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Bridgepoint in the News

05 July 2016

Bridgepoint Exits Foncia

Bridgepoint and Eurazeo, shareholders of the Foncia group, the European leader in residential real estate and property management services since July 2011, have announced its sale to Partners Group.

The deal, involving the sale of the entire Foncia group, was concluded for an enterprise value of €1,833 million and should be completed by no later than September 2016 subject to the approval of the competition authority.

Since their investment in July 2011, Bridgepoint and Eurazeo have supported and accelerated the transformation of Foncia. The group has established itself as the reference in real estate services in terms of service quality, client satisfaction and innovation.

In recent years, Foncia has rolled out a vigorous strategy based on:

- external growth,

- new client wins,

- and the development of new services.

The group has invested heavily in digitally transforming its client relationship and management processes. In addition, its active external growth policy - some sixty acquisitions in France and internationally - enabled it to strengthen its business in France, build leading positions in Switzerland and Belgium (number 2 and number 1, respectively) and enhance its service offering for retail (Primalliance and Iplus) and institutional (Icade Property Management) investors.

Since 2011, Foncia's average annual revenue has grown by 4.4% and average annual EBITDA, by 11.3%, up 53% from pro forma €86 million in 2011 to €132 million at the end of December 2015. These figures underline its strong performance despite the negative impact of the ALUR law in France and a slowing real estate cycle during the period.

Over the period, Bridgepoint and Eurazeo achieved a multiple of 2.4x on their investment. The net disposal gain for the two investors amounts to around €1,134 million, after tax, transaction costs and the acquisition debt repayment.

Frédéric Pescatori, Partner, responsible for Bridgepoint's Investment Activity in France, commented:

"We are proud, with Eurazeo, to have encouraged the transformation of a French group into the European leader in real estate services. Its success had been led by François Davy, CEO of Foncia, and his team. In addition to improving its service quality and sales offering, Foncia has expanded its client portfolio and developed new services, particularly in the digital sector. We are confident that Foncia, alongside its new shareholder Partners Group, hold out the potential to take advantage of the numerous opportunities available to it."

Marc Frappier, Managing Director of Eurazeo Capital, stated:

"We are extremely proud of the fact that Foncia has undergone a profound transformation in five years. With our support and that of Bridgepoint, François Davy and his teams have strengthened Foncia's leadership. Based on its vigorous growth and innovation strategy, Foncia has become a veritable market pioneer, capable of developing innovative offerings to better serve client needs. We are passing on a solid and modernized company with an excellent growth outlook to Partners Group."

François Davy, CEO of Foncia, added:

"Over these five years, Foncia has expanded and transformed significantly. The strategy defined jointly with Eurazeo and Bridgepoint enabled us to enhance our performance in a difficult regulatory context and step up our external growth policy. These development efforts have been recognized by Partners Group with whom we are going to pursue our strategy based on growth and transformation."

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