OBO on the group Ludendo La Grande Récré
iXEN completes an OBO on the group Ludendo La Grande Récré
NiXEN (formerly iXEN) completes an OBO on the group Ludendo La Grande Récré, France’s leading specialist retailer of games, toys and other children’s products through its flagship chain La Grande Récré, which is restructuring its equity around the Grunberg family, which founded the company and is still the majority shareholder.
The company has more than 300 outlets and posted 2009 sales in excess of €400 M. After a period of fast expansion both in France and abroad, during which the company’s sales doubled in the last five years, the stake taken by iXEN marks both a tightening of the shareholding structure and a significant strengthening of the company’s financial resources.
With this transaction, the original financial shareholders – Siparex, EPF Partners, Fortis Private Equity and ESFIN – will cash out their investment, while Avenir Entreprises will retain a stake in the company. This change of partner coincides with a very promising business environment in which the company plans to press ahead with its robust expansion through a combination of organic growth and acquisitions.
“In a shifting competitive landscape, Ludendo, which is already the leader in its market, stands out as a natural key player poised to seize upcoming opportunities in the industry” said Pierre Rispoli.
For Jean-Michel Grunberg, the company’s Chairman, this significant financial transaction is a major indication of investors’ and banks’ confidence in the company: “We have substantial leverage for stepping up our growth and grasping every opportunity that we consider beneficial for the company. The momentum generated by our business plan, together with our top-flight management and the dedication of our in-store and head office staff, are major competitive advantages for Ludendo’s success.“