, USA,..)
    • Growing interest from luxury groups for luxury shoe specialists
Dodo France SC Fund I May 2000

Dodo

French market leader in manufacturing duvets and pillows
Facts
Company Name:Dodo
Location:France
Sector:Textiles
Sales:€ 70m
Homepage:www.dodo.fr
Date of investment:May 2000
Date of exit:December 2009
Deal Type:LBO, growth

business description

  • French market leader in manufacturing duvets and pillows
  • Dodo operates with a flexible and cost efficient manufacturing system which enables the delivery of large volumes of duvets and pillows over a short period of time on a national scale

transaction strategy

  • Dodo attractiveness was to leverage on a leading market position to expand in Europe
    • Top, experienced and service oriented management team
    • Business and acquisition opportunities identified in Central Europe; natural piggy-backing on French mass retailers in Spain, Poland and Russia
Druck Chemie Germany SC Fund III Dec 2005

Druck Chemie

Manufacturer of technical products to the printing industry in Germany and France
Facts
Company Name:Druck Chemie
Location:Germany
Sector:Specialty chemicals
Date of investment:December 2005
Date of exit:May 2008
Deal Type:MBO
Syntegra Role:Lead investor

business description

  • No. 1 manufacturer and distributor of technical products to the printing industry in Germany and France
  • Druck Chemie is a traditional Mittelstand company, acquired from its original founders
  • The company formulates, blends and supplies technical products to printers
  • 19 branch offices are located across Europe and in Brazil and employ 220 staff

transaction strategy

  • Franco-German company with a unique and scaleable business model. Syntegra Capital shall be instrumental in
    • strengthening further the existing solid management
    • exploitation of regional European expansion
    • introduction state-of-the-art MIS
    • supporting the company in development of new growth areas, including additional service / product offerings
    • identification and realisation of adequate acquisition targets
Sovitec Belgium SC Fund III Jul 2004

Sovitec

European leader in the manufacturing of glass beads
Facts
Company Name:Sovitec
Location:Belgium
Sector:Chemical products
Homepage:www.sovitec.com
Date of investment:July 2004
Date of exit:October 2008
Deal Type:LBO, growth
Syntegra Role:Lead investor

business description

> Sovitec is the European leader and second largest world player in the manufacturing of glass beads used as reflective materials in road markings. The glass beads produced by Sovitec are also used for certain surface treatment applications and as technical additives in, notably, the plastics industry

> Sovitec has production facilities in Belgium (Fleurus), France, Germany, Spain and Argentina. The company's worldwide R&D centre is also based in Jumet (Belgium)

transaction strategy

> Investment in a recurring and growing business in road markings together with an experienced management team

> Additional opportunities for growth in - Technical additive market - New geographic regions

Beissbarth Germany SC Fund III Oct 2005

Beissbarth

Automotive garage equipment manufacturer
Facts
Company Name:Beissbarth
Location:Germany
Sector:Garage equipment
Sales:€ 144m
Homepage:www.beissbarth.com
Date of investment:October 2005
Date of exit:October 2009
Deal Type:Corporate Spin-Off
Syntegra Role:Lead investor

business description

  • Automotive garage equipment
  • Wheel Alignment, Wheel Balancers, Tyre Changers, Test Lanes. One of the top 5 companies worldwide in this business

transaction strategy

  • Increasing profitability of group companies through
    • Group Integration
    • Cost-saving projects
    • Asian manufacturing focus
  • Re-gaining technological leadership
  • Further focus on customer service
  • Possible strategic alliances
AEB Italy SC Fund II Jun 2003

AEB

Italian leader in processing biotech products for the wine and agri-food sectors
Facts
Company Name:AEB
Location:Italy
Sector:Food supplements
Date of investment:June 2003
Date of exit:April 2007
Deal Type:LBO, growth
Syntegra Role:Co-Lead investor

business description

  • Italian leader in the field of processing and marketing biotech and other products for the wine and agri-food sectors
  • AEB is a world Biochemical group, with its lead quarters in Brescia, Italy.Together with the factories controlled by the Spindal Group and over 30 branches world-wide it produces and distributes a great variety of products for the agro-food industry. AEB is present on 5 continents with 18 factories connected and controlled with 15 Foreign Representatives and 60 Exclusive Agents

transaction strategy

  • Truly international company with sales worldwide
    • Management team contributed to the internationalisation and growth in the last 5 years
    • Further develop in emerging wine making countries as well as continue to develop biotech applications.
    • External growth in related businesses of filtration
Unither France SC Fund I Aug 2000

Unither

Contract pharmaceutical manufacturer of sterile, unidose products
Facts
Company Name:Unither
Location:France
Sector:Pharmaceutical
Date of investment:August 2000
Date of exit:November 2006
Deal Type:LBO, growth
Syntegra Role:Lead investor

business description

  • Contract pharmaceutical manufacturer of sterile, unidose products
  • Unither is providing a sterile packaging service to the pharmaceutical and cosmetics industries with expertise in blow-fill-seal (BFS) polyethylene vials. It is the leading independent BFS manufacturer, which is a technology with significant potential. The company has started two new production lines as part of its manufacturing build-up, significantly increasing capacity

transaction strategy

  • Unither is an opportunity to leverage on growth and outsourcing trend in the pharmaceutical industry
    • Bimbo with a strong commitment from the founder and relevant new management skills
    • Strong growth potential in existing product lines and clients; build-up opportunities expected in contract manufacturing
Lince Italy SC Fund II Sep 2003

Lince

Leading Italian company in value added business information and credit collection
Facts
Company Name:Lince
Location:Italy
Sector:Value added business information
Date of investment:September 2003
Date of exit:July 2006
Deal Type:MBO, growth
Syntegra Role:Sole investor

business description

  • Leading Italian company in value added business information and credit collection
  • With the 28% stake of the Italian market of value added information, 400 professionals, over 10.000 customers, the Group (Lince and Finservice) produces reports and analysis on the reliability and financial stability of corporate and private customers in commercial transactions. Founded in 1920 in Milan, where it is headquartered, Group Lince operates nationwide with branches in Milan, Bologna, Florence, Padova, Pescara, Rome and Turin

transaction strategy

  • Bring the company to absolute leadership in the Italian market:
    • Peculiar business model with strong cash flows and high profitability
    • Young and motivated management team
    • Strategy to further strengthen market positioning and increase size
Altice Two / Three Luxembourg SC Fund II May 2005

Altice Two / Three

Leading French cable TV / Internet / telephone operator in France
Facts
Company Name:Altice Two / Three
Location:Luxembourg
Sector:TTM
Date of investment:March 2005
Date of exit:March 2008
Deal Type:MBI, buy & build
Syntegra Role:Initiated transaction / Minority stake

business description

  • Leading French cable TV / Internet / telephone operator in France
  • Altice Two has been set up by Altice One shareholders in order to complete, with Cinven, the acquisition of Numericable, the French cable operator with a 50% market share. In 2005 and 2006 Numericable bought Altice One and Noos, and subsequently becam the sole cable operator in France (over 98% market share) with 9,5m home passed and 4.5m subscribers

transaction strategy

  • Roll over Altice One strategy on a larger scale:
    • Management team with exeptionnal track record
    • Strong predictable cash flows
    • Restructure operations and benefit from scale from integration of similar businesses
    • Seek to consolidate the whole French market
    • Trigger appetite from PE megafunds / large telcos
  • 100% of Syntegra Capital stake, together with 50% of Cinven stake, sold to Carlyle in March 2008.
Infox TLG/TWI Germany SC Fund I Aug 2000

Infox TLG/TWI

Logistic services provider for tourism marketing
Facts
Company Name:Infox TLG/TWI
Location:Germany
Sector:Logistics
Sales:€ 20m
Homepage:www.infox.de
Date of investment:August 2000
Date of exit:July 2010
Deal Type:MBO, buy & build / growth
Syntegra Role:Sole investor

business description

  • Provider of logistic services in support of marketing by tourism sector
  • Infox is active in Germany and the Netherlands. The services include brochure and document mailing, communication facilities and online services. Infox combined dominant market positions, high profitability and strong cash generation, which could support the launch of new services to the travel sector; in particular to launch new IT- driven logistic services

transaction strategy

  • Develop an integrated outsourcing solution for European tourism providers
    • Very experienced management with highly profitable/cash-generative platform
    • Product-line extensions, including Web-based products, productivity gains through applying Dutch systems in Germany and purchase/merger with parallel companies in other European markets (B, F, GB)
Altice One Luxembourg SC Fund II Dec 2002

Altice One

Cable TV / Internet operator in Alsace
Facts
Company Name:Altice One
Location:Luxembourg
Sector:TTM
Date of investment:December 2002
Date of exit:November 2005
Deal Type:MBI, buy & build
Syntegra Role:Lead investor

business description

  • Cable TV / Internet operator in Alsace (East of France), Brussels, and Luxembourg
  • Altice is a European Cable Venture whose purpose is to acquire, expand and consolidate cable clusters in French-speaking territories in Europe. In 2002, Altice One acquired Est Videocommunication, the leading cable operator in eastern France. Est Videocommunication provides Analog TV, Digital TV and Broadband Internet to more than 170.000 customers. In 2003, Altice completed its second acquisition by adding the Belgian cable operator Coditel to its network. Coditel serves 150.000 customers

transaction strategy

  • Buy & build opportunity in French speaking Europe while large strategic buyers busy with own debt restructuring
    • Experienced management team with strong track record in the cable industry
    • Strong predictable cash flows in double digit growth environment
    • Strategy to restructure operations and benefit from scale from integration of similar businesses
  • Sold to Numericable in November 2005 (Numericable was 70% owned by Cinven and 30% by Altice Three)
Librairie du Savoir France SC Fund I Jun 1998

Librairie du Savoir

Leading bookshop network located in France and Belgium
Facts
Company Name:Librairie du Savoir
Location:France
Sector:Retail
Date of investment:June 1998
Date of exit:April 2005
Deal Type:MBO, buy & build
Syntegra Role:Co-lead investor

business description

  • Leading network of bookshops located throughout France and Belgium
  • Librairies du Savoir has 32 points of sale and is one of the largest independent retail book groups. It has adopted the big bookshop concept (500 sqm to 2,000 sqm) focusing on city centres with higher demand and providing a wider range of publications

transaction strategy

  • Buy & Build opportunity in a fragmented industry going through a consolidation process
    • Industry still composed of a large number of independent family owned bookshops
    • Capitalize on management operation and build-up experience
    • Create a leading bookstores chain of local market leaders in large to medium size cities
Solutions Tertiaires France SC Fund I Dec 1999

Solutions Tertiaires

Third largest office furniture manufacturer in France
Facts
Company Name:Solutions Tertiaires
Location:France
Sector:Office furniture
Date of investment:December 1999
Date of exit:April 2005
Deal Type:MBI, turnaround
Syntegra Role:Co-Investor

business description

  • Third largest office furniture manufacturer in France with two major brands Atal and Arféo
  • Arfeo sells through its wholly owned regional branches, directly to key accounts and through independent franchised and non-franchised distributors. Arfeo/Atal is considered a good platform to participate in the ongoing consolidation in this industry

transaction strategy

  • Solutions Tertiaires was an interesting special situation case in a recovering market
    • Buy-in-manager with excellent turnaround track record gained in various industrial sectors
    • Strategy to turn Atal around, develop synergies between two business units and regain market share
Joyau France SC Fund I Jan 2003

Joyau

Leading French logistic group specialised in domestic quick parcel delivery
Facts
Company Name:Joyau
Location:France
Sector:Transportation
Date of investment:March 2000
Date of exit:January 2003
Deal Type:LBO, buy & build
Syntegra Role:Lead investor

business description

  • Leading French logistic group specialised in domestic quick parcel delivery
  • Joyau is operating throughout France either through its own depots or via subcontractors in areas in which Joyau has no presence. Joyau represents one of the leading independent operators in this market based on its high quality management and a strong track record in a low margin industry. Nine acquisitions of reasonably priced smaller companies, gaining regional coverage and reducing reliance on subcontractors, were completed since buy-out of the company

transaction strategy

  • Joyau was a remarkable opportunity to consolidate a highly fragmented industry
    • Outstanding management record in a low margin sector
    • Strategy to reach a full coverage of French territory in 2 to3 years from a solid regional platform
    • Building one of the few acquisition opportunities for a large logistic group to enter French market
  • Sold to Schenker AG, itself owned by Deutsche Bahn AG, in January 2003
Progetto Elettronica 92 Italy SC Fund II Feb 2002

Progetto Elettronica 92

Service provider for Telecom/IT manufacturers and operators
Facts
Company Name:Progetto Elettronica 92
Location:Italy
Sector:IT Services
Date of investment:Feb 2002
Date of exit:Jun 2005
Deal Type:Development, buy & build
Syntegra Role:Sole investor

business description

  • Leading Italian provider of maintenance and technical assistance services Telecom /IT manufacturers and operators
  • Gruppo Progetto Elettronica 92 is formed by companies with specific skills in the Telephone, Data Networking, Information Technology, Office Automation and Audio Video areas. Progetto Elettronica 92 S.p.A.: Service Integrator division of Gruppo PE 92, with head offices in Mazzo di Rho (Milan) specialised in the supply of services aimed at the Information & Communication Technology sector and technical assistance aimed at the mobile Telephone, ICT and Office Automation sectors

transaction strategy

  • Consolidation opportunity in a fragmented industry.
    • Experienced management team with strong growth history
    • Upward trend of outsourced services in IT and Telcom sectors
    • Strategy to provide full geographical coverage and wide service range
Doucet France SC Fund I Nov 1999

Doucet

Build-up of medium size businesses involved in cleaning products
Facts
Company Name:Doucet
Location:France
Sector:Chemical Products
Date of investment:November 1999
Date of exit:July 2004
Deal Type:MBI, buy & build
Syntegra Role:Lead investor

business description

  • Build-up of medium size businesses involved in cleaning products
  • In November 1999 Doucet commenced the build-up with the acquisition of Chimie Dérivés, a manufacturer of cleaning products distributed through traditional hardware stores. In December 1999, the company acquired Chimitex, a company operating in the private label market utilising mass distributions channels. In October 2000, a further add-on was made with the acquisition of Purodor, a direct sales operation to local communities

transaction strategy

  • Doucet was an opportunity to back a first rate MBI team in a fragmented sector
    • Team of 3 experienced and complementary managers
    • Add-on opportunities identified from start with cross-fertilisation and synergies potential - Three-pronged attractiveness at exit (brands, sales network, niche-specific financial stability)
Burton Germany SC Fund I Jul 1999

Burton

Leading producer of refractory systems for the bricks and roof tile production
Facts
Company Name:Burton
Location:Germany
Sector:Industrial ceramics / refractories
Date of investment:July 1999
Date of exit:July 2006
Deal Type:MBO
Syntegra Role:Sole investor

business description

  • Worldwide leader in producing and servicing refractory systems for producers of bricks and roof tiles
  • Burton's customers are kiln manufacturers and end-producers for whom Burton's fireproof ceramic products (oven ceilings, carts and cassettes) are an essential element in their own production processes

transaction strategy

  • The plan was to create a company of interest to industrial groups by judicious additions to Burton's segment leadership
    • Strong highly experienced management team
    • Identify opportunities to develop other profitable niches through internal and external growth
    • In February 2004, Burton Holding sold its Hungarian subsidiary Burton Apta Kft. to Imerys Group, France
Hygiène Medica France SC Fund I May 1998

Hygiène Medica

Leading French producer of diapers
Facts
Company Name:Hygiène Medica
Location:France
Sector:Medical
Date of investment:May 1998
Date of exit:April 1999
Deal Type:LBO, growth
Syntegra Role:Co-lead investor

business description

  • Leading French producer of diapers for incontinent adults
  • In the institutional widely spread and highly fragmented market Hygiène Médica runs 2 plants, the headquarters and production in Montpellier in the south of France and a production plant in Arras in the north of France. With 303 employees, 13 production lines of which 11 lines are dedicated to the production of incontinence products and 2 baby diaper lines Hygiène Médica acquired a wide spread customer portfolio throughout France with 3 internationally recognised brands of incontinence products (Slip-jet, Anaform and Protea)

transaction strategy

  • Hygiène Médica offered an opportunity to benefit from a growing market destined to consolidate in Europe
    • Management team founded the company and consistently outperformed industry growth / margin
    • Consolidate a leadership position in Europe and offer unique access to southern European market to leading players active in hygiene products
  • Hygiène Médica was sold to Ontex in 1999, in 2003 Ontex was bought out by Candover