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Azulis Capital a cédé la participation majoritaire qu’il détenait dans le groupe NOVEPAN, leader de la fabrication de pains spéciaux et premium surgelés, de snacks salés et de pâte à pizza, qui dispose aujourd’hui de 5 implantations industrielles en France, emploie plus de 300 personnes et réalise un chiffre d’affaires de 85 M€.

Cette cession intervient dans le cadre d’une opération de recomposition du capital autour de Jean-Manuel Lévêque, dirigeant en place, et de l’équipe de management, en association avec le fonds SAGARD.

Le groupe NOVEPAN avait été constitué en 2017 via le rapprochement de deux acteurs historiques du secteur, les sociétés Grain d'Or Gel et Lubrano. Le développement du groupe a été accéléré par la reprise en 2019 de Bionatis, leader du pain bio, suivie en 2021 de celle des Ateliers du Pain, créateur du segment du pain artisan. Azulis Capital et ses co-investisseurs ont accompagné la stratégie de développement du groupe en lui permettant de devenir le leader en France de l’industrie du pain surgelé « premium ».

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Azulis Capital, with the participation of BNP Paribas Développement, has become the majority shareholder of EURADIF group. The founder and CEO Jean-Gabriel Creton and GEI are ploughing back while the management team is also investing in the transaction.

Founded in 1994 and based in Godewaersvelde (Nord), EURADIF is the only pure player in France specialized in the manufacture of entry doors for individual homes within the renovation market. From a business historically focused on the trade of semi-finished products (decorative PVC beaded panels), EURADIF successively diversified into the manufacture of panels at first (in 2000), and then of aluminum monobloc doors openings (in 2013). Since 2017, EURADIF covers all the needs of the profession: semi-finished products with door panels or monobloc openings, and finished products through aluminum entry doors under the trademark PASSAGE.

EURADIF achieved a turnover of €32 M in 2021, up by 38% vs 2020.

With Azulis' support, EURADIF intends to accelerate its development, either through organic growth by capitalizing on the success of its PASSAGE aluminum entry doors, or through targeted external growth operations, while strengthening the actions already undertaken in terms of CSR.

This transaction is the fifth investment of the MMF 6 fund.

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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[1], 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.

[1] Sustainable Finance Disclosure Regulation

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Azulis Capital partenaires



Azulis Capital publishes its 2021 ESG report.

Download the PDF report in the section Responsible investor.