French firm OFI Private Equity Capital has agreed to acquire the Belgian-themed restaurant chain Léon de Bruxelles in concert with company executives.
The transaction values Léon de Bruxelles, which has 44 locations in France, at €65 million ($101 million), according to a statement. OFI will acquire all share capital at a price of €10.90 per share, representing a 35.1 percent premium over the average share price for the past three months.
OFI will purchase the 4.18 percent stake owned by Léon de Bruxelles management board chairman Michel Morin, as well as a 22.52 percent stake owned by supervisory board chairman Jean-Louis Detry’s. Morin will then reinvest the majority of his shares alongside other company executives. OFI is also in exclusive talks to acquire Pléiade Investissement’s 11.43 percent minority stake in Léon de Bruxelles.
Following the acquisition of all aforementioned shares, the firm will launch a public tender offer for all remaining and outstanding shares. The company listed on the Euronext Paris in 1997.
OFI Private Equity Capital is a private equity investment company whose manager is OFI Private Equity. The firm invests in both equity and mezzanine in secondary buyout transactions of French companies with an enterprise value of between €15 million and €75 million.
From 2003 to end of 2006, more than 730 LBO-type transactions were carried out by French companies, according to OFI. Over the same period, 80 percent of primary LBOs in France concerned companies with an enterprise value under €75 million.