PRESS RELEASE Demeter Joins with BNP - Demeter

PRESS RELEASE
Demeter Joins with BNP Paribas Développement and
InnovaFonds to put Intelligence in the Home
Paris, 19 May 2014 – Demeter joins with BNP Paribas Développement and InnovaFonds to take over
the Home Comfort hub (Avidsen, Extel, Maisonic and their subsidiaries in Spain, Italy and Belgium) of
the consumer electronics group HF Company along with its management team. The transaction
values the newly created group “Smart Home International” at € 23.5 million.
The Smart Home International group companies have developed a large range of home automation
systems marketed to consumers. Today, they employ more than 120 people, in their Chambray-LèsTours (37) and Trévoux (01) locations. Total gross revenues amounted to € 42 million in 2013, of
which 25% generated by exports.
In a dynamic connected devices market characterized by increasingly accessible technology, Smart
Home International stands out thanks to its strong innovative capabilities, recognized know-how in
related services, and strong international imprint. Counting more than 1000 references, marketed as
their own brands or via distributor brands (like Castorama’s Blyss), the group has become a key player
in the distribution of home automation products in DIY stores.
In order to capture the growth of an expanding market, the financial investors will accompany the
management team by giving the group the means to accelerate its transformation to a market leader
in home automation and connected home equipment in France and in Europe. This new financial
support will also allow the group to develop new distribution channels and pursue its international
commercial development.
Following the transaction, the financial investors own a majority share in the company alongside the
company management team.
Sophie Paturle, Partner at Demeter Partners, stated “Smart Home International possesses major
strengths to succeed with the implementation of its development strategy in a market both growing
and in mutation. Thanks to a strong research and development culture acquired with the HF Company
group, and a highly effective professional team, Smart Home International offers a large range of
innovative products, with an excellent price/quality ratio and quality after-sales service. The large drop
in the cost of intelligent devices, coupled with the proliferation of smartphones, today enables a
connected home to become a market reality accessible to the public at large.”
Anthony Dubut, Partner at InnovaFonds, stated: “Smart Home International offers a product range
that meets market needs, and has a real capacity to promote its products in DIY stores’ home
automation sections. Those strong basics, coupled with experienced teams lead by Alexandre
Chaverot, will allow the group to reach its ambitious objectives.”
“This transaction offers a unique opportunity to the Smart Home International group to strengthen its
base, namely our capacity to innovate, and to pursue our development abroad, in order to ensure our
growth”, declared Alexandre Chaverot, President of Smart Home.
About Demeter:
Demeter Partners is a private equity management company specializing in the areas of the
environment and energy transition. It currently manages € 350 million dedicated to SMEs in ecoindustries and eco-energies primarily located in France, Germany and Spain, from the seed stage to
buy-out.
The Demeter 2 Fund is supported by the European Union via the Competitiveness and Innovation
Framework Program (CIP)
About BNP Paribas Développement:
BNP Paribas Développement, present in France for over 20 years, is a wholly owned subsidiary of
BNP Paribas Group dedicated to capital investment.
BNP Paribas Développement is specialized in making direct investments in French “lower mid-caps”
corporates by taking a minority shareholding stake to support growth projects, the transfer of the
business or the reorganization of capital.
In 2012, the team, comprised of 23 investors throughout the French territory, ran a portfolio of 330
stakes representing a global investment of 456 M€, making BNP Paribas Développement one of the
main references in the French capital investment market.
About InnovaFonds:
InnovaFonds is an independent private equity firm focused on accelerating growth of high potential
small and mid-caps companies. Preferred sectors are Electrics, Electronics and Information &
Communication Technology (ICT). InnovaFonds is an active shareholder which is always part of an
industrial and financial partnership with its affiliates
Stakeholders:
Acquirers:
 Demeter Partners: Sophie Paturle-Guesnerot, Clara Lequin
 BNP Paribas: Delphine Larrandaburu
 InnovaFonds: Anthony Dubut, Yonathan Elmalem
Advisors to the Acquirers:
 Legal: Lamartine Conseil (Olivier Renault, Fabien Mauvais, Gary Levy)
 Financial Due Diligence: Deloitte Finance (Claire Deguerry, Éric Boucharlat, Mohana
Tumahai).
 Strategic Due Diligence: Indefi (Julien Berger)
 Legal Due Diligence: Lamartine Conseil (Fiscal: Emmanuelle Prost, Social: Charlotte Moreau,
Legal: Gary Levy)
 Insurance Due Diligence: Inter-Courtage Assurances (Jean-Luc Trupin)
 Tax structuring: Lamartine Conseil (Emmanuel Prost)
Management Advisors:
 Legal: Pinot de Villechenon (PVA) (Morgan Hunault-Berret, Gilles Roux)
Lenders:
 LCL (Cécile Penard, Pascal Dvorak)
 Arkea (Jean Michel Yvars)


CIO (Patrice Lei)
CRCA Touraine Poitou (Pascal Bousquet)
Vendors:
 HF Company: Yves Bouget, Eric Tabone
Advisors to the Vendors:
 M&A: Athema, member of the CFI Group (Lucile Regnault)
 Legal: Lefèvre Pelletier & Associates (Vincent Lunel, Laurent Cavallier)
Press Contact
Natacha Favry – [email protected]
01 46 20 02 86 / 06 69 41 06 11
114 bis rue Michel Ange - 75016 Paris
Susanne Nally – [email protected]
01 43 12 53 41
7-9 rue de la Boétie - 75008 Paris

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