April 21st, 2016 Natixis Partners advised Denis Dumont, founder of Prosol Group, and Abenex with respect to its shareholder reorganization, leading to the investment of a pool of investors led by Sagard, associated to Siparex, Five Arrows and Carvest

Founded by Denis Dumont, Prosol Group was at the origin of the Grand Frais concept, reproducing in urban peripheries, within 1,000 sqm stores, the concept of city markets with a complete and large offer of fresh quality products at competitive prices. The Grand Frais chain gathers around 170 stores which propose 5 complementary areas: fruits and vegetables, dairy, fish (3 shelves managed by Prosol), butchery and grocery (supported by specialized partners).

Prosol Group has experienced a strong growth in the recent years (sales have been multiplied by 3 since 2011), supported by a substantial number of stores opened every year (10 to 15) and a steadily increasing traffic thanks to a strong brand awareness (4th preferred brand in France in 2015 – OC&C study, Oct. 2015).

The transaction coincides with the launch of a new development phase for the Group. Prosol is seeking an acceleration of its stores openings. The Group recently opened a new logistics platform near Orléans in order to address the extending stores network.

While this operation provides Abenex with a cash return of 3 times its initial investment, Abenex will continue to support the development of the Group as a minority investor along with Sagard, Siparex, Five Arrows and Carvest. The financing of the operation is provided by Capzanine (mezzanine) and by a pool of investors led by CACIB, CIC and Natixis (debt financing).

Following the transaction, Denis Dumont who reinforced its position as majority shareholder said: “I am very pleased with the completed transaction. First, it allows financial partners who invested in the Group in 2011 to achieve – like the previous ones – a successful operation. Then, it enables us to project ourselves in the future with a partner and investors able to support us in our development projects. This is extremely stimulating for the management team and all our employees who are at the origin of our success.”

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M&A team:

jean-baptiste marchand
managing partner

anne hiebler
managing director

benjamin giner
executive director

jad hariri
vice president

romain azoulai

Debt Advisory Team:

philippe charbonnier
managing director

patrice raulin