LBO France bought a majority interest in Passman SAS, while another private equity firm Andera Partners reinvested in the network installation and internet services provider through its ActoMez team.
ActoMezz and Groupe Siparex led a sponsorless leveraged buyout of Passman in April 2014. Passman offers digital solutions for the accommodation sector and care facilities in France and Belgium.
LBO France said the acquisition was completed alongside the two co-founding managers, with ActoMezz providing mezzanine financing. The deal is in line with LBO France's small-cap strategy, focused on growing French and Italian small and medium enterprises. The majority stakeholder aims to facilitate Passman's external growth project, which involves it becoming an acquisitions platform.
Natixis Partners advised the selling shareholders, which enlisted Archers as their legal representation in the deal. Themis was the mezzanine debt lawyer.
Jeantet was LBO France's lawyer and provided legal, tax and social due diligence. Eight Advisory and Neovian Partners extended financial and strategic vendor due diligence, respectively.
KPMG and AMR conducted financial and strategic due diligence, respectively, on behalf of LBO France.
CIC Lyonnaise de Banque arranged tranches A/B of senior debt, alongside Arkea, LCL and Crédit Agricole Mutuel Centre Est as participants. BPI France and SCOR Investment Partners provided tranch C senior debt.
Depardieu was the bank debt lawyer.