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GROWTH CAPITAL

Financing the development and transfer of established SMEs.

Our presence

123 IM invests in France.

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Investment Strategy

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123 IM finances and supports the development of mature SMEs and mid-market companies that are well established in their market. These are SMEs seeking additional capital to accelerate their growth (new plant, new product…) or help with transfer problems (change of management, exit of a majority shareholder, etc.).

123 IM is a multi-specialist investor with extensive expertise in the tourism (accommodation, catering, leisure), sheltered housing (sheltered retirement housing, care homes), health (laboratories, pharmacies), and education (private schools) sectors.

 

Investment Methodology

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123 IM structures finance solutions to suit every situation. It invests in equity (shares, minority or majority) and in bonds (mezzanine debt) with priority given to collaboration with an operational partner (manager, family, fund) into which it injects capital over several years to assist with development in a logical alignment of interests. 123 IM makes both individual and joint investments.

Since it was founded in 2001, 123 IM has invested more than €500 million in the development of SMEs and mid-market companies, representing around 40% of its current activity (in terms of assets under management).

Our portfolio

PHILOGÉRIS RÉSIDENCES

Exploitant d’établissements pour personnes âgées

Company sold

SANDAYA

Un groupe de campings haut-de-gamme situés en France et en ...

Company sold

Hôtel Régina Biarritz

Un boutique hôtel de luxe au Pays Basque

Company sold

Company sold
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VENTURE CAPITAL

Financing innovative businesses

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Sandaya

Philogeris Résidences

Benoît Bistrot Développement

Company overview

The Sandaya Group was founded in 2010 by François Georges and Xavier Guilbert, two leaders who have proven themselves in the tourism sector – respectively former second in command at Pierre & Vacances and former second in command at Centre Parcs – and supported by 123 IM and Pragma Capital. Since it was founded in 2010, Sandaya has achieved a steady rate of acquisition and today offers a wide variety of accommodation including cottages, chalets, lodges and cabins, as well as bare ground for camping.

123 Investment Managers involment

123 IM is one of the original investors in Sandaya, having invested 12% of its capital with Pragma Capital in 2010. 123 Investment Managers has supported the development of Sandaya for six years, and today the open-air hotel group boasts 11 four- and five-star campsites, with more than 300 pitches in France and Spain. In 2016 123 IM sold its stake to Apax Partners (which now holds 76% of capital) and have achieved a multiple of 1.59 on this investment.

Company overview

Philogeris Residences is an integrated nursing home operator, headed up by Yann Reboulleau and supported by 123 Investment Managers funds since 2010. Since then, the group has carried out several acquisitions and now counts 16 institutions, including more than 1,126 beds.

123 Investment Managers involment

123 IM was one of the very first investors behind the Philogeris Residences. 123 IM supports Philogeris Residences in its development and acquisition policies in the form of equity capital increases and mezzanine debt (especially convertible bonds). The Group’s objective is to build a portfolio of almost 2,000 future beds in order to become one of the top 10 players in the French market (ranked 15th in 2016).

Company overview

Benoît Bistrot Development is a subsidiary of the Alain Ducasse Group, dedicated to the development of French savoir-faire in traditional bistros. In France, it operates the Benoît, Rech and Aux Lyonnais restaurants as well as Benoît Tokyo and Le Comptoir de Benoît in Osaka.

123 Investment Managers involment

Benoît Bistrot Development issued €5 million in convertible bonds, all of which were acquired by Epicure FCPR managed by 123 IM. These convertible bonds were released in the amount of €2 million at the initial closing in July 2011, and an additional €1 million was released in January 2013 to support the company in its acquisition of goodwill for French-style bistros.

In the same category

  • Sandaya

    French group operating top-of-the-range campsites

    Learn more
  • Philogeris Résidences

    Nursing home and senior residential care operators

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  • Benoît Bistrot Développement

    Traditional bistros by Alain Ducasse

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