Done Deal: Plantagenet Plants Capital in Floritel –

San Francisco-based Plantagenet Capital Management LLC this month has acquired French-based Floritel, an e-commerce provider of floral delivery services. Terms of the transaction were undisclosed.

Plantagenet Capital’s domestic fund, Plantagenet Capital Fund II and its European fund, Plantagenet Capital Europe, jointly invested in the transaction. The firm purchased an aggregate 55% of the company.

“Our Paris office sourced this deal about six months ago and it came to us as an opportunity because the owner was looking to exit the company after he had built it for the last 10 years,” said John Zappettini, a managing partner at Plantagenet Capital. “The company had a difficult time migrating from the mini-tel system to the Internet, and we saw the opportunity to globally leverage the Internet with this business and so we decided to pursue it.”

Floritel is based in Marseille, France, and is a leading flower delivery company in Europe. The company declined to disclose annual revenue.

“I see this as a platform to increase the sales on the Internet and once U.S. companies decide to expand their operations overseas, then we can either be in the position to do something with them or be acquired by them,” said Zappettini.

Diversification is Key

This investment marks the second foray into the Internet for Plantagenet Capital. The firm in November 1998 acquired Web site advertising service BigBook Direct for an undisclosed amount (BUYOUTS Dec. 21, 1998, p. 8). Proving its diversified and opportunistic investment philosophy, Plantagenet Capital in January teamed up with Paris-based Institut Francais du Petrole (IFP) a European research and industrial development center focused on the petroleum and automotive industries, to identify turnaround investment candidates in the North American energy industry (BUYOUTS Feb. 7, 2000, p. 4). And in April, Plantagenet Capital with existing management acquired Pain et Force, a French bakery company for an undisclosed amount (BUYOUTS April 3, p. 16).