M&A in Retail & Consumer in France - H1 2017

Back up to speed

PwC

Highlights

2

• Mixed feelings as H1 2017 deal volume in the Retail & Consumer sector, at 151, shows an increase vs H2 2016 (127) but is clearly below H1 2016 levels (c.180).

• This is mainly driven by moderate corporate M&A activity whilst deals are sustained on the Private Equity side. Half of deals for the period were financed by venture capitalists and Private Equity while the proportion was closer to 38% last year.

• Slower corporate M&A activity has a knock-on effect on outbound deals which have shrunk to little more than 20 operations in the semester. Domestic deals represented the lion’s share of the activity.

• Deal volume has been balanced between large transactions (22 above €100m deal value or turnover), mid market play with 61 deals in the €10m-€100m mark and funding to back smaller businesses / start ups (56).

• This year again, Food and Wines & Spirits lead by volume with almost half of deals. Personal equipment – Clothing and Personal care – comes in at second place, although c. 1/3 of activity in apparel was distress related.

• e-commerce business models continue to attract PE and corporate interest with close to 30 deals on internet pure players.

This report analyses deals in the Retail & Consumer sector that took place over the course of the first semester of 2017 involving at least one French party (acquirer or target company).

Target Country Deal description Acquiror Country Type Deal size

(€m)

Revenues

Target (€m)

CHRISTIAN DIOR SE

(25.9% Stake)FR

LVMH launched an IPO in June to acquire the

26% in Dior it did not already own in order to

simplify LVMH’s ownership structure

BERNARD

ARNAULT (Private

Investor)

FRCorporate

(25,9%)12 111 -

WHITEWAVE FOODS

COMPANYUS

Danone completed its largest deal in a decade by

acquiring WhiteWave, a US upmarket natural and

health foods producer. This deal makes Danone

the world’s biggest producer of organic dairy

products

DANONE SA FRCorporate

(100%)11 787 2 846

CHRISTIAN DIOR

COUTUREFR

LVMH fashion and leather goods division buys

Christian Dior Couture for an enterprise value of

€6.5bn

LVMH MOET

HENNESSY LOUIS

VUITTON SE

FRCorporate

(100%)6 500 1 854

CERAVE, AMBI,

ACNEFREEUSA

After IT Cosmetics in 2016, L'Oreal acquired the

US skincare brands Ambi, Acnefree and CeraVe

from Valeant to reinforce its fast-growing Active

Cosmetics division

L'OREAL /

L'OREAL USAFR Corporate 1 228 159

PROSOL GESTION

(Grand Frais)FR

Investment fund Ardian acquired a majority stake

in Prosol Gestion (Grand Frais) in order to support

its national roll-out

ARDIAN AND

OTHER

INVESTORS

FR PE (Majority) - 1 600

THE BODY SHOP FRNatura, the leading direct selling cosmetics

company, acquires The Body Shop from L'Oréal

NATURA

COSMETICOSBR

Corporate

(100%)1 000 921

MAISONS DU MONDE

SASFR

After the IPO in 2016, Bain Capital finally sold its

remaining stake in Maisons du Monde, a furniture

and houseware retailer

PUBLIC FRStock Market

(31,2%)400 882

READY PAC

PRODUCE INC.US

French canned-vegetable company Bonduelle has

acquired a privately held California producer of

fresh prepared salads Ready Pac, to strengthen its

position in the US market

BONDUELLE SA FRCorporate

(100%)379 740

FINANCIERE

TURENNE

LAFAYETTE S.A.

(Cooked Meats

Division)

FR

Cooperl Arc Atlantique acquired the meat products

division of Financière Turenne Lafayette which

was in financial distress (Madrange, Paul Predault,

…)

COOPERL ARC

ATLANTIQUE S.A.FR

Corporate

(100%)- 480

AGORA

DISTRIBUTION SASUFR

GiFi, the value retailer, integrated distressed Tati

and intends on keeping the Tati brandGIFI GROUPE FR

Corporate

(100%)- 347

PwC 3

Each and every CAC40 player was involved in acquisitions or carve outs and these companies were responsible for the largest operations over the semester – each of which reflects a wider trend in its segment:

• Danone has signed the deal of the year with WhiteWave to establish itself as the leading organicdairy business globally – followed by a recent divestment (from Stonyfield) to comply with competition authorities’ decisions. Organic is a major trend across the food value chain.

• Pernod Ricard invests in craft and organic liquors with US-based craft liquor producer Smooth Ambler Spirits, Mexican high-end Mezcal brand Del Maguey and even more recently single malt brand The Glenallachie. Those types of assets are highly sought-after as evidenced by the rest of thedeal flow.

• The upcoming Essilor-Luxottica merger has attracted a lot of attention from the press. We notice that a flurry of related deals are taking place in eyewear as luxury players and competing manufacturers are building their own strategies. LVMH invests and sets up a JV with Marcolin, the Italian eyewear manufacturer, whilst Kering Eyewear and Richemont / Cartier join forces and expect both industrial and commercial synergies.

• L’Oréal turned the page on Body Shop which goes to Brazilian beauty giant Natura but invests in several active cosmetics US brands coming out of Valeant’s portfolio. Again, active cosmetics has been ripewith deal activity attracting interest from bothcorporates and PE.

• Finally Carrefour has announced an IPO for its Brazilian business as well as its real-estate arm Carmila.

Sources: Zephyr, Capital Finance, Merger Market, PwC analysis

PwC4

PwC

At a glance

5

International features

Private EquityCorporate

52%48%

> €100m < €10m€10-100m

Compared to

H1 2016

Number of deals where deal value or target revenue is …

Number of deals by investor type

Domestic deals Inbound deals Outbound deals

Number of deals by segment

Food (agro,

processing, retail)

Clothing

Home goods, Appliances & Electricals

Wine & Spirits

Personal Care &

Cosmetics

Other specialists

PwC

Food: health and convenience,a winning combination

6

• M&A activity reflects ongoing mega trends in the food sector. The top four trends at a glance:

Organic and Health segments

• As announced in 2016, Danone has successfully sealed its acquisition of WhiteWave Food Co and sets itself as the leader in organic dairy production. This was followed in July by the sale of Stonyfield to Lactalis for €765m to comply with competition authorities.

• Alimentation et Santé (Ebro Foods’ subsidiary), seals a €15m deal with Vegetalia, one of Spain’s organic food pioneers.

• Unigrains widens its portfolio by acquiring a 30% stake in Nutrisens, a French dietary requirements food specialist. Through this deal, Nutrisens will be able to cater to new dietary needs and diversify its distribution channels.

Premiumisation and “savoir faire” à la française

• Challenged by vegetarian / vegan trends, meat players actively pursue a premiumisation strategy. With the purchase of high-end meat producers Brient and Teyssier, Agrial and Euralis reinforce their respective portfolios.

• Arcady’s, the Gourmet food player, gets further backing from PE investor Extendam to support diffusion of its French savoir-faire abroad.

• Innovative new entrants keep challenging the entire Food chain by introducing new ingredients (insects, seaweed) as well as reinforcing emerging consumption habits (vegan menus, powdered menus, etc. see table).

Ready made on the rise

• Pre-Cooked or “pre”pared ingredients are flying high. The bakery market welcomes new actors such as Mix Buffet or Novepan (the result of Grain D’Or and Lubrano et Fils’ merger). Cerelia took control over English Bay Batter, the cookies specialist, hence strengthening its positioning in North America.

• Ready meals are popular as well. Bonduelle sealed a €379m deal with US-based Ready Pac; William Saurin was swallowed by Cofigeo. Arterris and the Belgian Ter Beke acquired the remaining 67% stake at Stefano Toselli to create operational synergies and expandits reach.

New business models, where health and convenience meet:

• On the services side, Frichti (freshly prepared meals delivered directly to consumers) has successfully raised €30m.

• Les Popotes and its fresh organic vegetarian baskets was acquired by Foodette, joining its ever growing “family” (4jours4diners and l’Epicier Toqué, both acquired end of 2016).

Food remains the most active segment M&A-wise, with 43 deals struck over the 6-month period, but volumes are below 2016 levels (61 deals in H1). After numerous outbound deals in Europe and emerging countries namely in the agro sub-sector last year, this first half is rather marked by a shift to domestic deals with food transformation being the most active area.

PwC 7

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Food processing

THE WHITEWAVE

FOODS COMPANYUS DANONE SA FR

Corporate

(100%)

Danone completed its largest deal in a decade by

acquiring WhiteWave, a US upmarket natural and

healthy foods producer. This deal makes Danone the

world’s biggest producer of organic dairy products

11 787 2 846

READY PAC

PRODUCE INC.US BONDUELLE SA FR

Corporate

(100%)

French canned-vegetable company Bonduelle has

acquired a privately held California producer of fresh

prepared salads Ready Pac, to strenghten its

position in the US market

379 740

FINANCIERE

TURENNE

LAFAYETTE S.A.

(Cooked Meats

Division)

FRCOOPERL ARC

ATLANTIQUE S.A.FR

Corporate

(100%)

Cooperl Arc Atlantique acquired the meat products

division of Financière Turenne Lafayette which was in

financial distress (Madrange, Paul Predault, …)

- 480

FINANCIERE

TURENNE

LAFAYETTE SAS

(Ambient Prepared

Meals Division)

FRCOFIGEO SA /

ARTERRIS SCAFR

Corporate

(100%)

Cofigeo (Zapetti) and Arterris took over William

Saurin, French prepared meat products division of

Financière Turenne Lafayette

- 250

STEFANO TOSELLI

SASFR TER BEKE NV/SA BE

Corporate

(67%)

Belgian ready meals specialist Ter Beke acquired the

remaining 67% stake in Stefano Toselli (pasta ready

meals specialist) to create operational and

commercial synergies

- 67

YEO FRAIS SAS FRMAITRES LAITIERS DU

COTENTIN SCAFR

Corporate

(cooperative)

(100%)

The French dairy cooperative Maitres Laitiers du

Cotentin, acquired (private label) yoghurts specialist

Yeo Frais, adding a new competency to its portfolio

- 66

BRIENT FR AGRIAL FRCorporate

(100%)

French co-operative Agrial struck a deal to fully

acquire Brient, a high-end meat specialist. This

should allow Agrial to strengthen its poultry and meat

division, which already accounts for over 6% of total

revenues (approximately €275m)

- 65

NUTRISENS SAS FR UNIGRAINS SA FR PE (30%)

By selling a 30% stake to Unigrains, the dietary food

specialist Nutrisens should benefit from its investor's

sector expertise to further expand internationally

- 60

VERQUIN

CONFISEUR SASFR SUCRALLIANCE SAS FR

Corporate

(100%)

To extend its range of products and create synergies,

Sucralliance, a French candy producer, acquired its

fast growing competitor Verquin Confiseur (both

branded and private label producer)

- 45

COUVOIR PERROT FR LDC FRCorporate

(100%)

The French agri industrial company LDC, specialized

in poultry and meat acquired the chick-hatching

company Couvoir Perrot, in order to optimize supply

- 32

AMAND-BIANIC

GROUPFR POPY GROUP FR

Corporate

(100%)

Pork products specialist Popy Group acquired its

Breton competitor specialized in andouille and thus

completed its distribution channels

- 30

GRAIN D’OR GEL

SAS / LUBRANO ET

FILS

FR

AZULIS CAPITAL / MARC

LÉVY / FRANÇOIS

LUBRANO / BNP

PARIBAS

DÉVELOPPEMENT /

ARKÉA CAPITAL / SWEN

CAPITAL PARTNERS /

GROUPE SMA

FR PE

Grain d'Or Gel and Lubrano et Fils' merger gave birth

to a €50m-turnover group Novepan, gathering

complementary product offerings and geographic

coverage on high-end frozen bakery products

- 26

HERB'S

INTERNATIONAL

SERVICE

FR DOEHLER GROUP SE DE Corporate

German natural ingredients group Doehler

strengthened its healthy food segment by acquiring

Herb's International Service, a French natural health

ingredients producer and supplier

25 -

RENE LAURENT

SASFR

FRUTAROM INDUSTRIES

LTDISR

Corporate

(100%)

Acquisitive flavour and ingredients specialist

Frutarom Industries completed one of its eight

acquisitions of the year reinforcing its positioning in

the French market with family-owned business

René Laurent

20 12

EAU DE QUEZAC FR

SOCIETE DES EAUX

MINERALES D'OGEU

SAS

FRCorporate

(100%)

To strengthen its leadership position in the "regional

waters" sub-segment, Ogeu acquired Eau de Quezac

from Swiss giant Nestlé Waters

- 20

TEYSSIER

SALAISONSFR GROUPE EURALIS FR

Corporate

(100%)

Through its subsiduary Jean Satalaven, Euralis

acquired Teyssier, a high-end dry meat specialist,

hence reinforcing its premium take on meat

- 16

PwC8

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

VEGETALIA SL SP

ALIMENTATION ET

SANTE SAS (Ebro

Foods)

FRCorporate

(100%)

To become a European leader in organic food,

Alimentation et Santé, subsidiary of Ebro Foods,

acquired a Spanish organic food pioneer Vegetalia in

a €15m deal

15 12

PIZ'WICH EUROPE

SASFR ARDIAN FRANCE SA FR PE

With the arrival of Ardian in its capital, Piz'Wich, a

frozen pizza specialist, aims to not only strengthen its

position in the snacking industry but also expand

internationally as well as develop its in-flight catering

offerings

- 14

LES DUCS DE

GASCOGNE SASFR

MARIE JOLLIVET /

CYRIL JOLLIVETFR

Individual

(100%)

The French family business specialized in authentic

foie gras was sold to the Jollivet couple, who was

seeking new investment opportunities

- 11

SFOGLIA TORINO IT UNIGRAINS SA FRCorporate /

PE

Sfoglia Torino has acquired 100% of the capital of

Idea Quick Srl, an Italian frozen puff pastry producer,

with growth capital provided by Unigrains, thus

consolidating the Italian frozen dough market

- 11

ALGAIA FR

CEA INVESTISSE-

MENT / EMERTEC

GESTION /

MAABAROT

PRODUCTS

FR / ISR PE (Majority)

Algaia, which develops and commercializes

seaweed-based ingredients raised €6.5m to pursue

its development by increasing production capacity

and reinforcing the R&D unit

7 -

SOCIETE

NOUVELLE

FARANDOLE

GOURMANDE

SASU

FR MIX BUFFET SAS FRCorporate

(100%)

With €200m in yearly revenues, Sodebo's competitor

Mix Buffet, one of France's main pre-packaged salad

manufacturers, has successfully sealed a deal to

acquire this quiches and petits fours producing facility

from Délifrance

6 2

GROUPE SUD

CEREALESFR ARTERRIS FR

Corporate

(100%)

Arterris, a French agri-cooperative, consolidated its

position in the South of France by merging with Groupe

Sud Céréales, a cooperative engaged in agricultural

products, including food grains and oil seeds

2 84

FEED SASU FRSENSEII VENTURES

SASFR PE

Feed has the objective to become the European

leader of Smart Food with its ultra-healthy meals

(powdered solution drinks and bars) and raised €1m

1 -

ENTOMA SAS FR

BPI GROUPE SA / LE

COMPTOIR DE

L'INNOVATION SASU

FR PE

Entoma, also known as Jimini, successfully finalized

its €1m fundraising campaign, which should allow it

to further expand through R&D and develop its

insect-based product portfolio and accelerate the

acceptance of insects in food

1 0

ENGLISH BAY

BATTER INCCA

CERELIA SASU

(Backed by IK)FR

Corporate /

PE (100%)

Cerelia pursues its external growth strategy by

acquiring the Vancouver-based English Bay Batter,

specialized in cookies and muffins, its 3rd foreign

acquisition in the span of 18 months

- -

Food retail

PROSOL GESTION

(Grand Frais)FR

ARDIAN AND OTHER

INVESTORSFR

PE

(Majoritaire)

Investment fund Ardian acquired a majority stake in

Prosol Gestion (Grand Frais) in order to support its

national roll-out

- 1 600

GALLEN SA FR GROUPE LE GRAET FRCorporate

(51%)

Breton fish trade wholesalers Groupe Le Graet and

Gallen decided to associate to pursue a common

development strategy and create synergies

- 35

FRICHTI FR

VERLINVEST / FELIX

CAPITAL / ALVEN

CAPITAL / IDINVEST

PARTNERS

FR/EN/BEPE / Venture

Capital

The ready meal home delivery player Frichti has

succeeded in raising €30m from four investment

funds to develop its offering and start its international

expansion

30 -

COOKIN‘

THEWORLD SASFR

NORMANDIE CAPITAL

INVESTISSEMENT

GESTION SAS / 360

CAPITAL MGMT. / ISAI

GESTION SAS

FR PE

Cookin'TheWorld (now QuiToque), which delivers

fresh ingredients and food recipes to the consumers'

door, succeeded in raising €4m in order to support its

growth

4 1

ARCADY'S (ex CCK

Diffusion)FR EXTENDAM FR PE

Extendam enters Arcady's capital and joins Groupe

Bertrand in accompanying the French high-end

delicatessen company in its national and international

expansion

3 18

LES POPOTES

SARLFR

TRENT & CO SAS

(FOODETTE)FR

Corporate

(100%)

Only a couple of months after acquiring 4Jours4Dîners

and l'Epicier Toqué, Foodette purchased Popotes, a

100% organic and vegetarian products player that

delivers fresh food baskets directly to consumers homes

- 0

Note: the table above excludes the pet food industry and the following operations: Yooji, Clair de Lorraine, Ministry of Cake, Olives & Co, Eau des Alpes,

Pomuni France, L'Escargot Courbeyre, La Meringaie, WeCook, L'Igloo and the Carrefour IBO

PwC 9

PwC

Wine & spirit: the harvest of authenticity

10

• “Domestic” deals remain a key feature in Wines and Spirits with 12 deals involving French acquirers and targets. Four cross-borders deals however were completed by French brands which grabbed assets in the US and the Caribbean.

• Beyond classic consolidation, we observe three recurring investment themes:

Acquirers have an appetite for craft and organic

• Pernod Ricard invests in US-based craft liquor producer Smooth Ambler Spirits.

• Remy Cointreau invests in Domaine des Hautes Glaces, the “Alpine farm distillery”, an organic single malt whisky producer (6 months only after the Westland acquisition).

• Bouygues brothers’ family office makes its third acquisition in vineyards with Clos Rougeard, a French-based organic winemaker.

(Ultra)-premium brands attract interest from both Spirit companies and luxury players diversifying their product portfolio

• Bollinger pulls its weight and grows its stake in Delamain, a super premium cognac house.

• Private Investor Dona Bertarelli diversifies its luxury portfolio of investments with The Wine Merchant, a French wine trading company.

Brands seek international exposure

• InVivo pursues its InVivo Wine €1bn ambition. Created in 2015, with the acquisition of a Bordeaux trading company and a stake in wine cooperative Vinadeis, InVivo Wine added a substantial asset this year with Dutch trader Baarsma Wine that generates €210m annual revenues and opens new doors for export markets.

• Cognac Ferrand goes to the roots with West Indies Rum Distillery, a historic Barbadian rum business, gaining access to Barbados and Jamaican sourcing for Plantation.

Downstream, the sector is rife with innovative concepts: Petit Ballon (an online subscription based player) and Kol (pure mobile, home delivery) are in early stage development. Petit Ballon should benefit from synergies with new shareholder Vente-Privee.com whilst Kol is rolling out in France and the UK in the midst of its fundraising process.

It has been an active semester in the Wine and Spirits M&A space with 18 deals struck over the 6-month periodversus 23 over the whole of 2016. Most deals involved wine and spirits producers (12 operations) although distribution – wholesale and retail – is also a hot topic (6 operations).

PwC 11

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Production

WEST INDIES

RUM

DISTILLERY LTD

BB*COGNAC FERRAND

SASUFR

Corporate

(100%)

Cognac Ferrand completed its first acquisition abroad

through Barbadian rum producer West Indies Rum

Distillery

23,0 -

CHATEAU DE

SANCERRE

WINERY

FR ACKERMAN SA FRCorporate

(Majority)

Terrena's subsidiary Ackerman acquired the premium

France-based vineyard Château de Sancerre to support

its export strategy

20,5 3,5

CLOS

ROUGEARDFR

MARTIN BOUYGUES;

OLIVIER BOUYGUESFR

Family Office

(Majority)

The Bouygues family completed its third vineyard

acquisition through Clos Rougeard, a precursor organic

France-based vineyard. The 8th generation of the

Foucault family will remain involved in management

12,0 -

JEAN CHATEL

SAFR CHATEL FAMILY FR MBO

ACG Management sold its stake in rum and liquor

distillery Jean Chatel to the Chatel Family, who became

the sole shareholder

- 20,0

BEAUX-FRÈRES US HENRIOT FRCorporate

(Majority)

Champagne Henriot completed its first investment abroad

through the acquisition of US-based Pinot noir producer

Beaux-Frères

- 11,0

DELAMAIN ET

CIE SAFR

SOCIETE JACQUES

BOLLINGER SAFR

Corporate

(Majority)

France-based Champagne producer Bollinger increased

its stake in Delamain, XO pure player and premium spirits

producer ("Vieux cognac de Grande Champagne")

- 4,0

SMOOTH

AMBLER

SPIRITS

COMPANY

US

NBV INVESTMENTS

INC. / PERNOD

RICARD

US/FRCorporate

(Majority)

Pernod Ricard and its US subsidiary NBV Investments

acquired a majority stake in craft and premium spirits

producer Smooth Ambler Spirits

- 2,8

DOMAINE DES

HAUTES

GLACES SAS

FR REMY COINTREAU SA FRCorporate

(100%)

Rémy Cointreau acquired the France-based organic and

premium malt whiskey distillery Domaine des Hautes

Glaces, to reinforce its activity in this fast-growing

segment

- 0,3

CHÂTEAU BEL-

AIRFR GOLDEN FIELD CH

Corporate

(100%)

Agrofood giant Golden Field invested in Bordeaux-based

Château Bel-Air (55 ha), a premium wine producer- -

Wholesale / Retail

BAARSMA WINE NL INVIVO INVEST FRCorporate

(100%)

InVivo acquired wine distributor Baarsma Wine, to extend

its reach to Northern European market- 210,0

L D. VINS FR JACKY LORENZETTI FRIndividuals

(100%)

After acquiring vineyards, Jacky Lorenzetti invested in

wine merchant L. D. Vins (3/4 of sales are exported)- 50,0

THE WINE

MERCHANT SAFR

DONA BERTARELLI;

YANN GUICHARD;

YANN BORGSTEDT

CHFamily Office

(100%)

A Swiss Family Office acquired the Wine Merchant,

French wine trading company, to diversify its luxury

portfolio of investments

- 40,0

LE PETIT

BALLON SASFR VENTE-PRIVEE.COM SA FR

Corporate

(Majority)

Vente Privée acquired the innovative subscription-based

wine distribution start-up Le Petit Ballon to strengthen its

position in the wine market (currently, wine represents 5%

of VP's offering)

- 8,0

KOL FR

DAY ONE

ENTREPRENEURS &

PARTNERS (ex

L‘Accélérateur Capital

Partners) / BUSINESS

ANGEL(S)

FREarly stage

fund raising

Wine and spirits home delivery start-up Kol raised €1m

from venture capital funds Day One Entrepreneurs &

Partners and Business Angels

1,0 1,0

(*) BB: Barbados

Note: the table above excludes the following operations: Les caves de la Bergère, Château Trianon, Château Haut-Batailley and Les viticulteurs de Fort Medoc

PwC

Clothing and footwear: through thickand thin

12

• Out of the 26 deals struck over the 6-month period, one third relate to distress situations. In parallel, rising stars receive backing from investors, and Private Equity is very active, playing a part in nearly half of the deal activity.

• M&A in the segment remains dominated by strictly domestic deals (20 out of 26), with little outbound investment and few foreign investors coming to the rescue of struggling players.

Distress situations across segments

• Value players Tati and Mim are taken over by fellow retailers GiFi and Tally Weijl. In the same segment, Swiss value fashion retailer Yendi did not find new investors and was put in bankruptcy procedure earlier this year.

• After Blancheporte and Becquet in prior years, Spanish catalogue operator Venca leaves the 3SI portfolio through an MBO. 3 Suisses Group itself is in exclusive talks with potential acquirer Domoti although the deal has not been officially sealed.

• Vivarte pursues its divestment strategy with the Pataugas brand going to Colis Privé founders and shoe manufacturing site CVC to German restructuring player Hanse. More recently in July, Kookai was taken over by its Australian licensee Magi Entreprise.

New French brands with strong identity and rich product design content are backed by private investors

• Fashion brand Sessun gets support from ECP which also owns Figaret and Le Slip Français.

• Contemporary cashmere brand Kujten has sought investors M Capital to continue its retail roll out strategy.

• Both innovative watch brand Klokers and Compressport, a sports technical wear brand surfing on the running trend, close their funding rounds successfully.

Innovative business models continue to thrive

• Originally pure-mobile player Jello (operating as Sprint) continues to rock the online fashion space and gets supports from investors including Groupe Arnault.

• Online second-hand fashion players vestiaireCollective and Videdressing get new rounds of funding.

Finally omnichannel investments go both ways

• Conforama invests in e-commerce pure player Showroomprivé.

• Pure player Spartoo grabs Kindy’s child footwear assets.

Fortunes of players involved in apparel and footwear are very contrasted, to say the least, and this is reflected in this half year’s M&A trends.

PwC 13

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Manufacturers and Traders

NOYON

DENTELLEFR

ETAM / LA PERLA

INTERNATIONAL LIVING /

MAS / VAN DE VELDE

FR Corporate

Management, backed by historical key clients,

acquired the France-based distressed lace

manufacturer Noyon Dentelle

- 15,5

COMPAGNIE

VOSGIENNE DE

LA CHAUSSURE

FRHANSE INDUSTRIEKAPITAL

BETEILIGUNGS GMBHDE PE

Hanse, specialist distress investor, acquired

Vivarte's shoe manufacturing asset CVC and

ambitions to premiumize production

- 12,0

Brands and Retailers

CHRISTIAN DIOR

SE (25.9% Stake)FR

BERNARD ARNAULT

(PRIVATE INVESTOR)FR

Corporate

(25,9%)

LVMH launched an IPO in June to acquire the 26%

in Dior it did not already own in order to simplify

LVMH’s ownership structure

12 111,0 -

CHRISTIAN DIOR

COUTUREFR

LVMH MOET HENNESSY

LOUIS - VUITTON SEFR

Corporate

(100%)

LVMH fashion and leather goods division buys

Christian Dior Couture for an enterprise value of

€6.5bn

6 500,0 1 854,0

AGORA

DISTRIBUTION

SASU

FR GIFI GROUPE FRCorporate

(100%)

GiFi, the value retailer, integrated distressed Tati

and intends on keeping the Tati brand- 346,7

MIM FR TALLY WEIJL / ETAM CH / FR Corporate

Swiss youth fashion retailer Tally Weijl committed

to maintain c.70 stores (to be converted to the TW

concept)

- 150,0

RAUTUREAU

APPLE SHOES

SAS

FR

M. XAVIER MARIE /

ALLIANCE ENTREPRENDRE

SAS / EPF PARTNERS SA

FR PE (100%)

Xavier Marie, Maisons du Monde founder, and an

experienced footwear manager took over multi-

brand shoe manufacturer Rautureau (the family

had sold childrenswear brand Pom d'Api in 2016)

15-20 41,2

FINSBURY FR

BPIFRANCE INVESTIS-

SEMENT / ALLIANCE

ENTREPRENDRE /

MANAGERS

FR PE (Minority)

Men's shoe brand and retailer Finsbury raised

€10m to support its ongoing development

(international, digital, diversification into

accessories)

10,0 40,0

ACTIFS DE

KINDYFR GALATÉE / SPARTOO FR

Corporate /

Private Investors

(100%)

Spartoo and Galatée respectively took over

childwear and sock subsidiaries of Kindy group, in

financial distress

- 32,3

BRUNO SAINT

HILAIRE SASUFR

FABRICE DORR / VINCENT

LEFEBVREFR MBO (100%)

Management acquired Activa's share in tailor

specialist Bruno Saint-Hilaire, with plans to

increase retail presence whilst maintaining its

multibrand network

- 20,8

SESSUN SAS FREXPERIENCED CAPITAL

MANAGEMENT SASFR PE (43%)

Second investment in the semester for ECP in fashion

with Sessun, the clothing and lifestyle brand- 20,0

PATAUGAS

SASUFR HOPPS GROUP SAS FR

Corporate

(100%)

Hopps, owned by Colis privé's shareholders,

completed the acquisition of Pataugas from Vivarte

with intent to reenergize the brand

- 15,6

COMPTOIR

INTERNATIONAL

DE LA CHEMISE

SAS

FREXPERIENCED CAPITAL

MANAGEMENT SASFR PE (70%)

After Sœur in 2016, ECP acquired Figaret and

plans on repositioning the affordable luxury brand,

and driving international expansion. EPI keeps a

minority stake

- 14,4

DIDIER

PARAKIANFR

ZHEJIANG DUNNU

INDUSTRIAL CN Corporate

Chinese textile group Zhejiang comes to the rescue of

distressed womens’ fashion creator Didier Parakian- 10,0

GIAMBATTISTA

VALLI EURLFR ARTEMIS SA FR PE (Minority)

Artemis follows up on its 2015 investment in

Courrèges with a stake in Haute couture creator Valli- 9,8

COMPRES-

SPORTFR CALCIUM CAPITAL FR PE

France-based technical wear specialist

Compressport raised funds to support international

expansion, surfing on the running craze

5,0 10,0

KUJTEN FRM CAPITAL PARTNERS (ex

Midi Capital)FR PE

Created in 2012, contemporary cashmere brand

and retailer Kujten found new partners to support

its roll-out

3,0 5,5

AFFORDANCES FR

CRÉDIT AGRICOLE ALPES

DÉVELOPPEMENT /

ENTREPRENEURS

FACTORY

FR PE (40%)

Created in 2014, premium watch player

Affordances (Klokers brand) raises €2m from PE

investors. Management keeps a controlling stake

and targets a €20m turnover by 2020

2,0 -

PwC14

Note: The table above excludes the investment in IP Finance by Reworld Media and Private investors, and the fundraising of Les Culottées.

* This transaction has not completed as of September 2017

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

E-commerce / Home shopping specialists

SHOWROOM-

PRIVE.COMFR CONFORAMA FR

Corporate

(17%)

Showroomprivé found a new partner, Conforama,

to improve sourcing of home-related products in

line with its diversification strategy

157,4 539,7

3 SUISSES* FR DOMOTI FR CorporateAfter acquiring Becquet, a catalogue operator in

2016, Domoti is rumored to take over 3 Suisses- 115,0

JELLO LABS

INC.US

FIDELITY INVEST-MENTS /

GROUPE ARNAULT SAS /

THRIVE CAPITAL

MANAGEMENT LLC /

BOXGROUP

US / FR PE

Pure mobile retailer Jello Labs (operating under

the Spring brand) closes a new round of funding,

including former investor Groupe Arnault

59,8 -

VESTIAIRE

COLLECTIVE SAFR

EURAZEO CAPITAL SA /

VITRUVIAN PARTNERS

LLP / IDINVEST PARTNERS

FR PE

Former shareholder Eurazeo reinvests along with

new international partners in second-hand online

specialist Vestiaire Collective to accelerate its

international growth

58,0 100,0

VIDEDRESSING.

COMFR

DN CAPITAL / PITON

CAPITAL / EARLYBIRD

VENTURE CAPITAL /

GENERIS CAPITAL

PARTNERS

FR / EN /

DEPE

A new round of funding for the second-hand online

specialist Videdressing, to comfort its position and

model

5,4 35,0

VENCA SP MANAGERS - MBO (100%)

After Becquet and Blanche Porte, 3 Suisses

divests Venca, the Spanish fashion mail order

business, taken over by Management

- -

PwC 15

PwC

Personal Care & Cosmetics: no blemishes

16

Eyewear players along the whole value chain are reviewing their positions: whilst the Luxottica -Essilor merger is expected to be finalised in the second half of this year, other players are on the front foot:

• Kering Eyewear and Richemont / Cartier join forces and expect both industrial and commercial synergies.

• LVMH invests and sets up a JV with Marcolin, the Italian eyewear manufacturer. The partnership called Eyewear will start with Celine and Louis Vuitton branded spectacles and should widen to the Group’s other brands.

• PE-backed UK player Inspecs invests in Killine, a French manufacturer with strong positions in Asia including two plants.

• New player Jimmy Fairly wants to bring affordable products onto the market and finds backing from ECP.

Luxury group LVMH turned the page on its JV with De Beers and the Baccarat story:

• De Beers group has bought back its stake from the joint-venture with LVMH, which has become a jewellery leader on its own since the acquisition of Bulgari in 2011.

• Starwood and the fund L Catterton (of which LVMH is shareholder) sold French high-end crystal specialist Baccarat to a Chinese fund (Fortune Fountain Capital).

Cosmetics is ripe with M&A activity, from mega deals to small venture - but the themes are common across deal size: active cosmetics, natural cosmetics and innovation:

• Active cosmetics is particularly prominent. L’Oréal acquires three brands from Valeant. Revitacare is grabbed by a Chinese HA specialist and Dermavita by a medical device and cosmetology player.

• Innovative concepts get backing from PE: Skinjay with its essential oils shower solution and Feeligreen with its technology-inspired device and anti-ageing cream combo.

At the retail end of cosmetics, Natura grabs the big prize with Bodyshop whilst Sephora continues its European expansion with Turkish retailer Tekin Acar; Yves Rocher takes control of its distributors in Romania and Hong Kong and invests in Israel-based soap brand Sabon. In France independent selective perfumery retailers don’t just sit back: Passion Beauté gets PE backing to continue its development.

Finally online players pursue their strategies:

• Showroomprivé extends its category coverage with Beauté privée, whilst feelunique reinforces its beauty credentials with Madine, the French beauty content website.

Striking features in Personal Care & Accessories this semester: two “mega deals”, a flurry of corporate cross-border activity (9 inbound and 6 outbound out of 26 deals) and extensive Private Equity involvement (10 outof 26).

PwC 17

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Brands / Manufacturers

CERAVE, AMBI,

ACNEFREEUSA L'OREAL / L'OREAL USA FR Corporate

After IT Cosmetics in 2016, L'Oreal acquired the US

skincare brands Ambi, Acnefree and CeraVe to

reinforce its fast-growing Active Cosmetics division

1 228,0 158,7

MARCOLIN IT LVMH FRCorporate

(10%)

LVMH acquired 10% of eyewear manufacturer

Marcolin and launched a joint venture to develop

partnerships with the Italian company

- 434,8

KERING

EYEWEARFR

COMPAGNIE

FINANCIÈRE RICHEMONTCH

Corporate

(30%)

Kering entered into a strategic partnership with Maison

Cartier (Richemont) in a move to create industrial and

commercial synergies

- 340,0

SABON ISR YVES ROCHER S.A. FRCorporate

(70%)

In line with its objective to generate 50% of turnover

abroad by 2026, Yves Rocher acquired 70% of Israel-

based soap and cosmetics brand Sabon

86,6 100,0

LABORATOIRE

REVITACAREFR

BLOOMAGE

BIOTECHNOLOGY

CORPORATION LIMITED

CNCorporate

(100%)

Chinese biomedicine and hyaluronic acid specialist

Bloomage invests in Revitacare, a specialist brand,

supplying medical aesthetic practitioners with anti

ageing products

25,2 -

LE COUVENT DES

MINIMESFR

INVESTISSEURS

INDIVIDUELS / HLD

GROUPE

FRCorporate /

PE (100%)

L'Occitane disposes of Le Couvent des Minimes to

Filorga's owner HLD20,0 10,0

LALIQUE FRTAMER GROUP / FAMILY

OFFICESSA

PE

(Minority)

Maison Lalique received €15m from Family offices to

support international growth, especially in Asia

(currently 20% of activity)

15,0 125,0

ACTIV MEDICAL

DISPOSABLEFR

CM-CIC

INVESTISSEMENTFR PE (28%)

In a market driven by ageing population, Activ Medical

Disposal invited CM-CIC to contribute to its growth- 60,0

MAISON FRANCIS

KURKDJIANFR LVMH FR

Corporate

(Majority)

After Serge Lutens, Atelier Cologne and L'Artisan

Parfumeur, it's Maison Francis Kurkdjian's turn to join a

global Luxury group

- 23,0

FEELIGREEN FRINNOVACOM,OTIUM

CAPITALFR PE

Feeligreen innovates with instrumental cosmetics,

offering both devices and anti-ageing creams, building

on the IoT trend

3,5 0,5

SKINJAY FR SEVENTURE PARTNERS FR PESkinjay offers a unique shower solution with a device

and essential oil capsule combination3,5 0,5

JUVEDERM

(Dermavita)FR DIMA CORP LU Corporate

Dimacorp, the medical device and cosmetology

distributor, acquires Dermavita, an active cosmetics

brand

- -

KILLINE GROUP FR INSPECS LIMITED UKCorporate /

PE

PE owned eyewear manufacturer Inspecs (€60m

turnover) acquired Killine group, a major spectacles

supplier with two plants in Asia, a key growing market

- -

Personal Equipment / Luxury

BACCARAT FRFORTUNE FOUNTAIN

CAPITAL (FFC)CN

PE

(88,8%)

After the Chinese group Gangtai's acquisition of

jewellery brand Buccellati in 2016, it's FFC's turn to buy

French luxury crystal maker Baccarat from L Catterton

185,0 148,0

DE BEERS

DIAMOND

JEWELLERS

LIMITED

FR/UK

DE BEERS GROUP

SERVICES (Proprietary)

LIMITED

LUCorporate

(50%)

De Beers acquired remaining the 50% of De Beers

Diamond Jewellers from LVMH, putting an end to its JV

with LVMH, 16 years after its creation

- 137,2

CHRISTIAN

BERNARDFR

MARCEL ROBBEZ-

MASSONFR

Corporate /

PE

FCDE-backed jewellery manufacturer Marcel Robbez-

Masson consolidates its position on the market with the

acquisition of the financially distressed manufacturer

Christian Bernard

40,0 50,0

PwC18

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Retailers

THE BODY SHOP FR NATURA COSMETICOS BRCorporate

(100%)

Natura, the leading direct selling cosmetics company,

acquires The Body Shop from L'Oréal1 000,0 921,0

JIMMY FAIRLY

SAS (46% Stake)FR

EXPERIENCED CAPITAL

PARTNERS SAS;

ARNAUD PLOIX

(PRIVATE INVESTOR)

FR PE (43%)

Odyssée Ventures sold its stake in eyewear retailer

and brand Jimmy Fairly to ECP. Fairly's ambition is to

pursue its development in France and in Europe

8,0 6,0

PASSION BEAUTE FR ESFIN GESTION FR PEPassion Beauté, a group of independent perfume and

cosmetics retailers, raised €5m to extend its reach5,0 116,0

TEKIN ACAR

BUYUK

MAGAZACILIK

TICARET AS

TR SEPHORA SA FRCorporate

(100%)

Sephora acquired 19 stores from Tekin Acar, the

distressed Turkey-based cosmetics retailer- -

COSMETIQUES DE

FRANCE SARLRO YVES ROCHER S.A. FR Corporate

Yves Rocher acquired the Romania-based franchiser

of cosmetics CdF, operating 40 stores in Romania.

CdF helped Yves Rocher become the first single-brand

retail store in Romania

5,0 5,2

YES GREEN HK YVES ROCHER S.A. FR CorporateYves Rocher acquired the Hong-Kong based franchiser

Yes Green which operates 20 stores in Hong-Kong1.0 - 20.0 -

E-commerce

BEAUTE PRIVEE

SASFR SHOWROOMPRIVÉ FR

Corporate

(60%)

SRP pursues its diversification strategy with this beauty

pure player18,0 19,0

SANTÉDISCOUNT FR ARDIAN FR PE

After acquiring Comptoir Santé from Casino in Nov.

2016, online health and beauty retailer Santédiscount

gained backing from Ardian

- 15,0

PHARMARKET

SASFR

MR JEAN-CLAUDE

LABRUNE / MR TONY

PARKER / MR LAURENT

DE CLERGERIE / MR

REGIS FABRE

FR IndividualsThe online pharmacy retailer Pharmarket raised €1m to

support its development1,0 -

MADINE SAS FR THEBIGWEB UK LTD UKCorporate

(100%)

UK online beauty retailer Feelunique (Thebigweb)

accelerates its penetration of the French market with

the acquisition of the online beauty content The

Beautyst (Madine)

- 0,1

PwC 19

PwC

Home Goods, Appliances & Electricals: from floor to ceiling

20

One common point with last year though: private equity players remain very active and domestic deals remain a key feature in the segment, with only one significant inbound investment over the period (a Polish acquirer).

The most prominent theme is the interest in wholesale and BtoB players / omnichannel:

• Polish kitchen-equipment specialist Amica acquired household appliances wholesaler SIDEME.

• LDLC continues its omnichannel and BtoB consolidation play by acquiring BIMP, a key hi-tech and Apple products reseller that caters to professional and educational segments as well as consumers.

• Naxicap invests in electricals and home equipment wholesaler Findis.

• GEI, via its investments in Miss Numérique and Objectif Bastille, builds a €40m turnover omnichannel hi-tech player.

Other investments in the sector are rather diversified but mainly revolve around well-being at home: comfortable bathroom solutions, luxurious home fragrances and exterior lighting, customized music players … (see illustration below).

Maisons du Monde was the highest value operation and only significant pure retail deal, with Bain Capital divesting its last shares post IPO. There will be more to come in the second half of the year in this segment with the likes of Ceconomy, which has announced the acquisition of Artemis’ 25% stake in Fnac Darty for a value of c.€452m.

M&A in the Home Goods, Appliances & Electricals segment has witnessed a slowdown, with 15 deals struck over the 6-month period versus 35 in H1 2016.

• Easy Shower

• ILEA

• Roger Pradier• Manufacture Française de Bougies

• Lampe Berger

• Orvema

• Bron Coucke• Maisons du Monde

• Prizm

PwC 21

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Manufacturers

PMH FR P3G INDUSTRIES FRCorporate

(100%)

PMH (Parisot group), a home furniture manufacturer, has

been acquired by its former subsidiaries group (P3G

Industries) to reach critical mass (now a top-ten player in

Europe with a combined turnover of €290m)

- 190

LAMPE BERGER FRARGOS SODITIC /

MANAGERSFR

PE

(Majority)

The investment fund Argos Soditic acquired a majority stake

in Lampe Berger, the home fragrance lamps manufacturer.

The SME plans to invest in R&D and Sales

- 50

EASY SHOWER FR TURENNE CAPITAL FRPE

(Minority)

Turenne Capital took a minority stake in French SME Easy

Shower, a producer and installer of showers and baths for

persons with reduced mobility. This should support further

growth (M&A and international)

- 15

ORVEMA FR

LABRUYERE

EBERLE (Financière) /

MATHILDE

CREATIONS

FRPE

(Majority)

Labruyere Eberlé acquired Orvema, an interior perfumes and

decorative items manufacturer in receivership, to revitalise

this company

- 13

ROGER PRADIER FR CONSTELLATION FR/BE PE (25%)

With new investors entering Roger Pradier's capital (namely

Tristan de Witte - 75%, and Constellation - 25%), the historic

French outdoor lighting specialist aims to increase its export

activity to 50%, benefitting from its investors' international and

luxury expertise

- 8

BRON COUCKE FRTELLIER GOBEL &

CIEFR Corporate

Bron Coucke, a historical actor of utensils and equipments for

professional cooking, has been acquired by Tellier Gobel &

Cie, to create synergies and internationally extend and

consolidate their portfolio of complementary products

- 7

ILEA FR

OCÉAN

PARTICIPATIONS,

SIPAREX, SODERO

GESTION

FR PE

Ilea, a producer of customizable showers specially suited for

senior customers, raised €1.1m, with a view to develop its

commercial position in France and abroad and to acquire new

competencies

1 3

MANUFACTURE

FRANCAISE DE

BOUGIES

FRBPIFRANCE

INVESTISSEMENTFR PE

BPI "fonds pour les savoir d'excellence" invested in French

premium perfumed candles manufacturer "Manufacture

Française de Bougies", a supplier to premium candles brands

such as Diptyque or L'Artisan parfumeur

- 2

PRIZM FR

CM-CIC

INNOVATION / KIMA

VENTURES

FR PE

Prizm, the start up launched in 2014 and developing smart

audio players, raised €1m to develop its R&D team and keep

its technological advantage

1 -

Wholesalers / Retailers

MAISONS DU

MONDE SASFR PUBLIC FR

Stock

Market

(31,2%)

After the IPO in 2016, Bain Capital finally sold its remaining

stake in Maisons du Monde, a furniture and houseware

retailer

c. 400 882

FINDIS FR

NAXICAP

PARTNERS, OUEST

CROISSANCE,

SODERO GESTION,

BPI FRANCE, SG

CAPITAL

PARTENAIRES

FR PE

Naxicap acquired Findis, the electricals and home equipments

wholesaler from Activa Capital, Capzanine, EPF Partners &

Quilvest Private Equity

- 300

SOCIETE

INDUSTRIELLE

D'EQUIPEMENT

MODERNE

SIDEME SA

FR AMICA SA POCorporate

(60,706%)

The Polish kitchen-equipment specialist (€650m) acquired all

of the household appliances retailer SIDEME's shares, hence

buying off those owned by Electrolux (39%) and Crosslee

(22%)

4 81

BIMP (OLYS) FR GROUPE LDLC FRCorporate

(100%)

By acquiring BIMP, the hi-tech/Apple BtoB distributor and

retailer, LDLC, who struck a strategic deal in 2016 by

acquiring Domisys, strengthened its product portfolio

(PC/Apple) and footprint (14 agencies / stores)

- 40

BACK MARKET FR

DAPHNI / AGLAE

VENTURES /

BUSINESS

ANGEL(S)

FR PE

The greentech online platform, Back Market, which offers

repackaged electricals and electronicals, succeeded in raising

€7m to accelerate its international development and reinforce

its relationship with reconditioning partners

7 28

MENATEX

(Objectif Bastille)FR

MISS NUMERIQUE

(Libertad Holding)FR

Corporate

(Majority)

Libertad Holding (Miss Numérique) acquired Objectif Bastille,

photo and video BtoB online retailer after welcoming GEI in its

capital (minority)

- 20

PwC

“Other Specialists” have found their pet subject

22

The petcare industry has been particularly active (9 deals across the whole value chain), with targets specialized in nutrition and pet supplies with traditional models…

• Animal nutrition and health global player Neovia consolidates its position on the animal nutrition segment with two acquisitions: Mexican premix producer Apligen and French dietary products specialist Agranix.

• PE funds showed interest in this fast-growing segment: CM-CIC invested in animal nutrition specialist Idena (Innovation Développement) to support its international growth.

• Medor et Compagnie (Estolon - subsidiary of garden center retailer Botanic) acquired pet food and accessories retailer Rapid Croq to double its store network.

… and innovative / online business models:

• Subscription-based Animal box was acquired by Doctissimo to strengthen its e-commerce activity and diversification into pets.

• Pet supplies retailer LesGriffes.fr offers onlineprivate sales.

Online players always keep attracting investors (10 out of 23):

• Niche markets are digitizing: Chronocarpe and NaturaBuy, two online fishing platforms expand with PE support and art selling online platform Artser (Mumart) accelerates its expansion abroad.

• Technology flourishes : Drone Volt acquired one of the reference drone selling online sites for professionals in Denmark.

• The online subscription-based flowers delivery start-up Bloomon, which raised €21.4m, reduces the number of intermediaries “from grower to customer”.

The segment of Specialist Retailers remained as dynamic as in H1 2016 (23 deals in H1 17 vs. 27 in H1 16). Deals, mostly domestic (15 out of 23), attracted both PE funds (11 deals) and corporate acquirers, driven by consolidation.

PwC 23

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

Manufacturers / Retailers

FDG FR

CM-CIC

INVESTISSEMENT /

MANAGERS

FRPE

(Majority)

FDG is a diversified consumer goods player, which

provides sourcing and merchandizing activities to

supermarkets across 15 product categories

- 123,0

ARTEUM SAS FR ARTS ET BIENS FR PE (65%)

PE fund Arts et Biens acquired 65% of art-related

products retailer Arteum, which also operates a network of

museum shops

3,5 14,0

INNOVATION

DVPT. EN

NUTRITION

ANIMALE SAS

FR

CM-CIC

INVESTISSEMENT

SASU

FR PE

In a high growth context, the animal nutrition specialist

Idena (Innovation Développement en Nutrition Animale)

sought funding to invest in R&D and expand abroad,

notably on Asian markets

1,9 23,0

APLIGEN SA DE

CVMX NEOVIA SC FR

Corporate

(100%)

Neovia strengthened its premix business and extended its

product offer by acquiring Mexico-based livestock nutrition

products manufacturer Apligen

- 22,4

OR BRUN FR ELEPHANT VERT CH Corporate

Or Brun, French leader of organic products for garden

maintenance, has been acquired by Elephant Vert, a

Swiss group developing organic fertilizers

- 20,0

SAS BILLAUD

GRAINSFR NEODIS (InVivo) FR Corporate

Neodis (animal and vegetal division of InVivo) acquired

Billaud, specialized in seed mixture manufacturing for

birds and animals, to complement its product offer

- 10,0

RAPID CROQ'

SARLFR ESTOLON SASU FR

Corporate

(100%)

Estolon (Botanic group subsidiary), garden activities

company, acquired Rapid'croq, a pet food and

accessories retailer, enabling it to double its 'Médor et

Compagnie' stores network by external growth

- 3,2

AGRANIX SAS FR NEOVIA SC FRCorporate

(100%)

Neovia reinforced its feed supplement offer for animals

with the acquisition of Agranix, a boluses and dietary

products specialist

- 1,8

MARBOTIC FR

MICHELIN

DEVELOPPEMENT /

FAMILY OFFICE

MIRABELLE

FR PE

Marbotic, a connected wooden toys manufacturer, raised

€1.45m from family office Mirabelle and Michelin

Développement

1,5 -

HUBLEX FR

INVESTESSOR - LES

ANGELS DE PARIS -

ILE DE FRANCE /

FEMMES BUSINESS

ANGELS / INVEST-Y

ANGELS

FR PE

Hublex, designing and developing self-balancing vehicles

("gyropodes") for use in professional environment,

increased its capital to launch the production and

development of its vehicles

1,0 -

EN SELLE

MARCELFR LEPAPE FR Corporate

Sports retailer Lepape invested in En Selle Marcel, a

Parisian concept store dedicated to city bikes, with the

ambition to take advantage of complementary positionings

- 1,0

ADAX SAS

(Snacks Business)FR

RONDO FOOD GMBH &

CO. KGDE

Corporate

(100%)

German pet snack manufacturer Rondo consolidates its

position on the market with the acquisition of Adax, and

expands its product range

- -

E-commerce / Omnichannel

BLOOMON

NEDERLAND BVNL

PARTECH

INTERNATIONAL

PARTNERS SAS /

FORTINO BEHEER /

INKEF CAPITAL BV /

ANGEL INVESTORS

FR /

BE /

NL

PE

The online flowers subscription-based delivery start-up

Bloomon, disrupting traditional business models by

reducing intermediaries ("from grower to customer"),

raised €21.4m to support its growth

21,4 -

FITNESS-

BOUTIQUEFR

M CAPITAL PARTNERS

(ex Midi Capital)FR PE

The omnichannel sports retailer Fitnessboutique raised

€4.3m to support its national and international expansion4,3 40,0

GIFT FOR YOU NL WONDERBOX FRCorporate

(100%)

Wonderbox strengthened its position in Nordic countries

with the acquisition of gift boxes Dutch leader Gift for You- 17,0

NATURABUY FR

NEXTSTAGE AM|LO

CAPITAL /

PERSONNE(S)

PHYSIQUE(S) /

MANAGERS

FR PE

Next Stage AM invested €10.5m in the hunting and fishing

equipment website NaturaBuy to accelerate its

development and reinforce its teams

10,5 2,5

PwC24

Target Country Acquiror Country Type Deal description Deal size

(€m)

Revenues

(€m)

CHRONOCARPE FR

NOTUS

TECHNOLOGIES /

COMPAGNIE D'ANJOU

FR PE (100%)

Notus and Compagnie d'Anjou acquired the online fishing

accessories retailer Chronocarpe and intend to support its

international expansion

- 7,0

CHEVAL-

ENERGY.COM

(Vet Company)

FR

GENERIS CAPITAL

PARTNERS / PRIVATE

INVESTORS /

FOUNDERS

FRPE &

Individuals

Cheval-Energy, the online food supplement retailer for

horses, invites PE and private investors to contribute to its

fast expansion

- 3,2

MUMART SAS FRMR FREDERIC

JOUSSETFR

Individuals

(30%)

After the acquisition of Beaux-Arts magazine in 2016,

Frederic Jousset (co-founder of the customer experience

specialist WebHelp) invested in art selling online platform

Arstper (Mumart) to accelerate its expansion abroad in a

growing online art market

2,0 0,2

ANIMALBOX

SASFR DOCTISSIMO SAS FR Corporate

Doctissimo (Lagardère Active) strengthens its e-

commerce activity and diversification into pets with the

acquisition of the subscription-based pet care box

Animalbox

- 2,0

DANDRONE DK DRONE VOLT FR Corporate

The omnichannel drone retailer Drone Volt acquired

Dandrone, the online civilian drone retailer for

professionals

- 0,9

LESGRIFFES.FR FRUNDISCLOSED

INVESTOR- -

Online pet supplies private sale retailer Lesgriffes.fr was

acquired by an undisclosed investor0,3 -

NEUMATICOS &

BICICLETAS

MTB SL

SP PUMPED SARL FRCorporate

(100%)

Neumaticos y Bicicletas MTB retails cycling tires and

accessories online and now operates as a subsidiary of

Pumped SARL

- -

Note: the table above includes the pet food industry

PwC

Notes

25

PwC

Notes

26

PwC

Notes

27

PwC

Contacts

28

PwC supports Private Equity and Corporates in every step of their acquisitions, integrations and divestment processes

Sabine Durand-Hayes

Partner PwC TransactionsRetail & Consumer LeaderPwC France

sabine.durand@fr.pwc.com

+33 1 56 57 85 29

Anne-Lise Glauser

Partner Strategy&

anne-lise.glauser@strategyand.fr.pwc.com

+33 1 56 57 84 53

Ghislaine Chevalier

Director PwC Transactions

ghislaine.chevalier@fr.pwc.com

+33 1 56 57 16 04

Fabien Fontaine

Director Strategy&

fabien.f.fontaine@fr.pwc.com

+33 1 56 57 85 18

Cécile Bouzereau

Marketing & BusinessDevelopment

cecile.bouzereau@fr.pwc.com

+33 1 56 57 13 17

Nour Tekaya

Marketing & BusinessDevelopment

nour.tekaya@fr.pwc.com

+33 1 56 57 73 37

Transactions Deals Strategy & Operations

Business Development