Paris, 19 April 2007 - Bryan, Garnier & Co (“Bryan Garnier”), the independent pan-European investment bank focused
on European growth companies, today announced a €45 million secondary placement of Parrot (Eurolist B : PARRO)
shares on Euronext. Bryan Garnier was sole lead manager and book runner on this transaction.
Parrot is a leading worldwide provider of peripheral solutions for the mobile phone based on wireless technologies. With a
market capitalisation of over €500 million with an outstanding track record of growth and profitability over the past three
years, the company’s sales volume grew by more than 100% per annum to €167 million in 2006, whilst maintaining strong
profitability and an EBIT margin over 14%. Prospects remain extremely attractive and Bryan Garnier’s research anticipates
a 55% top line growth in 2007, based on the further deployment of the company’s car kit offering and other derived
multimedia accessories leveraging their core wireless technology.
EPF Partners, one of the leading French private equity growth funds, sold its 9.2% stake in the company through this
secondary placement. EPF invested in Parrot in January 2005, when the company generated €27 million in sales. Olivier
Gindre, Partner at EPF Partners, said, “The timing of an exit is always critical from both the investor’s and investee’s
perspectives. We took into consideration our internal constraints and paid great attention to the investor base presented by
Bryan, Garnier before we made up our minds. It proved to be of great quality, well diversified from an investment focus
and geographic standpoint. This combined with the attractive price offered was instrumental to our decision”.
Grégoire Revenu, Head of Corporate Finance at Bryan Garnier added, “This transaction is a perfect illustration of our
ability to ensure a smooth transition from the private equity world to the public capital markets. It further illustrates our
ability to provide optimal liquidity to private equity investors in European growth stocks”.
This transaction demonstrates the firm’s strong placement capabilities in European capital markets and close relationships
with institutional investors. The block was allocated to over 30 institutional investors in France (45%), the UK (45%) and
Benelux & Switzerland (10%). The transaction was priced at €39.5 per share, the closing share price on the day of the
placement. With the placement, Parrot increased significantly its free float to 51% and dramatically enlarged its investor
base. Leveraging the strong demand for after market support and the ongoing research coverage, Bryan Garnier contributes
to enhancing the company’s liquidity and demonstrates its commitment to support Parrot’s future development.
Olivier Beaudouin, who recently joined Bryan Garnier to spear head the bank’s efforts in Hardware & Communications
said, “This transaction is a great milestone for our Hardware and Communications practice. We have been able to leverage
our research know-how in technology and specifically our deep understanding of the wireless communications business to
deliver the right messages to our investor base and convey the outstanding positioning and growth potential of Parrot”.
Commenting on the placement, Olivier Garnier, Managing Director of Bryan, Garnier & Co concluded, “This transaction
on a company with an exceptional track record and outstanding prospects falls perfectly within our targeted universe of
high growth European mid caps. This is one more step towards our goal to become a leading player in that segment. The
combination of seasoned investment banking veterans, strong research capacity, and international investor reach combined
with the entrepreneurial boutique-level attention continues to serve our clients needs and goals”.
For more information, please contact:
Mani Pillai / Kerstin Voelkel / Stefanie Schneider
Penrose Financial + 44 20 7786 4888
Over the past 10 years, Bryan, Garnier & Co has become one of the leading placement agents of venture and development
capital for European Technology companies.
Bryan, Garnier & Co is increasingly active on the European stock markets as a lead underwriter of emerging growth stocks
offerings, including the following recent transactions:
- Sole Lead Manager and Book runner of a 66 million capital increase for Sword Group (SW.PA)
- Sole Placement Agent of a 15 million Euros Alternext IPO for 1855 (AL185)
- Joint Lead Manager and joint Book runner of a 35 million Euros IPO of Innate Pharma (IPH.PA)
- Joint Lead Manager and Book runner of a 31 million Euros IPO of Bioalliance (BIO.PA)
- Sole Manager of a 49 million Euros secondary placement for Sword (SW.PA)
- Sole manager of a 35 million Euros private placement (PIPE) for Carrere Group (CAR.PA)
- Lead Manager and Sole Book Runner a 35 million Euros follow-on for Transgene, (TSG.PA)
The most recent M&A transactions include :
- Acquisition of AS Infor by Cegid, Advisor to the Seller
- Acquisition of Influe by Generix, Advisor to the Seller
- Owner Buy Out of Divalto, Advisor to the Seller
- Sale of Plaut Consulting Group to CGI inc (NYSE : GIB), Advisor to Plaut Consulting Group,
About Bryan Garnier & Co (www.bryangarnier.com)
Bryan, Garnier & Co is an independent pan-European investment bank focused on growth companies in Technology,
Media & Telecom, Health & Life Sciences and Renewable Energies. With a research-driven approach, Bryan, Garnier & Co
offers institutional sales and trading, asset management and corporate finance services to growth oriented investors and
With 85 professionals based in London, Paris and Geneva, Bryan, Garnier & Co offers the expertise of a full-fledged
investment bank with the personalized attention and long-term client relationships of a boutique investment bank.
Bryan, Garnier & Co Corporate Finance practice advises European public and private growth companies, entrepreneurs
and investors through:
- Equity Capital Markets
- Private Placements
- Mergers & Acquisitions
Bryan, Garnier & Co Ltd is authorized and regulated by the FSA, and a member of LSE and EURONEXT.