Bryan, Garnier & Co advises Editions Lefebvre-Sarrut on the disposal of Lefebvre Software to CIC LBO Partners

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Paris, October 18th 2011 – Bryan, Garnier & Co advised Editions Lefebvre-Sarrut on the sale of Lefebvre Software (vendor and integrator of corporate software solutions) to CIC LBO Partners and Women Equity Partners under a buy-out alongside the management team.

Lefebvre Software (www.lswe.com), is a leading European software vendor of financial, pay/HR & Corporate Performance Management (CPM) dedicated to SMEs. Founded in 1988, Lefebvre Software employs more than 325 people across Europe (France, Italy, Spain and UK).

In 2010, Lefebvre Software posted revenues of €38.2m (18% CAGR over the 2008-2010 period), with over 2,800 customers across 30 countries. This growth has been achieved through a selective acquisition strategy conducted with the support of Bryan, Garnier & Co as sole advisor. This successful strategy contributed to the broadening of both the products/services offering and the customer base.

Since 2009, Editions Lefebvre-Sarrut (ELS) has taken the strategic decision to divest its stakes in software companies in order to focus on its core business (legal publishing). In this context, Viveo (banking software) was sold to Temenos in December 2009 with the help of Bryan, Garnier & Co. The management buy-out of Lefebvre Software is a project which had been planned for a long time by the parties. Hence, ELS mandated Bryan Garnier & Co to find the best financial partner and to conduct a Leveraged Management Buy-Out (LMBO) process.

This LMBO transaction on Lefebvre Software was conducted by CIC LBO Partners and Women Equity Partners, alongside Viviane Chaine-Ribeiro and its management team. With this new financial support, Lefebvre Software has the means to pursue its ambitious growth strategy in France and Europe.

“This is the sixth operation led by Bryan, Garnier & Co in the software market in 2011, hence strengthening our leading positions in the sector”, stated Bruno Tourme, Managing Partner, Head of Technology within Bryan, Garnier & Co. In the last few weeks, Bryan, Garnier & Co has advised among others, Jobpartners and Metrologic on their respective sale to Taleo and Carlyle, and Sword for the sale of both Sword Insurance to TH Lee, and Fircosoft to R Capital.

“Despite a tough market environment, the quality of the management and Lefebvre Software’s strong performances generated a strong interest from financial investors. Bryan, Garnier & Co’s longstanding relationship with the Company and its sector expertise enabled us to meet ELS’ requirements while finding the best-suited equity solution for the management”, added Grégoire Revenu, Managing Partner within Bryan, Garnier & Co.

Viviane Chaine-Ribeiro, Chairman of Lefebvre Software, stated: “Bryan, Garnier & Co has helped us along the four acquisitions conducted since 2006 which have contributed to the Group’s development. Bryan, Garnier & Co enabled us to partner with financial shareholders who share our values which is a key factor when it comes to ensure a smooth transition to a structure allowing the management to become shareholders. Moreover, we are convinced that our partners will be able to provide the relevant support to sustain our development in Europe”.

List of participants:

Sellers

Editions Lefebvre-Sarrut: Jean-Baptiste Bleu, Dominique Illien
Shareholders Financial Advisor: Bryan, Garnier & Co (Grégoire Revenu, Bruno Tourme, Alexandre Boukhari, Bertrand Schapiro)
Legal Advisor: Jobard, Chemla & Associés (Chantal Chemla, Mathilde Croze)

Buyers

CIC LBO France: Bertrand Fesneau, Gontran Duchesne, Antoine Dary
Women Equity Partners: Dunya Bouhacene, Maria Chatti-Gautier, Regis Lamarche
Managers: Viviane Chaine-Ribeiro, Jean-Claude Hayes, Philippe Perier, Bernard Peugnet, Christophe Richer, Nadine Scholtes, Sylvie Ysambert
Investors Legal Advisor: Wragge (Jérôme Patenotte, Marie-Anne Fabre)
Managers Legal Advisor: Lamartine Conseil (Olivier Renault, Fabien Mauvais)
Financial Audit: Constantin – Deloitte (Benoit Pimont, Xavier Evano)
Legal Audit: Wragge (Jérôme Patenotte, Marie-Anne Fabre)
Mezzanine
IDinvest Partners: Benoist Grossmann, François Lacoste

Financing Arranger

BRED Banque Populaire: Eric Fondecave, Laurent Dugelay, Frederic Bonhomme, Philippe Pin
Banque Neuflize OBC: Cedric Plantier, Guillaume Boudet

For more information, please contact:

Grégoire Revenu / Managing Partner / +33 1 56 68 75 25 / grevenu@bryangarnier.com
Bruno Tourme / Managing Partner / +44 20 7332 2551 / btourme@bryangarnier.com
Alexandre Boukhari / Vice-President / +33 1 56 68 75 39 /aboukhari@bryangarnier.com
Bertrand Schapiro / Analyst / +33 1 56 68 75 08 / bschapiro@bryangarnier.com

About Editions Lefebvre-Sarrut

Launched in 2004, CIC LBO Partners manages more than €300m through funds open predominantly to third-party investors and backed by the Group Crédit Mutuel – CIC. Those funds are invested as a majority shareholder in investments ranging from €35m to €175m. Since its inception, CIC LBO Partners has realized eleven investments and three divestments.

www.efl.fr

About CIC LBO Partners

www.ciclbopartners.fr

About Women Equity Partners

Women Equity Partners (WEP) invests in growing SMEs conducted by committed and talented management teams, especially those headed by women or by a mixed management. WEP helps them to both build flagship businesses and establish new models of leadership regardless of gender in order to contribute to a more sustainable growth. WEP acts as a minority or majority shareholder in investments ranging from €5m to €15m in French SMEs with attractive prospects for growth in diversified sectors. WEP’s role as responsible and committed shareholder is to convey its experience, capital and business levers to the management teams of their investments. WEP intends to maximize its business impact while contributing to sustainable development.