MMF 6 HOLDS ITS FINAL CLOSING AT €280M
Paris, January 11, 2022 - Azulis Capital ("Azulis"), one of France's leading independent private equity players in the mid-market segment, announces that its sixth fund, Middle Market Fund 6 (MMF 6), held its final closing at €280m.
Pierre Jourdain, Managing Partner, comments: "The whole Azulis team is very pleased that the funds raised for this 6th vintage have exceeded our €250m target in such particular circumstances. This success is the product of a strategy we have been pursuing for over 25 years: selective investments in four high-growth-potential sectors; an active team that works alongside companies’ executive managers and is proactive in identifying external growth opportunities and strong CSR commitments, enabling affiliate companies to achieve lasting and sustainable growth."
Four resilient sectors
Like the previous funds, this new fund will focus on four key sectors: Health and Personal Services; Food and Beverages; Business Services and New Consumer.
MMF 6 takes majority or minority positions, investing tickets between €10m and €20m, in high-growth-potential companies with a value of between €20m and €120m. The fund has a firm underwriting capacity of up to €50 million in equity, with the support of its subscribers, who may co-invest alongside it.
Azulis uses several levers to boost the growth of its partner companies: build-up, internationalisation, transformation and improved governance. Azulis also stands out for its structured, ambitious and impactful ESG approach, which lies at the heart of its actions. For this new fund, the team has opted for article 8 of SFDR, with strong environmental and social commitments, based on measurable objectives. MMF 6 has also been awarded the “Relance” label.
Azulis’s existing investors, institutional investors, family offices and owner-managers were all keen to invest in a fund focused on high-performance with judiciously chosen investments. New institutional investors and private individuals have subscribed to the fund, making it 30% larger in size than the previous vintage.
2021: High number of exits and new investments
2021 was a very busy year for Azulis. The team, now made up of eleven operational staff, including eight partners, worked alongside the partner companies’ management teams, in an environment marked by unusual cost and supply chain tensions due to the Covid-19 crisis. Portfolio companies carried out sizeable external-growth operations to boost their growth.
MMF 6 has already invested in four new companies in 2021, for an aggregate amount of €60 million, or 22% of total investor commitments: Orsys (vocational training), Fidel Fillaud (primary packaging distribution), La Phocéenne de Cosmétique (natural personal care products), as well as reinvesting in Destia (home care services) following MMF V’s exit.
The team carried out 4 major exits: Marcel & Fils (organic products retailer), Talis (in-work training), Rossignol (waste bins manufacturer) and Destia (home care services) were exited in MBO operations involving management teams and financial investors.
2022 is also set to be a year of intense activity, with MMF IV and MMF V exiting investments and MMF 6 making new investments thanks to a strong deal flow.
 Sustainable Finance Disclosure Regulation
ESG REPORT 2021
Azulis Capital publishes its 2021 ESG report.
Download the PDF report in the section Responsible investor.
LA PHOCEENNE DE COSMETIQUE
Azulis Capital, supported by BNP Paribas Développement, acquires a stake in La Phocéenne de Cosmétique, alongside the two founders Eric Renard and Xavier Padovani, and its management team, which is also investing in the transaction.
Founded in 1996 by Eric Renard and Xavier Padovani, La Phocéenne de Cosmétique designs, develops and distributes natural hygiene and beauty products made in France under Le Petit Olivier and Lovea (acquired in 2018) brands. The Group currently has a product portfolio of nearly 155 references of soaps, shower gels, shampoos, skincare products and sun creams made from natural ingredients.
The CSR approach, which is the core the company's values, is at the heart of its development strategy.
With Azulis, La Phocéenne de Cosmétique intends to accelerate its development in France and abroad by strengthening its presence in various distribution channels, creating new product lines and brands and enhancing its digital strategy.
This transaction is the third investment of the MMF 6 fund (first closing in December 2020).
Azulis Capital, along with Arkéa Capital, acquires a minority stake in FIDEL FILLAUD group alongside the founding family and its chairman Jean-François Boutier, who retain a majority stake, and its management team, which is also investing in the transaction.
Founded in 1929 in Nantes, FIDEL FILLAUD is the French leader in the distribution of light packaging for the industrial, food and cosmetics sectors. The Group distributes a wide range of primary packaging (mainly large containers) in plastic, metal, glass and kraft.
FIDEL FILLAUD is managed by Jean-François Boutier and Jacques de Sonis who has joined the project in 2020.
With this collaboration, FIDEL FILLAUD intends to accelerate its development, both organically on its environmentally responsible products portfolio and by increasing online sales, or through targeted bolt-on acquisitions in France or in neighbouring countries.
This transaction is the second investment of the MMF 6 fund (first closing in December 2020).