Siparex, the French private equity firm has announced the latest closing of its Siparex SPFIII Middle Market fund at E90m. The fund will make substantial investments in large middle-market companies in majority or minority LBO operations (which comprise 70 per cent of the fund’s commitments) and expansion capital (30 per cent).
In the past six months the fund has made five investments with a total value of E22m. Investments have been made in French business across a variety of sectors, including Média Participations, a Franco-Belgian publishing group and La Grande Récré a games distribution firm. The firm said that several other deals are currently in the pipeline, including a majority LBO that is now being finalized.
The fund has received investments from institutional investors in France, Switzerland (CERN), Canada (The Mouvement Desjardins pension fund), and Japan (NIF Ventures). Siparex hopes to obtain 25 per cent of the fund’s capital from overseas investors. Each of the investors in SPF III to date has previously backed Siparex funds.
Siparex has funds under management approaching E700m. The firm looks to invest in closely held family-controlled firms or subsidiaries of corporate groups with sales usually in the region of between E15-150m.