Paris, 10 September 2024
Levine Keszler advises SOS Accessoire on the acquisition of SDS Vedelec and its LBO
SOS Accessoire has acquired the IRIS group, which specialises in the sale of spare parts to professionals for the repair of household appliances. With a turnover of €62 million in 2023, the IRIS group consists of two companies: SDS, the second largest in France, based near Bordeaux, and Vedelec, the leader in Belgium for the resale of spare parts to professionals in the sector.
These two companies supply electrical appliance parts and accessories to professional repairers and distributors in France, Germany and the Benelux countries.
The new group, called Ecoparts, employs nearly 300 people and has reached a critical mass of €120 million in turnover, making it one of the largest players in the sector in Europe.
After sustained organic growth of nearly 40% on average per year over the last 15 years, ranking the company among the TOP 100 European companies with the strongest growth according to the Financial Times, SOS Accessoire has reached a new milestone by completing a strategic external growth operation. This will enable the group to address new markets and achieve a European dimension.
The acquisition was led by the investment bank Transaction R (Rothschild & Co). It was made possible thanks to the unfailing support of SOS Accessoire’s long-standing shareholders (Starquest, Quadia through Regenero Impact Fund, ETF Partners) and the entry into the capital of new investors including SWEN Capital Partners, a leading responsible investor in unlisted companies, alongside impact investors Amundi Private Equity Transition Juste and Trocadero Capital Partners. The transaction also benefited from financing from LCL Aquitaine, for a total investment of €50 million.
As a player in the circular economy, SOS Accessoire is proud to be able to count on this support to accelerate its growth trajectory and reduce CO2 emissions by extending the life of household appliances.
In parallel with the acquisition of the IRIS group, SOS Accessoire last week acquired the Dragon group, France’s second-largest online retailer of spare parts to private consumers, with a strong presence on marketplaces (Amazon, Cdiscount, ManoMano, etc.).
With this double acquisition, SOS Accessoire has reached an important milestone in its development and has given itself significant additional resources to fulfil its corporate mission: to develop the repair of household appliances and thus promote a more sustainable and circular economy.
Levine Keszler advised SOS Accessoire on this transaction.
Advisors to SOS Accessoire:
Levine Keszler (Nicolas de Courtivron, Benjamin Briand and Gabriel Pastor): structuring, contractual and corporate aspects of the transaction and financing
Arsene Taxand (Franck Chaminade, Ludovic Genet and Chloé Sevilla): structuring, tax aspects Rothschild & Co(Benjamin Osdoit, Côme Sesboüé and Caroline Martin-Texier): M&A advice
Rothschild & Co (Pierre Pessans-Gyheneix and Alexandre Duhem): financing advice
BerryLaw (Romain Franzetti, Stéphanie Fauconnier and Emmanuelle Carreira): corporate aspects
Duroc Partners (Alexandre Dejardin, Faustine Paoluzzo, Noé Tempereau and Marianne Dos Santos): advice to managers
Advisors to the new investors:
Fieldfisher (Jean-Baptiste Van De Voorde, Anne Ducros and Sonia Dib): contractual and corporate aspects of the transaction
Advisors to the sellers of the IRIS group:
Goodwin (David Diamant, Wooseong Choi and Valentine Foulon): contractual and corporate aspects of the transaction
Edmond de Rothschild Corporate Finance (Benjamin Zayat): M&A advice
Advisors to LCL:
De Pardieu Brocas Maffei: financing
About SOS Accessoire
SOS Accessoire is the French and European leader in home appliance repair through the sale of spare parts and services to individuals for repairing their broken appliances. Founded in 2008 and based in the Yvelines (78), the company is thus strengthening its core business: online sales of spare parts, which has been growing at double-digit rates for more than 10 years.
For more information, visit https://www.sos-accessoire.com/
About Levine Keszler
Levine Keszler is an independent law firm founded in 2018 by lawyers from leading international firms and now has six partners. The firm specialises in mid-market transactions. Its activity is currently organised around six areas of expertise: Private Equity/Venture Capital, M&A, Stock Exchange Law, Financing, Real Estate and Commercial Litigation.
Levine Keszler has particular expertise in French and international M&A transactions, particularly in the technology, life sciences, industry and B2B services sectors.
For more information: www.levinekeszler.com
About SWEN Capital Partners
SWEN Capital Partners is a leading player in responsible investment in private equity, infrastructure and mezzanine debt, with more than €8.3 billion in assets under management. Owned by Ofi Invest, Crédit Mutuel Arkéa and some of its employees, the company places sustainable finance at the heart of its approach and innovative investment solutions. In October 2023, SWEN CP became a Mission-Driven Company, affirming its commitment to serving Nature.
For more information: www.swen-cp.fr/
About ETF Partners
Since its inception in London in 2005, ETF Partners, a European pioneer in sustainability and impact venture capital, has been supporting visionary entrepreneurs who are addressing the global challenges of the climate crisis.
About Trocadero Capital Partners
Trocadero Capital Partners is an independent investment management company authorised by the AMF. TCP’s investment team has long been recognised as a leading player in the private equity segment for French and European companies valued between €20 million and €200 million. Wholly owned by its management, TCP stands out for its entrepreneurial culture and its commitment to creating value for the teams and companies it supports in achieving their strategies. TCP is also a committed player that supports its investees in implementing positive and respectful social practices, particularly in terms of decarbonising their activities.
For more information: www.trocaderocp.com
About Starquest
Starquest is an AMF-approved management company that has been working for more than 15 years to support the energy and environmental transition by financing innovations that have a strong impact on decarbonisation and the sustainable use of resources. A pioneer in this segment, Starquest has strong roots in the greentech ecosystem, giving it access to a wealth of investment opportunities that support reindustrialisation and regional resilience. Starquest, which manages €400 million in capital, is a 51% subsidiary of Montefiore, which manages €5 billion and has been ranked the best manager in its category every year for the past 13 years.
About Amundi Real Assets & Alternatives
The Amundi Private Equity Transition Juste fund is Amundi Real Assets & Alternatives’ impact fund dedicated to environmental transition, bringing together all of Amundi’s expertise in real estate, private debt, private equity, infrastructure, multi-management and alternatives. With decades of expertise in these markets, Amundi offers institutional and individual investors access to real and alternative assets through innovative investment solutions. With €71 billion under management, Amundi Real Assets & Alternatives has around 330 professionals working in our management centres in Paris, London, Milan, Luxembourg, Barcelona, Madrid, Zurich and Dublin.
For more information: Real Assets & Alternatives | Amundi France Instit
About Quadia
Founded in Geneva in 2010, Quadia specialises in impact investing. In line with its mission to ‘finance companies that contribute to the transition to a regenerative economy’, Quadia targets SMEs that have positioned their strategic development around products and services with a positive social or environmental impact, particularly in the areas of food, responsible consumption and sustainable energy. Since its inception, Quadia has financed and invested in impact companies, projects and investment funds across Europe for more than €270 million.
