Category: Deals

Read the original CFNEWS article here.

 

Joffe & Associés (Christophe Joffe, Océane Christman and Clémence Bressolin) advises Avignon Ceramic on welcoming Capza Transition as lead investor. Capza Transition will invest between 10 and 20 million euros to acquire the majority of the company’s shares from the management team.

 

Five years after completing its first buyout with Adaxtra and Ouest Croissance, who invested around €4 million to acquire a majority stake, the Chérier-based manufacturer of technical ceramic parts and cores is aiming to take the next step with the help of Capza Transition.

 

The selection process, led by Mazars CF, was won by this small cap fund from the multi-strategy platform, which plans to invest between €10 and €20 million to take control of this SME, in partnership with its management team led by Philippe Coulon.

 

“The manager examined the two possible scenarios: industrial backing and a second buyout (LBO bis), with the main objective of preserving Avignon Ceramic’s specialized know-how in France and Europe, in order to counter the domination of the main American competitor”, explains Matthieu Boyé, partner at Mazars CF.

 

Founded in 1870, Avignon Ceramic has undergone a gradual evolution, moving from decorative ceramics to an industrial niche focused on the design of ceramic cores and technical parts. These products are mainly intended for critical applications in engines used in civil and military aeronautics, the power generation sector and the medical field. This Cher-based SME is forecasting sales of 12 million euros this year, with average growth of 10%, excluding the negative effects of the Covid-19 crisis. More than half of these sales are generated in the aerospace sector.

 

Avignon Ceramic’s objective is to pursue the diversification already begun in turbines for the energy sector, as well as in the medical field. At the same time, the company is studying external growth opportunities. Emmanuel Bonnaud, partner at Capza Transition, which is making its thirteenth investment under its first fund, explains this strategy.

The specialist in OLED microdisplay design signs a third round of financing of almost 21 million euros. Advised by Joffe & Associés (Thomas Saltiel, Camille Malbezin and Oriana Castelli), Jolt Capital and Bpifrance are leading this round of financing in front of historic shareholders, as part of Microoled’s drive to increase production capacity and fuel research and development.

 

A new series of full-color, high-brightness glasses for professionals and the first for the general public. Microoled is now seeking to justify a new round of financing to strengthen and diversify its business development, almost three years after its €8 million Series B round.

 

The Grenoble-based industrialist, led directly by Jolt Capital and Bpifrance, has mobilized the Innovation Défense fund to sign a third round of financing worth 21 million euros.

 

“We seized the opportunity to invest in a high-tech company that already has a broad industrial customer base,” managing partner at Jolt Capital, alongside a long-standing shareholder, Cipio Partners, with whom we have already invested.” Ventech, which joined in 2023 with the German-Luxembourg fund, is also back in the pot. MicroOled, which generated sales of almost €23 million in 2021, 95% of which were exported to 25 countries, now wants to take advantage of its new capital to increase capacity at its production unit in Grenoble.

 

 

Recent announcements about new consumer headsets, due to be available in 2024, are boosting the overall market for augmented reality, for all applications, including industry and security. And while it’s possible to use a smartphone or tablet as a gateway to this technology, glasses will eventually be unavoidable.

 

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Buyer or Investor : JOLT CAPITAL , Pierre Garnier , BPIFRANCE INVESTISSEMENT , Nicolas Berdou , CIPIO PARTNERS , VENTECH

Company Corporate lawyer : JOFFE & ASSOCIES , Thomas Saltiel , Camille Malbezin

Purchaser Corporate lawyer : MAGS AVOCATS , Johann Charmette , Gabriel Joseph-Deparis

Read the official press release here.

 

The Public Business Law team at Joffe & Associés (Mathieu Gaudemet, Marie-Alix Mallet and Pierre Delarousse) is delighted to have assisted Hub One at every stage of the procedure (award, negotiation and finalization) leading to the award of a concession contract by the Société du Grand Paris, for the design, financing, implementation, operation and maintenance of a wifi and Internet of Things (IoT) network in the rights-of-way of the Grand Paris Express stations.

 

The contract will run for 14 years, and will cover stations on the extension of line 14, stations on the new lines 15 to 18, and the trains running on these lines. It will be operated by a project company owned by Hub One and Banque des Territoires (Caisse des Dépôts et Consignations group).

 

Hub One, a subsidiary of the ADP group and an operator of digital technologies for businesses, has been chosen to deploy the network and operate the wifi network and the network of connected objects in the stations and trains of the Grand Paris Express. A dedicated project company is to be set up rapidly, with the Banque des Territoires (CDC) as a minority shareholder, to carry out this 14-year concession. In particular, it will ensure the connection of the first stations on the line 14 extension, in June 2024, in preparation for the Paris 2024 Olympic and Paralympic Games.

 

In addition to WiFi internet connection, the project company will also offer several additional services, such as professional WiFi offers, the marketing of advertising space on the connection portal, a connection service for passengers arriving from abroad, and an Internet of Things (IoT) network to facilitate services for professionals.

NumWorks, a Paris-based graphic design prodigy specializing in calculators, advised by Joffe & Associés (Thomas Saltiel, Antoine Lamy and Clémence Bressolin) went from venture to LBO when it was acquired by robotics designer Aldebaran, the first investment from its ATF I fund.

 

Few start-ups make the transition from venture capital financing to LBO. NumWorks joins this select group through a primary MBO. This transaction, facilitated by Alantra, enables Romain Goyet, founder of the Paris-based company specializing in the design and distribution of graphical calculators, which currently generates sales of €15-20 million, to hand over the reins to his management team.

 

Léo Solé, previously Operations Director, becomes President, and Clothilde Relin, Marketing and Sales Director, becomes Managing Director. Emilie Feral, already an engineer with the start-up, is appointed head of R&D and technical aspects. This transition is supported by Aldebaran, which is acquiring the majority of the shares by investing between 15 and 60 million euros. This is the first investment for their ATF I fund, which closed at 130 million euros in July 2021.

 

The fundraising process, which aimed to reach 300 million euros, is nearing completion, although the manager is not disclosing the amount currently raised. Oriane Durvye, Managing Partner at Alantra, describes the company as a genuine French technological nugget, having succeeded in disrupting the duopoly established by two global giants. The company is profitable and growing fast, attracting strong interest from family offices and agile funds. This operation stands out because of its “single-product” position, which makes it particularly attractive.

 

“We therefore support the management team led by Léo Solé in its expansion, notably through the future recruitment of a CFO. NumWorks has established itself in France, and our ambition is now to develop its international presence in Europe and the United States. We also plan to further digitize our product range. This growth plan aims to double or triple the number of calculators sold in the medium term for a company that currently has 25 employees,” explains Amélie Brossier, President and Founder of Aldebaran.

Joffe & Associés (Aymeric Dégremont, Blaise Deltombe and Antoine Lamy) advises Precitrame Machines SA, a leader in precision transfer machines, on its 100% acquisition of ESPI SAS, a company specializing in hardware and software solutions for machine tool control.

 

“The complementary nature of the two companies in terms of skills and products, as well as the growing synergies between the worlds of machining and control, made this merger an obvious choice”, states Olivier Voumard, Managing Director of Precitrame Machines.

 

Precitrame Machines designs, develops and produces innovative solutions for the manufacture and finishing of complex micromechanical components in the field of precision machining.

 

This operation is in line with Precitrame Machines’ strategy of diversification and consolidation in the market, and strengthens ESPI, while guaranteeing the continuity of skills, products and jobs. Established and recognized, ESPI remains an entity and a brand of its own.

 

On June 2, 2023, Precitrame Machines completed the acquisition of the entire share capital of ESPI, a Lyon-based company, and its daughter company ESPI Suisse in Yverdon.

 

This acquisition will enable Precitrame to focus in the future on solutions dedicated to production and machining, and position ESPI as a leader in very high-speed three-dimensional measurement and control solutions.

 

This operation will also enable Precitrame Machines to strengthen its presence in the French Swiss machine tool market, and its international presence, as well as its positioning as a complete solutions provider.

Read the original CFNEWS article here.

 

Hygie31, a key player in the Pharmacie Lafayette and Pharmacorp networks, acquires Elsker Group in Roubaix. The Toulouse-based company, advised by Joffe & Associés (Christophe Joffe, Camille Malbezin & Carla Ferron) in this transaction, is taking a majority stake in Elsker alongside the three founders.

 

Hygie31 continues to expand. The company has become a majority shareholder in the Elsker group, a major player in the pharmaceutical sector, based in Roubaix. Founded in 2009 by Cyril Tétart, Alexis and Gaétan Bocahut, Eslker today brings together the Pharmacyal network of 127 independent local pharmacies, with sales of 225 million euros, the Norcap pharmaceutical purchasing group and the Mieux vivre à domicile medical equipment distributor, which serves 350 pharmacies and stores. It has recorded sales of 245 million in 2022, up 12%.

 

The group’s founders remain at the helm, and estimate that the number of pharmacies in the network will increase to 200 within the next five years.

 

The process, launched at the end of last year by Septentrion, attracted the interest of players in the sector, four of whom reportedly made an offer.

 

“Hygie31 quickly positioned itself to win the deal,” explains Guillaume Dubois, partner at the M&A consultancy. The Toulouse-based group, backed by Latour Capital and Bpifrance, which took over from FAPI last summer, is no novice. At the beginning of 2022, he took over Gener +, the holding company for the network of 740 pharmacies under the Pharmacorp banner and its €750 million in sales. A few months later, he crossed borders by signing the takeover of Ecoceutics, a group of 156 pharmacies (€200 million in revenues) in Catalonia.

 

This merger enables us to consolidate our approach to the French pharmacy market by offering complementary models (chain pharmacy with Pharmacie Lafayette and traditional pharmacy with Pharmacorp and Pharmacyal) to consolidate the pharmacy as the French people’s first point of contact for health,” explained Chairman Hervé Jouves in a press release. It also confirms our desire to welcome regional groups of local pharmacies and support them in their development.

 

 

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• Target company : ELSKER GROUP (LA SANTÉ.NET, PHARMACYAL, NORCAP, MVD)
• Purchaser or Investor : GROUPE LAF SANTE (HYGIE31) , Hervé Jouves , LATOUR CAPITAL , BPIFRANCE INVESTISSEMENT , FIVE ARROWS PRINCIPAL INVESTMENTS (FAPI)
• Vendor : GROUPE IRD , David Leprêtre , FOUNDERS, Cyril Tétart , Alexis Bocahut , Gaétan Bocahut
• Purchaser Corporate lawyer : JOFFE & ASSOCIES , Christophe Joffe, Camille Malbezin, Carla Ferron
• Transferor Investment banker / M&A advisor : SEPTENTRION FINANCE , Guillaume Dubois

 

Saas.group, a company specializing in the development and acquisition of software-as-a-service (SaaS) startups, announced in May 2023 its acquisition of Beekast, a French collaborative platform that helps companies create, run and monitor meetings and training sessions on a daily basis. This acquisition is designed to strengthen Saas.group’s presence on the French market.

 

The acquisition of Beekast follows that of Crosstalent in France, a provider of HR tools for medium-sized and large companies, and is part of the group’s drive to strengthen its presence on the French market, where the company now has almost 40 employees. Beekast, a company founded in 2015 by Yassine Chabli, the start-up’s founder and CEO, today boasts over a million active users across nearly 1,000 partner companies (including Google, ESSEC and Action Logement Services).

 

Thanks to this acquisition, Beekast will continue to be an independent French company, strengthening Saas.group’s presence on the French market. Saas.group has acquired fourteen companies to date, incluing Beekast, Crosstalent, Tower, Rewardful, Prerender, Juicer, Seobility and others. With almost 180 employees in some twenty different countries, the group aims to develop and offer online development and e-commerce solutions to companies specializing in marketing, human resources and e-learning.

 

 

Joffe & Associés (Christophe Joffe, Charlotte Viandaz and Oriana Castelli) acted for Beekast’s shareholders in this transaction.

 

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• Investors : SAAS.GROUP
• Seller : M CAPITAL PARTNERS , BRIGHTEYE VENTURES , SOFIMAC IM , PARIS BUSINESS ANGELS (PBA) , VAL’ANGELS , FONDATEUR(S) , Yassine Chabli , Said El Haddati , Quentin Georget
• Company Investment banker / M&A advisor : NFINANCE , Guy Cohen , Adrien Rousseau
• Corporate Lawyers : JOFFE & ASSOCIES , Christophe Joffe, Charlotte Viandaz et Oriana Castelli
• Financial society : MARSH , Audrey Levy-Corcos
• Purchaser Corporate lawyer : ORRICK , Gergana Rodriguez-Bacarreza

Find the original post from Pony’s Linkedin account right here.

 

The company Pony, which offers high-end self-service electric bikes and scooters available for rent directly from a smartphone, has announced the raising of nearly 6 million euros with the aim of offering smart and innovative solutions, to avoid the mistakes that some cities have experienced.

 

Founded in 2017 in Oxford by a French couple (Clara Vaisse and Paul-Adrien Cormerais), this start-up quickly relocated to France (more precisely to Angers), and is now the only French company to offer free-floating electric bikes and scooters (Free-floating is a form of shared mobility that consists of leaving a vehicle at the disposal of the public without it being attached to a station or terminal).

 

For its second round of financing, and as part of the development of its solution, the Angevine company (advised by Joffe & Associés) announces a fundraising of nearly 6 million euros. The company has raised €4.5 million from new investors: Épopée Gestion and Aquiti Gestion. They are accompanied by their historical investors Demeter Investment Managers, who arrived during the first seed round of €2.2M in 2019. The amount is now up to €6 million, through debt subscribed with a pool of banking partners composed of BNP Paribas, CIC and BPRI.

 

Paul-Adrien Cormerais, co-founder of Pony, explains that “in our market, we estimate that we can cross the €100 million turnover mark after the 2026 municipal elections”. Currently, the company has about thirty employees, allowing it to provide more than 15 partner cities for over 500,000 users in France.

 

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• Acquéreur ou Investisseur : EPOPEE GESTION , Vladimir Bolze , Camille Le Roux Larsabal , DEMETER , Eric Marty , AQUITI GESTION , Maxime Lambert
• Société Avocat d’Affaires : Corporate : Joffe & Associés, Thomas Saltiel, Océane Christmann
• DD Financial Corporation : 2CFINANCE , Jacques Haccoun , Claire Jacinto , Justine Golka

Read the original article from “L’usine Digitale” here.

 

OSO-AI, a company based in Brest, France, has raised nearly 10 million euros to develop its augmented ear, which alerts caregivers to disturbing noises in a patient’s room. Through this new operation, the Brest-based start-up intends to accelerate the commercial deployment of its solution, in France and abroad.

 

 

In order to meet the strong demand, the company announces a fundraising of nearly 10 million euros, with historical shareholders advised by Joffe & Associés, which are Innocavom, Novinvest Partners and Breizh-up, joined by Cemag Invest Partners. This operation follows a first round of financing of 4 million euros, dated September 2020.

 

Oso-Ai has developed a prevention system, based on algorithms with the ability to recognize more than a hundred sounds and class noises, (falls, groans, shocks, breathing, footsteps …). Equipped with microphones and sensors, this wall-mounted box analyzes the sound environment of a vulnerable person and generates a notification on a mobile application, with which the care staff is equipped, if this box shows an abnormal or worrying situation.

 

More than twenty EHPAD and health establishments are now equipped with the OSO-AI device. Olivier Menut, co-president and co-founder of Oso-Ai, expresses that: “We are in a positive dynamic that we will have to support. We have nearly 1000 devices installed in France and expect nearly 3000 by the end of this year”. But the company also intends to open up to a new market: fragile people living at home, in B2B2C via partners.

 

“To make emerge on the territory, strong and ambitious actors who will have an economic and social impact for the Brittany of tomorrow is one of the objectives of Breizh Up. Through the strength of its breakthrough solution in the field of AI for sound analysis, the quality of its teams, the depth of its market, the responsible scope of its solution that allows an improvement in the quality of care, and the quality of work of the nursing staff, by reducing their stress and allowing them to focus on their job, We are very proud to support the development of this emblematic Finistère startup, which has been supported since its creation by the dynamism of a whole local ecosystem,” says Stéphane Lefevre-Sauli, investment director of UI Investissement and in charge of managing Breizh Up.

 

 

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• Target company : OSO-AI
• Buyer or Investor : INNOVACOM , CEMAG INVEST , Vincent Deltrieu , NOVINVEST PARTNERS , Catherine Dunand , UI INVESTISSEMENT , Stéphane Lefèvre-Sauli
• Purchaser Lawyer Corporate : JOFFE & ASSOCIES (Thomas Saltiel, Camille Malbezin et Oriana Castelli)

 

Read the original article here.

 

The Toulouse-based start-up Hinfact, which offers an advanced analysis solution to airline pilots’ training centers, has completed its first round of financing of nearly 4 million euros, as part of the acceleration of the marketing of its solutions, and to extend them to new sectors such as the military, nuclear or health.

 

After validating its technology and convincing its first customers, Hinfact announces, on April 12, 2023, a first fundraising of 4 million euros. A mix of debt and equity in which the venture capital company Innovacom, advised by Joffe & Associés, has participated with 1.5 million euros, mobilizing its “early-stage” fund Technocom 3, as well as several business angels. The objective is simple: to accelerate the industrial and commercial development of its solutions, and to extend its technology to other diversified sectors.

 

Hinfact works with airline training centers around the world. Its technology, at the forefront of neuroscience research, is based on neurotransmitters and stimulators applied to pilots, which aim at improving flight safety through three axes: pilot training, aircraft design and flight operations. Thus, the Toulouse-based start-up proposes a tool to retrieve, analyze and interpret pilots’ piloting and eye data within the stimulators in order to objectively detect areas for improvement. This solution has been offered and marketed since March 2022, and should accelerate in 2023, with the doubling of the company’s workforce, which currently consists of about ten employees.

 

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• Buyer or Investor :  INNOVACOM , Alban Nénert , Jérôme Faul , BUSINESS ANGEL(S)
• Company Corporate Lawyer : CABINET THEMIS CONSEILS , Catherine Youssoupov
• Purchaser Corporate Counsel : JOFFE & ASSOCIES (Thomas Saltiel, Camille Malbezin, Rudy Diamant) 
• Fundraising Consulting / Agent : EQUIDEALS , Marc Nougué