According to PitchBook’s Q1 2022 European PE Breakdown report despite an unstable macroeconomic environment, European private equity dealmaking and deal value remained resilient due to heightened levels of dry powder and healthy leveraged lending. Conversely, fundraising and exit activity experienced a slow start to the year due to a tighter policy environment and valuation adjustments.
In this article, we’re zooming in to look more specifically at the middle market PE landscape in France—one slice of the continent’s private market picture—including top French PE investors, top deals executed by French PE firms and more.
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Top 5 French private equity investors by assets under management *According to PitchBook data as of May 4, 2022; data is subject to change frequently
Ardian
- AUM: €117.05B
- Total investments: 1,180
- Year founded: 1996
Headquartered in Paris, Ardian is a private equity firm with more than a dozen global offices. The firm has €45.40 billion in dry powder and prefers to invest in commercial products, as well as the insurance and healthcare sectors. Most recently, Adrian participated in the sponsored acquisition of T-Bev by Florida Food and Products.
Eurazeo (PAR: RF)
- AUM: €31.00B
- Total investments: 438
- Year founded: 1969
Eurazeo is a Paris-based PE firm that prefers to invest in retail, technology, media and e-commerce companies, among others. The firm has €2.53 billion in dry powder and 157 active investments. In April, Eurazeo invested in compliance platform Ondorse along with real estate platform Pinhome.
Eurazeo Pme
- AUM: €18.80B
- Total investments: 70
- Year founded: 2006
A subsidiary of Eurazeo, Eurazeo Pme is a French PE firm that invests in consumer goods, electronics, food products and biotechnology, among other sectors. With eight active investments in its portfolio and €429.74 million in dry powder, the firm recently invested in security platform Prysm Software and asset management company i-Kapital.
PAI Partners
- AUM: €17.40B
- Total investments: 360
- Year founded: 1994
PAI Partners is a Paris-based private equity investment firm with offices across Europe and in New York City. The firm tends to invest in European companies operating within the business services, food and consumer goods and healthcare sectors, among several others. PAI Partners has €3.98 billion in dry powder, and some of the firm’s recent investments include Grupo Konecta, a business process outsourcing platform, and broadcast service provider, Euro Media Group.
Astorg
- AUM: €15.00B
- Total investments: 150
- Year founded: 1998
Astorg Paris is a PE firm that typically invests in software, healthcare, business services and technology-based industrial sectors. With 20 active investments and €2.96 billion in dry powder, Astorg recently invested in HRA Pharma, a pharmaceutical provider focused on women’s health and biotech company CordenPharma.
5 largest deals executed by middle-market French private equity firms (2020-present) *According to PitchBook data as of May 4, 2022; data is subject to change frequently
1. Groupe Elsan
- Deal size: €3.30B
- Deal date: October 2020
- Number of investors: 6
Groupe Elsan is a French healthcare operator, servicing clinics and hospitals throughout France. The company provides healthcare technology solutions across all aspects of the healthcare system, including ongoing education and training, clinical research and technical innovations, providing patients with an optimal care experience.
In October 2020, Groupe Elsan was acquired by AXA, Ardian, CNP Assurances and several others in a €3.30 billion LBO.
2. Allocate Software
- Deal size: €1.13B
- Deal date: September 2021
- Number of investors: 5
Allocate Software is the developer of a SaaS work management platform intended to help healthcare institutions better manage their staff and streamline operations. The company’s software provides administration solutions, enabling the delivery of effective care at an optimal cost.
The company was acquired by RLDatix via its financial sponsors, lead by Paris-based Five Arrows Capital Partners. Susquehanna Growth Equity and Five Arrows Principal Investments also participated.
3. BTG Specialty Pharmaceuticals
- Deal size: €661.58M
- Deal date: March 2021
- Number of investors: 4
BTG Specialty Pharmaceuticals is a US-based developer of pharmaceuticals typically used in emergency room and intensive care settings. The company specializes in manufacturing and commercializing life-saving antidotes to treat patients for whom there are limited care options.
The company was acquired by Luxembourg-based PE-backed company SERB via its financial sponsors including Lyon’s Mérieux Equity Partners in March 2021. Other investors who participated include London’s Charterhouse Capital Partners and the Partners Group from Switzerland.
4. Grupo Uvesco
- Deal size: €500.00M
- Deal date: December 2021
- Number of investors: 1
Grupo Uvesco operates a chain of supermarkets based in Spain. The company’s supermarkets offer local and fresh products at reasonable prices. In December 2021, the company was acquired by PAI Partners through a €500 million LBO.
5. Compagnie Stéphanoise de Santé
- Deal size: €489.96M
- Deal date: June 2021
- Number of investors: 6
Compagnie Stéphanoise de Santé is an operator of multi-regional surgical clinics in France. The company’s network of clinics specializes in general medicine surgery, rehabilitation and obstetrics.
Compagnie Stéphanoise de Santé was acquired by Groupe Elsan via its financial sponsors Ardian, Mérieux Développement, and several others, through an LBO for €489.96 million in June 2021.
Private equity due diligence checklist for LPs
If you’re a limited partner trying to assess the value of a fund, here’s a quick, inexhaustive checklist to refer to while you’re performing your due diligence. Each of these steps in the process is made easier and more efficient with access to PitchBook’s robust datasets, including insights on 20,000+ private equity funds.
For more about how to vet PE investors and funds, including a list of questions to ask yourself when evaluating investors, read our blog post on the topic.
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