Omnes Capital has carried out a Management-Buy-In (MBI) deal alongside Fabrice Le Camus in Mistral group, French specialist in ERP software editing dedicated to agricultural equipment dealers and distributors of materials for public works.
Omnes Capital has invested EUR11.8 million (before syndication) through its 2nd and 3rd generation small cap funds (LCL Expansion 2, LCL PME Expansion 2 and LCL Expansion 3).
With the support of its financial partners SWEN Capital Partners, Parvilla and Capital Transmission, Omnes Capital has become the majority shareholder alongside the buyer Fabrice Le Camus. Fabrice Le Camus has solid experience in commercial management (IBM, Microsoft) and in general management of software publishers (S1, Avanquest). Christian Fournier, the Founding Director and 100 per cent shareholder of the company, has sold all his shares.
Jacques Riviere, former Chairman of Ocean (a company backed by Omnes Capital between 2007 and 2010), is also participating in the deal by investing through his holding company and integrating the company’s Supervisory Board.
This deal is the first investment from the 3rd generation small cap funds currently being raised (with a target size of 120 million euros). A first close on EUR30 million, committed by the bank LCL, was held in April. This third generation of funds retains the strategy that made the success of previous vintages (14 exits carried out with a multiple of 2.4x and a gross IRR of 15 per cent): growth capital deals and majority or minority buyouts on leading French SMEs, with good growth potential.
Established in 1980, Mistral group markets integrated software solutions (ERP) dedicated to the business and market of dealers, renters and resellers of agricultural equipment and construction equipment. The group consists of two entities, Mistral Informatique (publisher of software and mobility applications) and Mistral DataCenter (hosting and outsourcing services).
The group works as a “one-stop-shop”, providing complete IT management solutions, including software and hardware, implementation services (specific developments, configuration, installation and training), as well as maintenance services for products supplied. Located in Clermont-Ferrand, the group employs 44 people.
In a rapidly growing ERP software market, driven by the digital transformation of companies, the Mistral group has some remarkable strengths: an excellent reputation among its customers, longstanding expertise, and one of the most comprehensive offerings on the market, as well as attractive development prospects, especially in mobile applications and the SaaS model.
The aim of the deal is to allow the group to develop new products, market its international offering and strengthen its presence within new markets in France. The group also wants to expand its sales teams and increase its investments in marketing and communication.
Laurent Espic, Managing Partner, Omnes Capital, says: “Mistral group is one of the longstanding players in its market. The group has grown steadily in recent years, driven by the strong capacity of its R&D teams to innovate. We are delighted to continue the work already achieved to support the group in this new phase of development. “
Fabrice Le Camus, Buyer Director, says: “I am very pleased to take over Mistral group, a key player and leader in its market, with an excellent reputation. My goal is to continue the implemented strategy, based on quality and innovation, and to increase the development of the company in France and internationally.”
