Carmine Capital supports Willing in its second LBO

Carmine Capital supports Willing in its second LBO

Willing and Carmine Capital: a renewed confidence

Founded in 2016 by Benjamin PROVOST and Cyril VEGNI, Willing is an independent French consulting firm specialised in business transformation and performance. In 2020, Carmine has supported Willing in its first LBO transaction with the fund Re-Sources Capital. This transaction allowed Willing to accelerate its growth, notably through the opening of offices in Bordeaux, Marseille, Lyon, Nantes, Strasbourg and Geneva. 

With 200 employees, Willing has become a major player in the region and is expected to achieve a turnover of €20m in 2022.

  

Activa Capital acquires a stake in Willing

In September 2022, Willing completed a new LBO and raised €15 million from Activa Capital, a leading private equity firm with a true entrepreneurial spirit. 

 

This new transaction, in which the Re-Sources fund is also participating, enables Willing to bring in its key managers and to launch its new growth phase: Willing’s ambition is to continue to strengthen its geographical network and to develop new sectoral expertise to reach the €50 million turnover mark in the next few years. 

 

“We are pleased to renew our confidence in Willing and to contribute to its development. The firm has experienced very strong growth in recent years, with the opening of several offices in France and Geneva. We believe in the ability of Benjamin and his team to go even further” says Romain Rastel, Managing Partner at Re-sources Capital. 

 

Alexandre Masson, Managing Partner and Frédéric Singer, Director of Activa Capital, added: “Willing offers a unique value proposition to its clients and has significant development potential. We are very proud to have the opportunity to participate in this new phase of Willing’s growth alongside Benjamin Provost. This operation is at the heart of our expertise: supporting primary operations alongside talented entrepreneurs.”

 

Benjamin Provost, President of Willing, looks back on the experience of this transaction: “Carmine offers a long-term partnership approach. From our very first deal, the Carmine team took care to understand Willing’s positioning, our challenges and our strategy, in order to offer us truly tailor-made support”.

 

“We would like to thank Benjamin Provost and Cyril Vegni, as well as Romain Rastel, Managing Partner at Re-sources Capital, for their renewed confidence in us. This transaction allows Willing to launch a new phase of its development alongside Activa Capital, which will be able to support it in the implementation of its strategic plan and provide its expertise in the structuring of high-growth companies” said Anne-Laure Beuriot, founding partner of Carmine Capital. 

 

For more information about the transaction, please contact Anne-Laure Beuriot, Cécile Jonnard, Xavier Langlois and Stéphane Carcenac.

Interview for Itinéraire entrerprise – Le figaro

Interview for Itinéraire entrerprise – Le figaro

The divestment-acquisition phase is a pivotal moment in a company’s life, especially that of its owner-managers. Such transactions, affecting a company’s equity, involve a complex process that requires method and rigour. Carmine Capital provides support to SMEs and their shareholders throughout the sale and acquisition process, as well as in their fundraising campaigns.

 

An entrepreneurial spirit

Carmine Capital mission is to assist and advise entrepreneurs in addressing the financial, professional, and personal challenges of a capital transaction. Their mission? Helping business owners optimise the valuation of their professional assets while ensuring the sustainability of their company’s development even after the transaction has been completed.

Carmine Capital is run by entrepreneurs. Being themselves keenly attuned to the problems of the managers they support, they are noted for their expertise, humility, experience, and empathy.
As far as the team itself, they are particularly well represented in terms of generational, social, and cultural diversity, which is a strong vector for innovation, dynamism, and flexibility.
M&A transactions also call for confidentiality, transparency, and commitment. For this reason, Carmine Capital considers these values to be fundamental pillars of its business and daily operations.

Strategic transactions

A capital transaction, such as a sale, an acquisition, or the raising of funds, is a rare and important moment in the life of owner-managers and their companies. In order to optimise the advantages and positive effects of the transaction, it is crucial that the operation’s strategy fully integrates all of the manager’s concerns. These may include their financial objectives, their financial interests and constraints, their professional and personal plans and, of course, their values and ambitions for their employees.

Carmine Capital therefore provides a highly personalised service. The process starts by having in-depth discussions with the managers to discuss all these issues and build the appropriate strategy. This is followed by an audit of the company: its strategy, its financial health, and its ecosystem, among others. Once the action plan is established, Carmine Capital manages the various stages of the transaction: research, targeting, and qualification. This work then opens the way to the exchange, presentation, and negotiation phases during which Carmine Capital’s partners and associates continue to be involved with their clients on a daily basis until the deal is completed.
Fortified by its experience, its rigour, and its innovative approach, Carmine Capital has already completed more than 200 transactions, with the ambition of supporting more than one hundred deals per year by 2024.

The myCarmine platform

In the interests of transparency and efficiency, Carmine Capital also provides its clients with a digital platform designed to monitor the progress of their operations.

Carmine Capital’s clients can thus follow in real time all the initiatives undertaken by its teams on their project. This visibility provides a level of trust and reliability enabling managers to remain focused on developing their business while delegating the complex management of their transaction with peace of mind.

Carmine Capital is the only firm in Europe offering this level of transparency and trust through its web-based solution myCarmine.

A socially committed firm

Carmine Capital is fully dedicated to corporate social responsibility with a strong focus on improving its social, societal, and environmental impact. This entails protecting the interests of its clients along with the DNA of their company.

Furthermore, Carmine Capital is also actively committed to its employees in terms of diversity, value sharing, and quality of life at work.

This determination is reflected in the choice of its partners and its involvement with associations such as Émeraude Voile Solitaire, SendEthic, Facil’IT, and Les Joyeux Recycleurs.
(Emeraude Voile Solitaire, SendEthic, FACIL’iti ou encore Les Joyeux Recycleurs).

To read the full article in Le Figaro, click here.

Interview with Anne-Laure Beuriot and Stéphane Carcenac for the MEDEF Paris magazine

Interview with Anne-Laure Beuriot and Stéphane Carcenac for the MEDEF Paris magazine

Interview with Anne-Laure Beuriot and Stéphane Carcenac, for Inspir’, the MEDEF Paris magazine – August 2022

Because the sale of a company is a unique event in the life of an entrepreneur, Carmine Capital assists them throughout the sale or fundraising process with a view towards optimising the company’s value and the sustainability of its growth. Anne-Laure Beuriot, founding partner, and Stéphane Carcenac, managing partner of Carmine Capital, explain more about it.

What is Carmine Capital?

Anne-Laure Beuriot: It is an independent firm assisting SMEs in their divestment, acquisition, and fundraising transactions. Our work is structured around three pillars:

  • Quality of execution, guaranteed by a team of some ten experienced analysts centralised in Paris;
  • Transparency: thanks to a software platform developed internally upon our creation in 2013, with which our clients can follow the progress of their transactions in real time. This approach, unique in the industry, enables us to develop a strong relationships of trust;
  • Proximity: we have offices in Toulouse, Lille, Nantes, and Dijon. We are also planning on opening in Geneva, Lisbon, Barcelona, and Montreal in the coming months.

Who are your clients and what are their needs?

Stéphane Carcenac:We serve mainly small and medium-sized companies generating revenue of between €5 million and €150 million. For these companies, we cover all stages of their financial transactions. We identify the most suitable partners, then let our client make the choice and set up the negotiations. Our mission consists in enabling them to carry out their projects with the appropriate people by ensuring they are satisfied with the value of their professional assets in the short term, as well as over the long term, by making sure they transfer the capital of their company to a buyer or investor who shares their values, preserves the company, and protects their employees.

The article continues on page 97.

For more information, please contact Anne-Laure Beuriot

Interview with Anne-Laure Beuriot: the French M&A market is starting to feel the impact of the current economic climate

Interview with Anne-Laure Beuriot: the French M&A market is starting to feel the impact of the current economic climate

Interview with Anne-Laure Beuriot – Founding Partner of Carmine Capital, for Nextstep – July 2022

After an exceptional first half of the year in the French M&A market, the sector is now experiencing the initial impact of the current economic climate, with lengthier processes, more in-depth due diligence, and investors refocusing their attention on resilient sectors.
Anne-Laure Beuriot’s perspective on the M&A market and the behaviour of company managers within this inflationary context.

The principles of the Owner Buy Out (OBO) presented by Germain Simoneau

The principles of the Owner Buy Out (OBO) presented by Germain Simoneau

Special guest of BFM Business during the Impact SME trade show, Germain Simoneau presents how the OBO process works.

BFM Business OBO

The effects of the crisis are glaringly obvious: no company is immune from experiencing difficulties or from losing market value.
To protect oneself, there is a solution: the Owner Buy Out (OBO).
This financial and legal arrangement enables a shareholder-manager to increase the value of their assets while safeguarding their company’s business.
Who benefits from an OBO? How does it work? What are the drivers? What are the risks?

In this video interview, Germain Simoneau explains in detail the principles of this “sale to oneself” and its advantages.

For more information on how the OBO works, please contact Germain Simoneau.

Interview BFM Business – Anne-Laure Beuriot and Germain Simoneau

Interview BFM Business – Anne-Laure Beuriot and Germain Simoneau

Mergers & Acquisitions: an entrepreneurial approach towards meeting the expectations of SME managers and shareholders

BFM Business

Created in 2013, Carmine Capital provides entrepreneurial investment banking services. The firm assists managers and shareholders of SMEs across all sectors of activity in their transfer, acquisition, and fundraising transactions. Carmine Capital’s particularity: putting people at the heart of financial transactions. We spoke with Anne-Laure Beuriot, founding partner, and Germain Simoneau, partner.

What was the reason for creating Carmine Capital?

Anne-Laure Beuriot: The Small Caps (SME) market was lacking firms offering genuine quality of execution, structured and clear processes, along with a detailed knowledge of their clients’ financial, professional, and personal issues. I created Carmine Capital with the objective of providing a new value proposition for SME managers and shareholders. My ambition was to establish a benchmark brand in this market, guaranteeing a solid bond of trust between managers and their intermediary.

It should also be noted that M&A advisory services have historically been conducted from a strictly financial perspective. Carmine Capital distinguishes itself from this model by adopting an entrepreneurial approach to the support of  a divestment, acquisition, or fundraising transaction.

Our considerable growth over the last few years confirms that this approach is relevant, over the long term, for all companies and their employees. Our objective in providing this support is to create a sense of purpose for companies and their employees, as well as to generate financial value.

What is the cornerstone of your M&A advisory practice?

A-L.B.: Carmine Capital advocates a controlled quality of execution. This is put into practice by a team of some ten analysts, trained by me, all applying the same methodology and processes. They analyse the company, its environment, and its ecosystem, while also factoring in the company’s unique DNA.
We also place a strong emphasis on proximity. Understanding our clients requires getting to know their entrepreneurial environment. Consequently, we initiated our development by opening local offices and subsidiaries. Currently, we are present in Toulouse, Lille, Nantes, and Dijon. Carmine Capital also has an international presence to meet the growth-through-acquisition needs of our clients. An office has already been opened in Geneva, and another is planned for Lisbon within the next 24 months.

Our third pillar is transparency. Thanks to our MyCarmine software platform, developed at the outset of the company, each client can track the progress of their project at any time.
We are the only firm in France and in Europe to offer this level of visibility. The process of building a company will have represented years of work, or in some cases a lifetime for the managers we support. It is therefore essential for us to enable them to be kept informed in real time, ensuring they remain at the heart of the strategy as we pursue a capital transaction. This frees them, reassures them, and commits us to providing an impeccable quality of service.
This transparency also enables us to engage in strategic, rather than merely informative, dialogue. This brings us closer to our clients.

What are the specific characteristics of your market?

A-L.B.: We favour operations that convey meaning to the company and its manager. Therefore, upon initiating a new file, we invest a great deal of time and energy in properly understanding a client’s personal, professional, and financial circumstances, to guide them towards the best possible transaction.

Carmine Capital also advocates its own diversity. In a market that is traditionally very male-dominated and stereotyped, we encourage gender, cultural, and generational diversity. We sincerely believe in collective intelligence. It is because our profiles are so diverse yet complementary that we are enriched. This strengthens our ability to adapt to our clients, who are all so different from one another.

How do you support your clients in their transactions?

A-L.B.: When a client first comes to us, we introduce them to all the partners who are best suited to their project, depending on the transaction: investment funds, acquirers, or targets. Carmine Capital will have already identified beforehand which partner best corresponds to the client’s entrepreneurial DNA. For example, as part of a fundraising project, we will present the investment funds in terms of their positioning: entrepreneurial or institutional profile, restrictions or not on their investment period, involvement of the fund vis-à-vis their holdings, and so on.

We ensure that the partner and our client both share the same vision of  the company’s development. It is this compatibility that creates value and enables the company’s growth to be maintained over time, thus protecting our client’s business assets.

Germain Simoneau: We are also called on to help owner-managers to diversify their assets. The health crisis and the subsequent strained international context are having a violent effect on the economy and companies. Until now, economic crises tended to slow down business activity in general, affecting all companies rather evenly. The Covid crisis was a new kind of economic storm affecting specific industries and companies in unpredictable ways. Owner-managers and their families can no longer afford such a degree of sectoral exposure in terms of capital.

This is why we support them in transactions that involve rethinking the human/capital relationship, by listening to them and understanding them in order to build together the best solutions enabling a better coverage of their risks. We strive to ensure that these new, secure organisations are fully consistent with the personal aspirations of the managers and shareholders. This attentiveness is possible thanks to our diversity, our proximity, and our entrepreneurial experience. Therefore, there will always be someone at Carmine Capital who truly resonates with a client’s particular personality.

For more information, please contact Anne-Laure Beuriot.

Interview with Anne-Laure Beuriot: “Putting people at the heart of financial transactions”

Interview with Anne-Laure Beuriot: “Putting people at the heart of financial transactions”

Interview with Anne-Laure Beuriot – Founding Partner of Carmine Capital, for Entreprendre – May 2022

Carmine Capital set its sights on revealing the potential of an SME and optimising its value. This investment bank breaks the rules to offer an expertise adapted to SMEs. Anne-Laure Beuriot, founding partner, discusses her ambitions.

Why did you want to challenge the norm?

The idea originated in 2012. Our ambition was to satisfy a demand that was not being met by the existing M&A players: to support SME managers in their capital transactions with a service based on respect for their personal, professional, and financial issues. Our main objective at Carmine Capital is to preserve the entrepreneurial DNA of the companies.

The company was founded in 2013…

I absolutely insisted on putting people at the heart of financial transactions. To support them in their disposal, acquisition, and fund-raising efforts, SME managers deserve to be accompanied by experienced yet humble employees who are genuinely committed to understanding them. The DNA of a company is too often overlooked. And yet it is essential to the success of a capital operation since it guarantees its long-term growth prospects. You put people together before you put finances together.

What do you base your expertise on?

Our investment bank operates on three pillars, starting with the quality of execution. I make a point of ensuring that each manager is accompanied according to accepted best practices, regardless of the collaborator involved in the transaction. I trained our associates to make sure they all apply the same methodology and processes.

Our second pillar is proximity. Understanding our clients requires getting to know their entrepreneurial environment. We initiated our regional development in 2018 and are now present in Toulouse, Lille, Nantes, and Dijon. We also opened an office in Geneva at the end of 2021 to address clients’ acquisition requirements in Switzerland.

Our third pillar is transparency. We provide our clients with access to a software platform we developed when Carmine was created (MyCarmine) which affords them visibility on all the actions we take on their project. This transparency obliges us to remain beyond reproach in the execution of our missions.

Your ambition is to create a strong brand: Carmine…

For this reason, Carmine is one of the very few investment banks to advocate transparency. This transparency enables us to increase efficiency and reassure managers. Breaking codes is something that is in our DNA and it also applies internally. In this highly male-dominated sector, we opted for gender, generational, and social diversity. We are respectful of the balance between professional and private life, which I believe is essential to remaining objective and dispassionate in the advice we give. Finally, commitment is a determining value for our team. To reinforce this spirit, we regularly organise team events, such as our participation in the New York half-marathon last March.

You also have to be always open to the world.

Having a broad vision is crucial when you are a company leader. This enables me to modify our strategy throughout the company’s development. To achieve this, I am supported by a professional coach for the past two years and I also belong to several executive networks, including the APM. To attain success in your entrepreneurial project, you have to stick to your convictions. Once others can see the meaning you bring to your actions, you create value. Our objectives for the year 2024 are to reach the threshold of 50 employees, to open a subsidiary in Lisbon and in Montreal, and to develop two new activities – Carmine Croissance and Carmine Corporate Finance.

 

For more information, please contact Anne-Laure Beuriot.

Interview with Stéphane Carcenac, Carmine Capital Toulouse: “The examples of success stories are multiplying”

Interview with Stéphane Carcenac, Carmine Capital Toulouse: “The examples of success stories are multiplying”

Excerpt from an interview with Stéphane Carcenac – Managing Partner of Carmine Capital Toulouse, for Entreprises Occitanie – April 2022

Carmine Capital is an investment bank dedicated to assisting SME shareholder managers in their transfers, acquisitions, and fundraising. The firm presents itself as an alternative to conventional investment banks. Stéphane Carcenac, Managing Partner of Carmine Capital Toulouse, defends providing 100% transparent support by “placing the human element at the core of each of its missions”.

As an observer of the local entrepreneurial landscape, what trends do you detect in the use of fundraising in Occitania?

Driven by a highly buoyant private equity market, we are noticing a new trend on the part of an increasing number of companies that are considering inviting a financial investor into their capital. We are increasingly solicited for the financing of growth through acquisition transactions as well as more asset-based projects such as the Owner Buy Out (OBO). Read more: https://www.entreprises-occitanie.com/actualites/stephane-carcenac-carmine-capital-toulouse-les-exemples-de-belles-histoires-se

Carmine Capital boosts its team with three new talents

Carmine Capital boosts its team with three new talents

Against a background of strong growth, Carmine Capital is expanding its execution team in Paris and in the regions.

Nicolas Heintz joins Carmine Capital on April 1st as a senior associate.

Nicolas is a graduate of EM Lyon’s Grande Ecole programme. After working for La Française Real Estate Managers in London, Nicolas started his M&A career in 2017 at Crédit Agricole CIB within the Execution Team. In 2019, he joined Lazard’s generalist team where he mainly focused on deals in the healthcare, chemical, and Financial Institutions Group (FIG) fields.

On behalf of the team, Anne-Laure Beuriot, Founding Partner of Carmine Capital, is delighted with Nicolas’ arrival:

« We are delighted to welcome this new talent to our team. The early part of 2022 was shaped by intense activity and strong development in the provinces and in Switzerland. This recruitment comes alongside the arrival of Thao Dallas in Toulouse and the appointment of Shamina Hassanaly  as Director. A further recruitment should be announced within the next few weeks. Strengthening our team will enable us to further our growth while ensuring our clients receive tailor-made support.” 

For more information, please contact: Anne-Laure Beuriot

Cercle Carmine Party – dinner alongside Franck Mesnel

Cercle Carmine Party – dinner alongside Franck Mesnel

Another event of Cercle Carmine Capital, the preferred meeting place for our clients – managers and shareholders of SMEs.

The members of Cercle Carmine Capital gathered yesterday for a very private dinner with Franck Mesnel, French rugby legend and founder of Eden Park.

Franck spoke to us of his career as a professional sportsman and then as a manager with humour and humility, telling us about the good times as well as the hard times. He pointed out some fascinating parallels between the world of sports and the world of business.
Good moments of exchange and meetings shared between the entrepreneurs.

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