At what enterprise value was COURTEPAILLE acquired in 2015?

You can find the full valuation details of COURTEPAILLE on mynth capital. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of COURTEPAILLE when it was acquired by ICG?

The exact EV/EBITDA multiple for COURTEPAILLE is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was COURTEPAILLE acquired by ICG?

COURTEPAILLE was acquired by ICG in 2015.

What was the revenue of COURTEPAILLE at the time of the deal?

The revenue of COURTEPAILLE at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the COURTEPAILLE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the COURTEPAILLE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.lefigaro.fr/flash-eco/2015/09/11/97002-20150911FILWWW00227-courtepaille-le-tribunal-donne-raison-a-igc.php

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Home Database Retail & ConsumerCOURTEPAILLE

09/2015

COURTEPAILLE acquired by ICG

FRANCE Hospitality & Leisure / Hospitality / Restaurants / Chains REV 250M - 500M EUR

Context

The transaction resulted from a debt-for-equity swap, culminating in Intermediate Capital Group (ICG) taking exclusive control of Courtepaille. The process originated from a 2011 Leveraged Buyout (LBO) in which ICG had provided a significant unitranche loan to finance the acquisition by the private equity firm Fondations Capital. Following the LBO, Courtepaille experienced slower-than-anticipated growth, leading to a disagreement between the majority shareholder, Fondations Capital, CM-CIC (entered in 2013) and the creditor, ICG, over the terms of the debt repayment. ICG contended that Fondations Capital was in breach of its loan covenants and consequently exercised its security rights by seizing the majority equity stake that had been pledged as collateral. This action was contested by Fondations Capital and a minority shareholder, CM-CIC Investissement, triggering a series of legal challenges across multiple jurisdictions, including Luxembourg, Paris, and Évry. The courts consistently ruled in favor of ICG, affirming the legality of its actions and dismissing the challenges from the existing shareholders. A final court order in September 2015 lifted a freeze on the company's governance bodies, thereby solidifying ICG's control. This event marked the conclusion of a complex financial restructuring where the primary creditor transitioned into the role of the controlling shareholder.

In the past, the company had already been the subject of several LBOs, notably led by Fondations Capital in 2010 and Credit Mutuel Equity in 2013. This succession of buyouts highlights the strong attractiveness of the company's business model.

COURTEPAILLE, which reported an EBITDA margin of LOGIN in 2013, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Courtepaille is a French restaurant chain with a history dating back to its founding in 1961. The company specializes in grilled meat and operates within the casual dining segment, primarily targeting families. Its brand identity is strongly associated with a traditional, rustic aesthetic, often featuring a distinctive circular building with a thatched roof, which has become a familiar sight for travelers along France's major roadways. The business model is a mix of company-owned and franchised restaurants. The menu is centered around various cuts of beef, sausages, and other grilled items, typically prepared over a wood fire in an open kitchen, which is a signature element of the customer experience. This concept is designed to offer a consistent and accessible dining option. Over the decades, Courtepaille established itself as a well-known name in the French hospitality landscape, synonymous with roadside dining and a consistent, unpretentious food offering.

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Other operations with COURTEPAILLE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
09/2020	BUFFALO GRILL	COURTEPAILLE	France	Hospitality & Leisure	In September 2020, Buffalo Grill acquired its competitor Courtepaille out of receivership, a legal process initiated in July 2020. Courtepaille's financial distress, which pre-dated the pandemic, was severely exacerbated by the COVID-19 lockdown and the preceding french social crisis, culminating in its inability to secure a state-guaranteed loan
06/2013	CREDIT MUTUEL EQUITY	COURTEPAILLE	France	Hospitality & Leisure	CM-CIC Capital Finance acquired a minority stake in the restaurant chain Courtepaille from Salvepar, an investment holding company. This transaction represents a complete exit for Salvepar, which had been part of the shareholder structure since a leveraged buyout approximately two years prior
12/2010	FONDATIONS CAPITAL	COURTEPAILLE	France	Hospitality & Leisure	Fondations Capital has arranged the acquisition of a majority shareholding in the French restaurant chain Courtepaille, marking a change of ownership from the company's previous financial sponsors, a consortium led by ING Parcom

REFERENCES

Revenue range: 250M - 500M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of COURTEPAILLE by ICG are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Target: courtepaille

Acquirer: icg