Barclays Private Equity France (BPE France), the French unit of the British bank’s private equity operation, has backed two directors in a management buyout of Interflora France, the French unit of the international flower distribution business.
The financial details of the transaction have not been disclosed, although Barclays Private Equity (BPE) typically backs businesses with a value of between E15m and E400m.
BPE France has formed Financière de Transmissions Florales, a company set up alongside two Interflora directors, Félix and Eric Hazak. The company currently owns 64.4 per cent of the business and will acquire a further eight per cent alongside existing shareholder Parnasse Finance at the end of the year. The remaining 27 per cent will be distributed amongst Interflora personnel throughout France.
Interflora France operates the Interflora brand in France. It is part of the world's largest flower ordering service, with a network of 77,000 outlets in 144 countries. 5,200 of these are based in France, and process 1.8m orders a year, generating an operating profit of E6m.
“The strength of the Interflora network, and the motivation of its management, have been the key factors in the success of this buyout project,” BPEF's Managing Director, Guillaume Jacqueau, said.
Barclays Private Equity has made a number of acquisitions in France across a range of sectors. It is the firm’s third French deal this year and follows earlier buyouts at Domus Vi, an care specialist for the elderly and SP Metal, a manufacturer of household packaging products.