– Euromezzanine homes in on target

Euromezzanine Conseil, the principal pioneer of mezzanine in the French market, expects to take its Euromezzanine 3 fund to euros 250 million

($254 million) soon following a euros 175 million first closing at the end of last year. Like its predecessors, the vehicles is sponsored by Euromezzanine co-founders BNP Paribas and Natexis Banques Populaires each of whom will hold 20 per cent of the new fund. As well as French investors, five unnamed foreign institutions have also signed up for Euromezzanine 3; according to Euromezzanine Conseil, these investors were selected to strengthen the fund’s European development’.

Through the new fund, Euromezzanine Conseil will arrange mezzanine fundings of up to euros 80 million.

Ten-year-old Euromezzanine Conseil, a 50:50 joint venture between BNP Private Equity and Financiere Natexis Banques Populaires, has notched up 52 deals to date, providing an aggregate of euros 240 million. Last year, Euromezzanine arranged six mezzanine fundings worth a total of euros 154 million: the MBOs of Aubret, CNN and SSNA, the MBI of CCMX, the Autodistribution LBU, and an expansion funding for Daher. The group also participated in an expansion round for Oberthur Smart Cards. The aggregate euros 60 million Euromezzanine invested on its own account in the seven companies was transferred to Euromezzanine 3’s portfolio on the first closing.

Euromezzanine Conseil manages a total ofFFr 1.8 billion (euros 275 million); Guy Fabritius and Louis Vaillant head its five-strong management team.