PROVALLIANCE acquired by CORE EQUITY HOLDINGS
Context
Core Equity Holdings entered into exclusive negotiations to acquire a majority stake (~54%) in Provalliance. Franck Provost and his family, who had regained full control after Chequers Capital's exit in 2017, will retain the remaining ~46% of the capital. The transaction follows discussions initiated in 2019 but delayed by the COVID-19 pandemic. The deal is structured to support an aggressive external growth strategy (including a bid for competitor Dessange International) and the expansion of the Bleu Libellule distribution network. The financing relies on renegotiating the existing bank debt.
PROVALLIANCE, which reported an EBITDA margin of in 2020, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).
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Target
Provalliance is the leading European hair salon group and the second largest globally. It owns iconic brands such as Franck Provost, Jean Louis David, Saint Algue, and Maniatis Paris. The group operates a network of nearly 3,500 salons (including 900 directly owned) across 35 countries. It also has a fast-growing distribution division for professional beauty products, "Bleu Libellule," which accounts for ~25% of revenue.
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| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2021 | GARIBALDI PARTICIPATIONS / SOCIETE GENERALE CAPITAL PARTENAIRES | MATERIEL VELO | FRANCE | Sport |
| 07/2021 | EQUISTONE | VERTBAUDET | FRANCE | Fashion & Apparel |
| 10/2020 | INSPIRING GROUP CAPITAL | PIGUY GOLF CHALLENGE | FRANCE | Sport |
| 01/2020 | 123 IM | SNOWLEADER | FRANCE | Sport |
| 06/2019 | APHEON (EX ERGON) | HAUDECOEUR | FRANCE | Food Retail |
| 02/2019 | EQUISTONE | COURIR | FRANCE | Sport |
| 10/2018 | RAMPHASTOS INVESTMENTS | HEMA | NETHERLANDS | Specialized Retail |
| 10/2017 | OUEST CROISSANCE | EASY CASH | FRANCE | Second-hand Goods |
| 03/2017 | ARDIAN | PROSOL | FRANCE | General Grocery |
| 11/2016 | JD SPORTS | GO OUTDOORS | UNITED KINGDOM | Sport |
REFERENCES
Valuation range: EV 500M - 1.5b EUR
EBITDA range: 50M - 100M EUR
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: provalliance
Acquirer: core equity holdings