B & CAPITAL takes majority stake in EDS EMBALLAGE

B & Capital took control of EDS Emballage, the Vendée-based distributor of packaging for the fresh food counters of French grocery retail, acquiring about 70% of the company in a primary LBO, the eighth investment of its Capital France 2 fund. The deal valued EDS Emballage at an enterprise value of , with revenue of and an EBITDA of , an EV/EBITDA multiple of and an EV/revenue multiple of . The senior debt represented leverage of around 2.5 times EBITDA and was provided by BNP Paribas, Banque Populaire Grand Ouest, Caisse d'Epargne Bretagne Pays de Loire and Crédit Agricole Atlantique Vendée. Chief executive François-Emerick de Forville, who had led the company since 2021, reinvested, while Emmanuel de Misouard, who had taken over EDS in 2012 without a financial investor, remained involved in the business. At the time of the deal, EDS Emballage employed more than 40 people and served more than 1,400 customers. The development plan combined new customers and retail chains, new aisles and product segments, continued product innovation and acquisitions in a still highly fragmented market, with B & Capital drawing on sector work by Roland Berger. An ESG roadmap was to improve the recyclability of the ranges, in a context shaped by the European PPWR regulation and the French AGEC law. Goodwin advised B & Capital on legal matters, with BDO on financial due diligence. Financière de Courcelles advised the sellers, with Mermoz Avocats on legal matters and Eight Advisory on the vendor financial due diligence.