Weinberg in €80.7m deal

Weinberg Capital Partners and Patrice Jacquelin are buying a baking equipment manufacturer with an enterprise value of €80.7m, bringing Weinberg’s total investments to four.

Weinberg Capital Partners and Patrice Jacquelin, chairman of Sasa Industrie’s management board, is buying Sasa Industrie, a listed baking equipment manufacturer, in a deal that values Sasa Industrie at €80.7 million ($106 million).

Weinberg is buying an initial 60 percent stake and will then launch a tender offer for the outstanding shares at €41.50 per share.  The stake is made up of a 36 percent stake owned by Roger Messio, Sasa Industrie’s founder and chairman of the supervisory board, and Jacquelin’s 24 percent stake.  Messio’s share is being bought for €41.50 per share, while Jacquelin’s stake is being bought for €40.26 per share.
By 1 July 2007, Sasa Industrie’s consumer business, which is structurally loss-making and accounts for around 25 percent of the company’s sales, will be spun off and then sold to Patrice Jacquelin for a price close to its book value.

The offer price of €41.50 represents a premium of 24 percent to the last quoted price and 28.3 percent to the average price over the last three months. 

After the transaction, Jacquelin will be appointed Sasa Industrie’s chairman and chief executive officer.
It is Weinberg’s fourth investment since it was founded in July 2005. 

Weil Gotshal & Manges are giving legal advice to Weinberg while Paris-based law firm De Pardieu Brocas Maffei are advising Jacquelin.

Weinberg Capital Partners is a private equity firm created by Serge Weinberg, the former chairman of the management board of PPR, a luxury goods retailer, which owns the designer clothing brands Gucci, Balenciaga and Stella McCartney. Guillaume d’Angerville, Henri Gagnaire and Philippe Klocanas joined Weinberg as partners.