Thanks to CFK Finance, a high precision mechanics company is bought by a high calibre manager.

SERMP (Société d'Etude et de Réalisation de Mécanique de Précision) has just been bought by an engineer who had always wanted to own a company.

“It only took CFK Finance eight months to negotiate the acquisition of our company,” says Jean-Pierre Astolfi, CEO of SERMP (Société d'Etude et de Réalisation de Mécanique de Précision), delightedly. Owner for twelve years, he had made this SME (approximately 40 staff and a turnover of 4.8 million Euros), based in Rambouillet, a well-known player in the high precision mechanics industry. Among its clients are large groups as prestigious as Thales Optronique, civilian nuclear companies and Renault Formula 1, for whom, for example, it makes, on its digital machine-tools, hydraulic valves which regulate the fuel injection/carburation.

With retirement just around the corner for him, and Nathalie Hanriot, the managing director, wanting to devote herself to new personal projects, Jean-Pierre Astolfi was looking for a buyer who both knew the market intimately and who had a real project for development. After the failure of the first transaction, he asked CFK for advice. “We contacted several company transaction services consultancies,” he recalls. “CFK was the first to respond to us and their business manager knew our business sector inside out.”

The sell-side assignment was signed in February 2008. It only took Jean-Jacques Faurens, Associate at CFK, a few months to identify Pascal Geslot as the best candidate of all the potential buyers. “I always wanted to have my own company,” says Pascal Geslot, a mechanical and electronic engineer, who has more than twenty-five years’ experience in large aeronautical and telecommunications groups. His LBO project, and the management team (a finance specialist and a technical expert) that he had around him made all the difference both for the seller and his banks. The transaction was concluded at the end of September.

“The professionals at CFK Finance are charming people who looked after us very well: among other things, they conducted the financial negotiation perfectly on our behalf,” says Jean-Pierre Astolfi who, for six months, will act as a point of contact between the clients of his former company and Pascal Geslot.

Sellers: Jean-Pierre Astolfi and Ms Nathalie Hanriot (50% of the shares each).

Buyers: Pascal Geslot, partnered with Mrs Galleron and FRENEAT through the holding company, ELTON.

Seller’s advisors:
CFK Finance / Jean-Jacques Faurens, Transaction Coordinator,

Legal: Ms Marie-Hélène Eyraud,

Accountant: Jean-Claude Robert (ERCEJI).

Buyer’s advisors:

Legal: Ms Catherine Le Guen.

Accountant: Claude Mayer (PRIM-AUDIT),

Funding of the acquisition:
Groupe Banque Populaire, Société Générale, Oseo.

CFK Finance:

Choosing a mergers and acquisitions consultancy is an important step that pledges the fortunes of a company, its employees and its executives. Professional conduct and confidentiality are at the heart of CFK Finance assignment delivery.

In each of its assignments, CFK Finance has a single objective: to carry the project that it was entrusted with through to a successful conclusion, in the best interests of its client.

Any information exchanged within the framework of preliminary contact with CFK Finance is covered by a confidentiality agreement signed at the first meeting.

Each assignment is placed under the responsibility of a Dedicated manager who coordinates the actions of the teams and centralises the management of information forwarded to third parties.

At the start of the assignment, each client is invited to set out with the Manager in charge of his file the rules and procedures specific to the management of his project.

The agreement that is presented to you clearly states all the terms and conditions of our intervention and our commitments.

CFK Finance – 138 avenue Victor Hugo – 75 116 PARIS – +33 (0)1 56 26 54 44
Press contact: Claude Dupuis - Telephone: +33 (0)1 56 26 54 63
Email: cdupuis@cfk.fr - www.cfk.fr

An expert in the relocation of companies joins the giant, NASSE-DEMECO

Specialist in the relocation of offices and industrial transfers, GBA joins the NASSE-DEMECO group thanks to CFK Finance (www.cfk.fr).

Established in 1992 by two associates, Daniel Boulonnois and Alain Genries, GBA, based in Quincy-Voisin (Seine-et-Marne), is specialised in the relocation of companies: transfer of offices, registered offices, industrial sites etc. In this extremely competitive sector, GBA quickly acquired an excellent reputation, thanks to the rigour with which its teams of professionals meticulously plan each transfer. It now has several key accounts among its clients and achieves an annual turnover of four million Euros. In order to continue this success story and the development of the company, Daniel Boulonnois and Alain Genries wanted to partner with a leading name in the sector. They therefore entrusted the CFK Finance consultancy  with a sell-side assignment. In a few months, Eric Pincemin, Business manager at CFK Finance, identified the NASSE-DEMECO group (www.demeco.fr), based in Orléans, as a potential buyer. This group already has 272 agencies in France and abroad (company-owned or franchised, under the trademarks Demeco and Dem) and achieves an annual turnover of 50 million Euros in relocation and transfer. For a long time it has operated an ambitious external growth policy.
“GBA is the forty-third company that we have bought,” explains Patrick Bornhauser, executive at NASSE-DEMECO since 1986. “It will enable us to confirm our presence in the Paris region.”
The top holding of NASSE-DEMECO belongs to Pragma Capital (more than 50%), an independent management company, to Patrick Bornhauser (28%), and to Edmond de Rothschild Investment Partners (17%). The remainder belongs to a private investor.
Alain Genries joined the group to continue to develop the business activities of GBA. All the partners are happy with the role played by CFK Finance. “Everything went very smoothly,” says Patrick Bornhauser, for example. “CFK Finance monitored all the details of this transaction excellently, and right up to the last moment.”

Seller’s advisors: Eric Pincemin, Business manager/Partner, CFK Finance - Armand Turquet, SRT Conseils
Lawyer: Mr Bertrand Lavelot, Cabinet Lavelot

Buyer’s advisors: JP Vergance, Cabinet Orcom & Associés

Press contact: Claude Dupuis
Telephone: +33 (0)1 56 26 54 63
Email: cdupuis@cfk.fr
www.cfk.fr

Thanks to CFK Finance, the highly exclusive swimwear brand, A La Plage, has joined a European lingerie giant.

Just before the summer, A La Plage, designer and manufacturer of chic beachwear, changed hands to improve its development in France and Europe. Founded twenty-five years ago by Isabelle de Maistre, the companies COTEMA (Workshop for the testing and manufacture of high-end swimwear) and A La Plage (Brand of swimwear and accessories for the beach) have just been bought by a European group specialising in lingerie and developing at a rapid pace.

Isabelle de Maistre explains:

“I wanted to ensure sustainability for these two entities, which achieve an annual turnover of 2 million Euros, at the same time as a serious and swift development. A La Plage, which has benefited up till now from a highly confidential distribution thanks to its two Parisian boutiques (rue de la Pompe 16°, and rue de Solférino 7°) and to a few select clients, has enjoyed considerable fame for several years both in women’s magazines and among a clientele attracted by its technical qualities. Its development became evident. Claude Dupuis, Associate at CFK Finance, only needed a few months to reach this agreement. She introduced several candidates to us, all well targeted and in the desired business line. With her, we studied all the proposals very carefully before reaching this decision. The agents at CFK Finance are consummate professionals, who provide real support throughout all the stages of this difficult process from the decision to transfer right up to the final signature. We weren’t abandoned for even a day. Claude Dupuis worked with us with a sincere desire to succeed, in confidence and with a personal, attentive, friendly and very professional approach.”

Isabelle de Maistre will support the integration of the two companies by the buyer for as long as necessary.

Seller’s advisors: Claude Dupuis, Associate, CFK Finance
Mr Gérard Drubigny, Lawyer

Buyer’s advisors: Jacques-Edouard Moreau, Banque QUILVEST
Mr Steve Cygler, Lawyer

Press contact: CFK Finance
Telephone: +33 (0)1 56 26 54 63
Email: cdupuis@cfk.fr

Choosing a mergers and acquisitions consultancy is an important step that pledges the fortunes of a company, its executives  and its employees. Professional conduct and confidentiality are at the heart of CFK Finance assignment delivery.
CFK Finance, the consultancy that works alongside you. For more information: www.cfk.fr

The first quarter of 2008 open to trade and service.
MAC (SARL)
Range synergy + geographical complementarity.
Thematic distribution & related services in agricultural equipment and motorised gardening equipment.
MAC (Machines Agricoles du Centre) is ideally situated (Cosne-sur-Loire - 58). So, its trading area is distributed in south Nièvre and partially the two neighbouring regions for both the sale of equipment and the provision of related services.
The AGRO SERVICE 2000 group (with several sites) managed by Denis Moisand is continuing its policy of development and its regular acquisitions in the motorised gardening equipment sector and the distribution of para-agricultural equipment.
The AGRO SERVICE 2000 group bought MAC (SARL) (established 1976) on 29th February 2008. So, this latest acquisition will enable the buyer to establish an even more defined national territory network while optimising its offer and its network.
Seller’s advisor: CFK Finance by Daniel Delamard – Transaction Director;
Bernard Petraman – Business manager.

TECLFUX (SAS)
Successful refocusing.
Fluids/hydraulic systems industry and applications.
The DESCOURS & CABAUT group, via its subsidiary, BFC AUTOMATISME, removes another “skilled labour” activity from its scope of operations and refocuses a little more on technical trade, its original business activity.
In fact, TECFLUX designs, builds and maintains hydraulic installations and plans. Based in Creusot, at the epicentre of a dense industrial centre (mechanics, petrochemicals, agrochemicals etc.), it has an expert labour force that knows how to adapt to the needs of its clients – key accounts, particularly with regard to maintenance of equipment and production tools.
This did not escape the notice of the FLUIDAP group managed by Damien Mathieu which CFK Finance successfully interested in this sale project from the very first months of its assignment, as well as several other potential buyers.
The transaction was finalised on 14th March (acquisition by FLUIDAP of 100% of the capital of TECFLUX) with continued employment for a few more years for Jean-Luc Montchanin, one of its founders and historic shareholders.
On 14th March 2008 the FLUIDAP group bought TECFLUX (established 1991) – subsidiary of BFC Automatismes.
Seller’s advisor: CFK Finance by Daniel Delamard – Transaction Director;
Jean-Philippe Mantel –

BATIMENT INTÉRIM (SARL)
Acquisition of shares in the Construction and Public Works temporary work market in Paris.
Business services – temporary work/specialised temporary work.
Since the start of its activities in temporary work, the Anjou-based company, BATIMENT INTÉRIM, has focussed on the Ile-de-France market for the development of its business activity. On 31st March it sold its two structural works/metal construction and technical finishing work agencies to AURA PARIS NORD – (a company progressing well in the specialised temporary work sector).
From now on these businesses are integrated in the Group via the Aura job platform, a recognised national brand, employing a multidisciplinary team of, on average, 1,500 temporary workers and employees.
On 31st March 2008, AURA PARIS NORD (Aura Financial Holding Company) bought the Construction and Public Works temporary work company BATIMENT INTÉRIM (established 1995).
Seller’s advisor: CFK Finance by Daniel Delamard – Transaction Director.

Press contact: CFK Finance
Telephone: +33 (0)1 56 26 54 63
Email: cdupuis@cfk.fr

Choosing a mergers and acquisitions consultancy is an important step that pledges the fortunes of a company, its executives and its employees. Professional conduct and confidentiality are at the heart of CFK Finance assignment delivery.
CFK Finance, the consultancy that works alongside you. For more information: www.cfk.fr

CFK Finance, a specialist in company transaction services, has enabled the emergence of a new heavyweight in online medical information.

On Friday 26th October 2007, the Lavoisier group – the leading science and technical publisher in France, the leading French distributor of professional databases and the leading French professional bookshop – www.lavoisier.fr, managed by Patrick Fenouil, bought Information Hospitalière (SARL), the editor of the website www.informationhospitaliere.com, one of three leading online supports in professional medical information in France[1].

“It’s a wonderful transaction, because the synergies between the two entities are perfect,” enthuses Ludovic Coralie who launched this website at 28 years old in 2004. “Since Lavoisier possesses a considerable data stock, it wanted to expand on the internet. As for us who control the economic Web model, we were looking for a partner to develop us and consolidate our image with internet users and advertisers.” The idea for this transaction became clear after a study that Ludovic Coralie commissioned from the CFK Finance consultancy in May 2006 on the growth prospects of his website. “I needed new resources to step it up a gear,” says the young entrepreneur.
Thanks to the network of contacts maintained by CFK Finance, the transaction procedure, which began in January 2007, quickly identified three potential candidates, including an investment fund and an IT group. “But with Patrick Fenouil, we quickly realised that we had the same outlook on things,” says Ludovic Coralie, appointed managing director of the new Lavoisier subsidiary. The website, www.informationhospitaliere.com may, for example, be expanded to English-speaking countries, very large suppliers and consumers of medical information.

At CFK Finance, this transaction was personally overseen by Jérôme Adrian, executive at the consultancy. “He was a perfect matchmaker,” enthuses Ludovic Coralie. “And he was always available. I could contact him at any time of the day or night to find out how my transaction was progressing.”

“Like any transaction, it was finalised thanks to the actions of all the consultants,” insists Jérôme Adrian. “I want to emphasise the excellent work of Mr Francis Tancrède, Ms Anne Corvest and Mr Emmanuel de Vitton.”

Seller’s advisors: CFK Finance – Jérôme Adrian; Legal: Cabinet Anne Corvest – Anne Corvest

Buyer’s advisors: DUPUIS & Associés – Francis Tancrède; Legal: Cabinet Emmanuel de Vitton – Emmanuel de Vitton

Press contact: Claude Dupuis Telephone: +33 (0)1 56 26 54 63 - Email: cdupuis@cfk.fr

Choosing a mergers and acquisitions consultancy is an important step that pledges the fortunes of a company, its executives and its employees. Professional conduct and confidentiality are at the heart of CFK Finance assignment delivery. CFK Finance, the consultancy that works alongside you.

[1] Source: médiamétrie/OJD on a comparable basis, September 2006

CFK FINANCE, a general consultancy in transaction services and mergers and acquisitions of companies, positioned on the small and medium enterprise market, has just concluded the sale of M.D.C. (Ménard-Darriet-Cullerier), a 100-year-old Landes-based company specialised in the field of reforestation equipment manufacturing.

A men’s story.

The Cullerier company was established in 1867, and Menard Darriet in 1907. A century of constant innovations in the forestry machine field intended for upstream professional forestry practice, with particular emphasis on reforestation equipment for forest cultivation. Today, the majority of the tools used by these professionals have been created by M.D.C., under the leadership of François Dubroca, the buyer of these 2 companies in 1984.

In spring 2006, the executive of M.D.C. and senior partner, informed Christian Douesnard, Business manager and long-term partner within the consultancy, of his project to sell his company. They quickly agreed an action plan within the framework of a sell-side assignment granted to CFK (retirement of the executive).

Daniel Delamard was entrusted with the entire management of the assignment and immediately set about finding a qualified buyer sensitive to the business sector and to the sustainability of the 100-year-old expertise of M.D.C. on the forestation equipment market.

Quite quickly, 2 buyer profiles emerged: a distribution group specialised in agricultural machinery and with several sites (14 agencies in France), up against a young and talented natural person buyer benefiting from experience that could be transferred to the target, thus creating a real added entrepreneurial value.

Over the course of several meetings, convinced as much by the man as by the project, François Dubroca chose his successor in Sébastien Eloir with whom we finalised the agreement on 6th September.

“It was a true meeting, in the literal sense of the term,” emphasises Daniel Delamard, “- a convergence of 2 individual trajectories - and we are happy to have been the instigators of this transaction.”

Buyer’s advisor: ANTELIS represented by Céline Rouanet Partner/lawyer
Seller’s advisor: CFK FINANCE represented by Daniel Delamard Partner/Director & Christian Douersnard Partner/ Business manager

Specialised industrial sheet metalwork

The CFK Finance consultancy acted on behalf of its client, ACIPAR (Paris-based steel company), who assigned it as part of a refocusing of its business activities.

In effect, ACIPAR, owner of the EUROMETAL trademark, wanted to sell its metal ceiling industrial manufacturing business based for many years near EVREUX (27) and, in May 2006, chose CFK Finance to successfully complete this project.

It was in November that the transaction reached an important stage, when CFK decided to involve the Anjou-based company, TECHFI 49 (via the holding company, ALF Invest – 44), in its client’s project. This dynamic sheet metalwork company quickly perceived the benefit of this niche diversification into metal ceilings, both in technical and geographical terms, enabling TECHFI 49 to extend its outreach and its service offer.

The transaction was concluded on 4th June 2007.

The LBI acquisition of PGA was a great success for Mr Jérôme Bonamy. Jean-Jacques Faurens, Partner at CFK Finance, has just organised the sale of PGA, manufacturer of modular buildings made of prefabricated concrete for the use of landscape gardening, to a natural person buyer, Jérôme Bonamy, supported by Naxicap Partners.

Eager to sustain the company and its local jobs, the two executives, Yves Prevost and André Ruiz, were searching for a buyer capable of bringing a new development to this company bought 30 years earlier. The solution was found with Jérôme Bonamy, a former executive director in charge of international marketing within large industrial groups.

Within the framework of this acquisition financed by the Naxicap Partners investment fund, the Banque Populaire group and Crédit Agricole Bourgogne, André Ruiz remains onboard as Production Manager alongside the buyer.

Sellers’ advisors:
All of the negotiation phases up to closing were coordinated by Jean-Jacques Faurens, Partner at CFK Finance, supported by Mr Philippe du Chalard, the sellers’ legal advisor.

The MACGREGOR INTERNATIONAL group entrusted CFK Finance with the task of looking for locations in a number of French cities.

The first finalisation took place on 10th May 2007 with the opening of a retail outlet in Lille.

The company, founded in 1971 by his father, is specialised in the maintenance of gas and oil heating.

It offers its 9,000 clients maintenance and repair services but also additional services: boiler replacements, heated floors demisting, solar panels etc.

After a study and business analysis of the company led jointly by the CFK studies department and the departments of the company assisted by their accountant, the conclusion was that further development at the dawning of the liberalisation of the energy markets should involve a partnership with a group of national standing.

CFK FINANCE was assigned in 09/2006 to manage this transaction through which Mr Hubert Bodin wants to continue his business activity.

In complete confidentiality, the CFK Finance transaction services department therefore approached the national sector leaders in order to conduct with Mr Bodin, after analysis, 3 round tables which resulted in 3 letters of intent and a negotiation with PROXITHERM (subsidiary of VEOLIA ENVIRONNEMENT) whose proposal, both on a financial level and in terms of future development of the company and its executive, seemed the most appropriate.

Finalisation took place in March 2007 and Mr Bodin is continuing and expanding, in his role as agency director, the development of the company henceforth integrated into the PROXITHERM network.

The EYROLLES group buys CT2M, specialised in the publication of works for training purposes

Based in Franche Comté, CT2M, headed by Ms Annie Cartier, is specialised in the publication:
- of tertiary technical works
- pocket texts for application and training.

It also has a parallel online catalogue.

Very quickly, the EYROLLES group (turnover of + €35,000,000) represented by its Chief Executive Officer Mr Jean-Pierre Tissier, confirmed its intention to buy CT2M.

This acquisition by a key player in publishing ensures CT2M’s sustainability and the EYROLLES group an opening into a niche market.

“Since the start of the CFK Finance consultancy’s transaction services activities, the service sector has continued to represent a growing share of finalised transactions,” points out Daniel Delamard, one of the partners.

This was again the case at the end of February 2007 on the conclusion of the sale of the companies CHATELAIN and Nettoyage & Services to the financier, FINOM.

Instructed in spring 2006 by the founders of these two well-known Chartres-based companies, CFK Finance quickly approached various dynamic groups in the sector with which there were regular and developing relations. At the same time, Daniel Delamard, in charge of carrying out these assignments, “strongly advised” Olivier Mas, a young motivated company buyer experienced in the industrial field and trade, to become involved in its clients’ project and led the discussion between them.

The sellers were quickly convinced by the enthusiasm and the acquisition plan presented by the buyout group, a project benefiting from the support of the French Centre region and bringing together (participation in the capital of the MBO holding company) the cleaning company EVERCLEAN (41) – established and headed by Mr Jean-Pierre Gyselinck – and the regional venture capitalist CENTRE CAPITAL DEVELOPPEMENT (Jean-Louis Lemarchand). The sale was concluded in several months.

This transaction, led by CFK (Daniel Delamard, Partner/Director and Eric Pincemin, Partner/Business manager) brought together FIDAL Chartres (Ms Sylvie Vandenbogaerde) & KPMG Entreprises Chartres (Christophe Ponthot), the sellers’ advisors, the firm TAYLOR WESSING (Mr Laurence Lapeyre) and GESTION CONSEIL & DEVELOPPEMENT (François Ayache), the buyer’s advisors.

The companies, Funexpress (wholesaler/distributor of coffins, accessories, equipment and funeral supplies) and AAA Funexpress Services (provider of funeral services to funeral directors), both based on the outskirts of Paris in Aubervilliers (93), were finally bought by the company F.A.M.A (manufacture and distribution of bronze, aluminium and brass accessories), also well-known in the funeral sector.

In a sell-side assignment since spring 2006, CFK Finance first concentrated on then approached this rather narrow business sector, which quickly enabled it to meet and carry out discussions with some of the main players in this market to eventually focus on the priority identified by its client.

“As a result of the concentration of the population and Funeral Directors, the Ile-de-France market represents a strong commercial area,” points out Daniel Delamard, Partner/Director at the CFK Finance consultancy in charge of this transaction.
“The transaction concluded between FAMA and Funexpress should enable the buyer to further consolidate its leading position in this field.”

Jérôme Adrian managed a sale finalised in October 2006, barely a few months after the sell-side assignment was signed.

ALARMELEC 60, founded by Mr Christian Tissot in 1990, has been bought by the SCUTUM group, one of the key players in the security industry headed by Mr Franck Namy, who thereby strengthens its position in remote monitoring.

“After approaching the main market players, more than eight companies stated their interest,” emphasises Jérôme Adrian.

ALARMELEC 60, based in Oise, is specialised in the installation of alarms, theft protection, remote monitoring systems and video surveillance. Made up of a clientele of individuals, ALARMELEC 60 offers its wealthy residential clients high quality services.

The SCUTUM group, founded in 1977, is currently the leading independent French security group. With its own network of 20 agencies throughout France, the SCUTUM group employs more than 400 staff and achieves a turnover of more than 50 million Euros.

Paris, 4th July 2006. Assigned by the founding executives of GENEXCO, the CFK Finance consultancy has just concluded the sale of their company with EUROSIT, a subsidiary of the SOFIKOA group.

This transaction brings together two highly complementary players on the dynamic and competitive market of work-space and collective-space furnishing. The partnership established thus will generate industrial and commercial synergies and will strengthen the position of each entity both nationally and internationally.

Designer of lines and distributor of its own ranges of products (reception-area seats and furniture, office accessories and lights), which combine aesthetics and ergonomics, GENEXCO has retained demanding clients, primarily key accounts, since its establishment in 1986. The company, based in Montbazon (37), employs nearly 20 staff and achieved a turnover in the region of €2 M in 2005.

For its part, EUROSIT is one of the European leaders in the field of office chairs. On the initiative of its executive and founder, Gérard Legas, the company, based in Nevers, became part of the SOFIKOA group in 1997, a holding group integrating another leader in office furnishing, the Basque company SOKOA. The founder of SOKOA (and the SOFIKOA group), Patxi Noblia, is a charismatic and energetic self-made man who, in 35 years, has made his group into a key player and a driving force in the furnishing of work space in Europe. Bringing together nearly 235 employees today, the group has seen steady growth, achieving a turnover of €35 million in 2005. Its development is largely based on the technical innovation of its products, but also on the choice of materials used and the design of the products.

CFK Finance managed the entire sale process: approaching market players, discussions, arbitrations, and fine-tuning agreements with the selected partners up to the ownership transfer stage. The transaction was carried out by Daniel Delamard, Partner/Director, and Christian Douesnard, Partner/business manager.

“GENEXCO,” emphasises Daniel Delamard, “is an exemplary group that combines creative ambition, innovation and technical expertise, while respecting the environment and quality standards. The external growth strategy conducted by Patxi Noblia has always enabled each entity integrated in the group to retain a great deal of commercial autonomy, thereby preserving their cultural and creative identity. By looking for new development opportunities for their company, the founders of Genexco were attracted by the development model of the SOKOA group.”

Paris, 30th June 2006. The company transaction services consultancy, CFK Finance, has concluded the sale of the holding company, HBSA – Agenance – Lavegi.

A promising challenge
By concluding the sale of the holding company, HBSA-Agenance-Lavegi, to the LACHANT Spring 28 group, one of two key players on the industrial spring manufacturing market, CFK Finance has contributed to the development of a promising competitor in this demanding sector.

The business
In 1952, the year when the first plane (the Mystère II) broke the symbolic sound barrier, Lavegi was established – a manufacturer of special springs for use in the automobile, aeronautical and electronic industries. Its development will be based on the technical nature and quality of its products enabling it to retain a clientele of key accounts.

The transaction
In April 2005, driven by the necessity to strengthen the equity of the company, indeed to partner it up to a dominant group in the sector to ensure the development of its activities, Claude Bottosso and Alain Souchal, holders of the company rights of the holding company HBSA, entrusted CFK Finance, who accepted it, with a non-exclusive sell-side assignment. During May 2006, the transaction was finalised by Laurent Adrian, Partner/Director, and Jean Philippe Mantel, Business manager.

CFK Finance managed the entire process of this transaction for the sellers: approaching market players, discussions and fine-tuning agreements with the selected partner until the day ownership was transferred. The LACHANT Spring 28 group was supported by Olivier Renault and Fabien Mauvais from the law firm, LAMARTINE Conseil.

Managed by Michel Guillemet, a long-standing associate at the capital investment company, Initiative & Finance, LACHANT Spring 28 confirms through this acquisition the dynamic nature of the group and the willingness of this expert in industrial springs to become the leading large-scale equipment manufacturing partner on this market.

“The participation of the investors, Initiative & Finance and 3i, in the capital of two industrial spring manufacturing companies is indicative of a merging market. This finding influenced the decision of our consultancy to directly approach all of the players in this industry looking for a sell-side assignment and to enter into partnership with the associates of the HBSA holding company, among others.”

The most recent transactions completed by CFK Finance illustrate, through facts, the dynamic nature of the consultancy’s teams: business analysis of the company, search for potential buyers and sellers, preparation of the transaction, negotiation, support and conclusion of agreements up to the transfer of ownership and payment of the price stage. A posteriori, contract performance monitoring in the event of random clauses.

In the IT sector, ALPHATEL and GRIMMER Soft have changed hands.

ALPHATEL: Computer engineering, integration of packaged software and management software publishing.

The founders (more than 20 years ago) wanted to reposition their company and find new growth potentials. They were looking for a buyer that would provide them with the necessary support for the development of this new strategy. The right man for the job was not that easy to find and CFK guided its client towards a plan for acquisition by a natural person, a former executive director of a listed service group, through the creation of an acquisition holding company and a BIMBO plan finalised on 24th October: the buyer, Patrick Touati, owns the majority of the rights attached to the capital of the acquisition holding company after the reinvestment made by the sellers. The partners took the time to understand and appreciate one another and want to pursue a development plan together which should bring the turnover of the target company to 5 million Euros.

GRIMMER SOFT: Publisher of statistical analysis software applied to the fields of marketing and agricultural research for key accounts such as L'Oréal, Bayer, Sodexho, UAP, Cégetel etc. Its founder, approaching retirement, wanted to sell all of the capital of this company known for its expertise in calculation software publishing. Of the candidates approached by CFK Finance, once again it was a natural person buyer, Pascal Hebert, former employee at CARTESIS, who was preferred by the seller.

In specialised distribution, CFK Finance concluded the sales of APTN and ORM.

APTN: Within the framework of a long-term sell-side assignment, APTN Equipement Industrie is a company specialised in the distance selling of supplies for industry (supply contracts). The founder, Gilbert Haimmerlain, wanted to take his retirement. Of the dozen buyer-candidates introduced to the sellers by Daniel Delamard, Partner/Director of CFK Finance, it was finally Dominique Thierry, a commercial activity expert, who bought APTN at the end of the selection process.

ORM: CFK Finance also advised the associates at ORM, an over-the-counter distributor of supplies, equipment and small-scale materials for construction finishings, in the sale of their company assets to the Atopia holding company.

A new transaction in the field of graphic arts.

JOANNET Impressions: Daniel Delamard managed a sale finalised on 25th October, barely a few months after the sell-side assignment was signed. JOANNET Impressions - The studio was bought by 3i Services, a production workshop whose executive, Jean-Michel Durville and his team, wanted to conduct an upstream vertical integration of a printing structure and capture new market shares in Ile de France.

The services activities market is not to be outdone with two industrial transactions organised this autumn.

Vinci S.A.: In a sell-side assignment on behalf of the associates of Vinci S.A. Approached by Daniel Delamard, Partner/Director of CFK Finance, the Luxembourg subsidiary of the IMSER group integrated 100% of the capital of Vinci SA, a Paris-based temporary employment company, a specialist in temporary employment particularly known by professionals in the local industrial laundry business and networks of dry-cleaners. The transfer of ownership took place on 15th November.

CNM: In a buy-side assignment on behalf of the IDEX group (turnover of 340 million Euros), specialised in energy management and the maintenance of technical equipment, CFK Finance was responsible for identifying shortlisted companies likely to add to this regional network of experts. Advised by Eric Pincemin, Business manager at CFK Finance, the IDEX group was able to acquire all of the capital of Compagnie Normande de Maintenance from its founder, Michel Lahaye. Based in Seine Maritime, CMN manages some 70 multiannual heating system maintenance contracts for local collectivities (HLM (low-rent housing), schools, hospitals). This target, detected by the Business manager at CFK Finance, addresses the issues of the buyer, IDEX, by positioning this local services group within a dense industrial region through the integration of a highly qualified team of technicians.

OXYGEN Audio: a sale in the field of consumer goods.

OXYGEN Audio: Subsidiary of the holding company, CINECO, OXYGEN Audio is an electronics designer well-known among audiophiles. OXYGEN Audio distributes own-brand “built-in” replacement sound and video equipment for cars. This company, established in 2001, developed extensively and the commercial success achieved by the OXYGEN Audio equipment range quickly surpassed the plans drawn up by the developer Alain Toledano for WCR funding. 3rd largest player in France in its market segment behind the electronic giants Pioneer and Kenwood, the company had to enter into an alliance with a partner within a short timeframe. It was on the initiative of the Paris-based law firm, Conseils Réunis, that Alain Toledano approached CFK Finance to carry out this assignment. Working on this case, Sébastien Cledes, Business manager, and Laurent Adrian, Partner/Director of CFK Finance, found a solution with ADMEA, a specialist in household electrical appliances registered on the Euronext free market. ADMEA’s project was to develop its “own-brand” portfolio and to position itself on an additional distribution channel,  that of specialist mass merchandisers such as Norauto and Eldorauto. The transaction ended in a sale of the goodwill and the rights attached to the ownership of the OXYGEN Audio brand. The founder of OXYGEN Audio, Alain Toledano, will support ADMEA in its marketing plan for products for export.

“This sample of recently concluded transactions is representative of the diversity of the projects that are proposed to us,” emphasises Laurent Adrian, Partner at CFK. “It shows the ability of our teams to provide a solution adapted to each of our clients.”

100 % du capital de la Société d'Impression en Relief M. Noël vient de changer de mains. Cette PME familiale est un des 5 spécialistes français des travaux d'impression en relief. Daniel DELAMARD le promoteur de l'opération conduite par CFK Finance a associé au projet des cédants, Rita et Jean-Claude HATTON, deux managers de 40 ans qui réalisent ainsi leur première acquisition.

Créée avant-guerre, installée Place de la Nation à Paris (75012), la Société d'Impression en Relief M. Noël est considérée en Ile-de-France comme un acteur de référence dans sa spécialité (relief, laser-relief, dorure, gravure...). Les travaux en relief permettent notamment d'imprimer des documents infalsifiables, ainsi que des cartes de visite pour haut niveau de représentativité. Depuis la création, le savoir-faire de l'entreprise séduit une clientèle exigeante de Ministères, Ambassades, ordres professionnels et, bien entendu, de nombreux dirigeants de groupes multinationaux. L'Imprimerie est composée de 30 compagnons répartis sur trois sites parisiens de production. La Société d'Impression en Relief M. Noël génère un chiffre d'affaires récurrent de 2,7 ME.

Daniel DELAMARD, Directeur Associé de CFK Finance, commente : " Le cousu main de la carte de visite a décidé financiers et managers à investir sur un métier traditionnel de main d'oeuvre peu générateur de cash flow. Le business plan réalisé par les acquéreurs a convaincu le Comité d'investissement de deux banques. "

L'opération de cession a été pilotée sous mandat de vente exclusif. Le champ d'intervention de CFK Finance a été total: approches directes, validation de projet, négociations et formalisation des accords, coordination des différents conseils.

La volonté commune des parties réunies par CFK Finance : " Tout au long du processus de vente de cette société, les cédants Mme et M. HATTON, ont adhéré à la solution atypique que nous leur proposions : céder leur imprimerie à deux personnes physiques déterminées mais sans expérience dans le domaine des arts graphiques " précise Daniel DELAMARD. Harald JULOU est un autodidacte, créateur et développeur d'une société d'optique pour l'industrie, Stéphane DEPANIAN fut le Directeur-logistique de JPG. Ces acquéreurs ont bénéficié du soutien inconditionnel tant des cédants que de CFK Finance pour les aider à motiver des bailleurs de fonds susceptibles de les accompagner pour boucler leur opération de reprise avec " effet de levier ". " Deux établissements financiers ont su appréhender le potentiel de cette opération, le chef de file n'est autre que le Crédit Lyonnais via sa Direction régionale Ile-de-France Est-Ingénierie financière, rue de Bercy " souligne Daniel DELAMARD.

Le transfert de propriété de la Société d'Impression en Relief M. Noël est intervenu le 29 septembre dernier sans condition.

"Avec cette nouvelle opération dans l'impression relief, CFK Finance réalise un doublé. En effet, en octobre 2003 le cabinet a conclu la vente de l'Imprimerie Laville et Cie (75018), autre spécialiste parisien de renom dans cette niche. Nous pouvons ainsi souligner que près de 100 % de parts de marché en Ile-de-France ont été transmises via ces 2 cessions en une année ", précise Daniel DELAMARD.

Last week, on the initiative of Financière de l’Orangerie, CFK Group, a founding member for France, held the half-yearly meeting of the international network of corporate finance advisors, MID-CAPITAL. In conjunction with this meeting, a cocktail party organised by Financière de l’Orangerie brought together more than 150 participants, including 45 investment funds and 32 business law and accounting firms.

In this meeting, MID-CAPITAL announced the accession of two new members, 360 CORPORATE in Madrid and SWISS CAPITAL in Zurich, enabling it to extend its coverage to the Spanish and Swiss markets, in addition to the main European countries already covered.

360 CORPORATE, established in 2002 by a team of 7 business bankers, has developed close relations with listed groups and Spanish investment funds. In particular, the company recently advised the DAMM (drinks), OMEGA CAPITAL (family office) and AMPER (communication technologies) groups, and the BRIDGEPOINT CAPITAL fund, in their medium-size transactions on the Spanish market.

SWISS CAPITAL GROUP, founded in 1998, is an independent business bank approved by the Swiss Federal Bank Commission, bringing together more than 40 professionals, including 7 in charge of corporate finance activities. In particular, the bank benefits from specific expertise in NICT, having advised many companies in the sector in their financial transactions: MIKRON TECHNOLOGY, AKAD, ATEL, GALENICA, PSP, SWISSPHONE and GEBERIT.

About Mid-Capital. MID-CAPITAL (www.mid-capital.com) brings together 9 independent consultancies in corporate finance, covering the principal European markets: Financière de l’Orangerie (CFK group) for France, Caretti & Associati (Italy), 360 Corporate (Spain), Swiss Capital (Switzerland), SDM Corporate Finance (Benelux), Conpair (Germany), Capitellum (Denmark, Scandinavia), Noble & Company (United Kingdom) and Ion Equity (Ireland). MID-CAPITAL can also rely on a strategic partnership in the USA with the business bank, Goldsmith Agio Helms.

MID-CAPITAL represents a leading force on the middle-market, with more than 100 professionals, nearly 400 transactions completed over the last 5 years, and expertise covering all business sectors and types of transaction (sales, mergers, acquisitions, fund raising and private investments, IPOs, financial engineering). Its permanent office, in London, is headed by Daniel Confino, former manager for more than 20 years of the international Hill Samuel network and the Close Brothers bank.

CFK Finance has just completed the sale of E.L.F.E (French Language School for Foreigners), a private further education establishment. The buyer is a natural person, Jérôme Serrat. The school, based in a charming hotel of character, welcomes adults from all over the world to teach them the French language and about French culture. Specialised in individualised teaching in small groups, E.L.F.E. is a small company and therefore benefits from a family-like atmosphere. For 7 years, E.L.F.E. was headed by Sophie du Mesnil, who had taken over from her mother, the founder of the establishment in 1984.

In 2003, Sophie du Mesnil entrusted Claude Lachaud, Partner/ Business manager at CFK Finance Consultancy, with a sell-side assignment to search for a buyer for her company. Through this assignment, one of CFK Finance’s responsibilities was to find a candidate whose profile had to meet all the specifications of the target and sustain “the E.L.F.E. spirit”.

Laurent Adrian, Partner/Director of the CFK Finance Transaction Services consultancy, managed this sale transaction. He says, “From the outset we had a dozen buyers, several of whom proved to be acceptable candidates. This is rare for a company of this size.” So CFK Finance put forward the various buyers simultaneously. Step by step (price, transaction plan, memorandum of agreement, guarantees, etc.), each received the same information and the same requests at the same time, and were subject to the same response times.

The transfer of ownership took place subject to conditions subsequent at the beginning of May, and the payment of the price and the final transfer of company rights on 1st June 2004. Sophie du Mesnil, who describes the buyer, Jérôme Serrat, as “ideal”, will provide her support for as long as it is required.

The new entity of the CFK Group takes the greatest care in the conclusion of acquisition projects of “natural person” buyers and sale projects of Very Small Enterprises.
 
Established at the beginning of 2004, Capital Conseil is the structure of the CFK group assigned to meeting investors/“natural person” buyers and executives/sellers of small, indeed, very small companies whose turnover is between 400,000 and 2,000,000 Euros.

Having become a leader in the mergers and acquisitions business and the premier independent consultancy through CFK Finance, the CFK Group meets an increasing number of buyers of companies of all sizes and has a constantly replenished and qualified portfolio. So, it seemed essential to Jean-Jacques Adrian, Founder and Chairman of the CFK Group, to create this new entity. He says, “No structure existed to deal with the sale of very small companies. Their executives had no other option but to make it known in the press or on notices in the Chambers of Commerce and the Chambers of Trade that they were selling. The results remained inadequate.”

“Many of these small companies present a real market advantage for natural person and legal entity buyers, in light of an often recognised expertise and product specificity. It would be wrong to only consider their modest size,” points out Daniel Delamard, Partner/Director of Capital Conseil.

Typical clientele profile: The clientele of Capital Conseil is essentially made up of natural persons who want to buy a small company quickly. Some look for a foothold in a particular region, and simultaneously want to succeed in an entrepreneurial and family-run project: the next logical step in their professional career.

Scope of intervention: Capital Conseil constantly has sell-side assignments in all business activities, in the majority of regions. Attentive to the expectations of seller-owners of VSEs, it devotes itself to offering them an efficient and clear plan, and to putting everything in place to guarantee them the best possible outcome. It assists buyers who, very often, are investing almost all of their assets in the acquisition transaction. In this way, Capital Conseil supports its clients in the various stages of their projects; it guides them to single out a company suited to them.

Contrary to large transactions that can involve financiers, institutions or investment funds, the human aspect plays a major role in the success and conclusion of a medium or small transaction. Indeed, the sale is an extremely emotional experience for the sellers and their family. The team members at Capital Conseil are, for the most part, former company heads. Armed with their experience, they demonstrate a strong commitment and take the greatest care in terms of support, advice, and constant and active participation in the negotiation and completion of the transaction.

The nature of the Capital Conseil interventions is nevertheless based on the CFK Finance model (structure of the CFK Group dedicated to SME/SMIs). As a result, it prioritises the completion of sale/transfer, acquisition and alliance assignments it is entrusted with until they are finalised.

Capital Conseil is also able to assist in raising the buyer’s funding and securing payment of any seller transaction.

Capital Conseil, unique in its positioning, should therefore contribute significantly to the growth of the CFK Group.

CFK Finance recently finalised the transaction of sale of CTMI S.A., (metalwork, piping, industrial mechanics) to the holding company, ALYZEE. This transaction more specifically involves its SOTUMEC subsidiary whose business is connected to that of CTMI.

Headed by Philippe Rossi since its establishment (1982), CTMI S.A. (28 staff in Seine-Maritime (76)) carries out most of its business in manufacturing and maintenance of storage tanks (petroleum, chemical and agro-food products). 70% of its turnover comes from maintaining and backfitting tanks for refineries and petroleum depots (Esso, Exxon, Shell, Hoecht etc.) and 30% from constructing new tanks. The sale of CTMI S.A. is a result of the seller’s wish to take his retirement. The 2003 turnover is in the region of 3.5 million Euros and the operating profit is higher than 10%.

The holding company, ALYZEE/SOTUMEC (50 staff in Seine-Maritime also), achieved a turnover of more than 6 million Euros in 2003 and posted an operating profit higher than 10%. Its growth has been steady and profitable for several years.

The sale transaction in a non-exclusive sell-side assignment was managed by Laurent Adrian, Partner/Director, and Eric Pincemin, Business manager, from the CFK Finance consultancy. “One of our competitors was carrying out an assignment simultaneously. Our intervention was considered more professional and our candidate more suitable by the seller despite a comparable profile and a higher financial offer,” comments Laurent Adrian.

With regard to this transaction, the mergers and acquisitions consultancy was involved in selective shortlisting, discussions and negotiations with potential buyers, and agreements. “What is interesting is to see how calmly the buyer, Stéphane Lhérondel, 38, dealt with his first development through external growth,” says Laurent Adrian. The terms of the agreement relate to the acquisition of 100% of the voting rights and the dividends of CTMI S.A; they were laid down on 2nd April through a memorandum of agreement subject to funding and auditing conditions precedent. The unconditional transfer of ownership took place on 30th June. Philippe Rossi, the seller, will support this industrial transaction until 31st December.

CTMI S.A. and ALYZEE holding company/SOTUMEC, positioned on conventional industrial markets, show that it is possible to post excellent financial results while having recourse to labour-intensive business activities. CTMI S.A. and SOTUMEC will benefit from synergies (same market, same business activity, same clients) and the transaction will enable the new entity to continue expanding.

CFK Finance recently supported the acquisition of MECA RECTIF AUXFIN by a new management team.
The company, which provides dual wheel metal part surface grinding services, is considered to be the only large operator in France in this highly specific business activity. It requires working in partnership with a contractor (the car manufacturer) and a cutting machine operator (the original equipment manufacturer, sub-contractor level 1).

Established in 1970, the company has been headed since 1993 by a majority shareholder Chief Executive Officer (60%) and a minority shareholder Technical Director (40%). The sale of MECA RECTIF AUXFIN is the result of the desire of the executive majority partner to carry out his third company sale. In 2003, the company posted a turnover of 2.7 M Euros. New car manufacturing projects created an increase in activity in the second half of 2004.

Within CFK Finance, the sale transaction in a sell-side assignment was managed by Laurent Adrian, Partner/Director, and Sébastien Clèdes, Business manager and financial analyst.

- THE ACQUISITION PLAN IS AN MBI (MANAGEMENT BUY IN)
An MBI is a company purchase with leverage (acquisition loans) by a management team external to the company. The bank presented by CFK to the buyer managers of MECA RECTIF AUXFIN provided an incentive in the constitution of the pool (pooling of risks for senior bankers).

The sale process (letter of intent, audit and loan agreement subject to conditions precedent) and the conditions of sale of MECA RECTIF AUXFIN (total sale and terms of payment of the price) are conventional.

- FAIR SOLUTIONS
CFK Finance fulfilled the expectations of each of the parties: the sale and a rapid departure for the majority seller and company agent, the possibility of capitalising additional retirement annuities for the minority seller through his technical expertise made available to the company until the end of 2004.

“Acquisitions by 2 natural persons are rather rare,” agree Laurent Adrian and Sébastien Clèdes. The profiles of the buyer managers of MECA RECTIF AUXFIN are nevertheless perfectly complementary. Philippe Chape has a marketing and promotion background whereas Jean-Paul Comin is a technical expert and ENSA-educated Engineer. Both these talented men, former executives of Group subsidiaries, became partners early on in the search for a company through the creation of an MBO holding company. In their view, “in a long and difficult negotiation process, CFK Finance sold us this acquisition by playing its role as intermediary and demonstrating psychology, tenacity and fairness”.

Established in 1994 by Robert Parrinello, Accès Informatiques has 3 legal entities and 80 staff. This family-run group based in
Avon (77) is involved in the business of data capture and entry, and automatic document recognition.

The expertise of the NICT department of CFK Finance: The selective approach of CFK Finance identified 3 potential buyers. The sell-side assignment signed in November 2003 was finalised in March 2004, that is, barely 5 months of research, discussions and negotiation before completion.

The transaction plan: sale of 100% of the shares, paid at a “principal price” with, in addition, an extra “conditioned price”.

At the end of the transaction, Robert Parrinello and his two sons were committed to actively continuing the development of the sold company with the assistance and the resources made available by the buyer and partner, the TESSI Group.

Accès Informatiques posted a turnover of 5 million Euros in 2004.

• unexpected career and promotion prospects for the staff of this family-run SME,
• a strong regional foothold for ETDE in Charente and Charente-Maritime,
• job development in this region.

Laurent Adrian, Partner/Director of the transaction services consultancy, CFK Finance, has just overseen the sale of Lacombe Réseaux, based in Charente (16) and Charente-Maritime (17), to ETDE, electricity/maintenance subsidiary of Bouygues Construction, specialised in exterior networks, electrical, mechanical and thermal engineering, communication systems and facilities management.

In 2003, the executive founders of Lacombe Réseaux, Sylvie Vimond and Alain Renault, decided to assign CFK Finance with a view to selling the company. Their objective was to find a host group to sustain the company and grow their company assets. Established in 1992, Lacombe Réseaux, a public limited company owned by a holding company, is a family-run company. It posted a turnover of 4.4 million Euros in 2003 and a growth rate of more than 10% a year. It has 47 staff members with highly specific expertise in the areas of public lighting (36% of its turnover in 2003), works for EDF (19%), and in rural and underground electrification (33%) and overhead electrification (12%).

“We sought ‘natural’ buyers for this target, particularly a Belgian group, but we quickly pinpointed the strategic interest that ETDE might have in establishing itself in Charente and Charente Maritime, two regions in which it wasn’t present,” says Laurent Adrian. “The advantage of CFK Finance is that the sellers’ project was quickly considered by several serious candidates,” he continues.

Between the sellers, for whom this was a first experience of selling a company, and the challenges of negotiating with a structured group, CFK Finance finely reconciled the various technical and psychological stages of the transaction with the assistance of Karine Ricou from the Saje firm.

From the start of the discussions, ETDE understood the human dimension of the acquisition and considered the value of the Lacombe Réseaux teams. By joining ETDE, these teams will benefit from career and promotion prospects which would not have been possible within the framework of a family-run company.

Lacombe Réseaux complements the ETDE arrangement with an ideal local foothold and a high level of expertise in terms of business know-how.
 
“So, the integration of Lacombe Réseaux into a subsidiary of Bouygues Construction is a wonderful recognition of the 12 years’ work of the sellers, Ms Vimond and Mr Renault,” concludes Laurent Adrian.

Headed by its founder and creator, Olivier Thoyer, the textile brand ELSA C., known since 1990 for having relaunched the traditional boutis provençal needlework technique in France, has achieved a turnover of 5 million Euros, thanks to the success of its coverlets, quilts and cushions. For more than 10 years, this extraordinary manager – a passionate designer – has maintained a day-to-day economic vision of the company and, alone, has driven the development of the company. At the beginning of 2003, he decided to open up the capital of ELSA C. The transaction services consultancy, CFK Finance, was assigned for this purpose, represented by Ms Claude Lachaud. After declining a few proposals from textile groups, Olivier Thoyer selected the project of a private individual. So, Franck Saget, 33, product expert and professional in luxury items from the famous FAUCHON company, bought ELSA C. At the end of this transaction, Olivier Thoyer retains 15% of the capital of ELSA C. This new partnership – confident in the future – will strive to continue the development of collections and products in the ELSA C fashion and to confirm the brand’s success, particularly on the international stage where it already has a strong presence.

The industrial holding company APB, based in Braslou in Indre-et-Loire, marks a milestone in its history by opening its doors to Spef Développement.
In 1997, this furniture specialist took its first steps with financiers by welcoming Centre Capital Développement as a shareholder. But this time, the group is marking a new stage. “APB not only wants to enhance its development capabilities, but also to relocate the production of unfinished furniture between now and summer 2003,” says Jean-Christophe Guilbaud, business manager at Spef Développement. The construction of a factory has also already begun in Slovakia for this purpose.
Both designer and manufacturer of furniture sold to distributors under three trademarks – De Bournais, Valmaison and Granville –, APB is having to deal with the ups and downs of the sector. “It’s a market that has suffered a great deal,” concedes the investor. “Nevertheless, APB has grown by 10% compared to 2001!” On the strength of this attribute and an approximate turnover of €17 M in 2002, APB has raised €2.35 M.
Advised by CFK Finance, the group which was established 10 years ago and has 200 employees, received €2 M from the newcomer, Spef Développement, via Ile-de-France Nord Croissance and +X Développement, and €0.35 M from its historic shareholder. It therefore has the funds to enable it to strengthen its position on the high-end furniture market segment. It thereby also confirms its international position, which represents 60% of its turnover.