5 million euros often in capital increase

The number of operations of development capital grows: 423 in the first half of 2008, against 271 in the first half of 2007, according to the French Association of investors in capital (Afic). This renewed benefits all types of files. And, often, via belle envelopes invoice.

The most important of the school include large-scale industrial projects. So of STTS, the European leader in aeronautical painting and waterproofing work, which comes to collect 14 million euros, including 6 million from Credit Agricole Private Equity. Collection contributes to the funding of the new rooms of painting, including one dedicated to the Airbus A350.

Another example: the overseas Mediaserv telecoms operator, which has increased its capital to 20 million euros, of which 7 million from DCC companies, in respect of the France investment device. In full unbundling of telecom equipment, Mediaserv seek money to build its own network. So far, he had recourse to the resources of its parent, the family group Loret. But in the race behind the overseas Telecom competitor, he sought a gain of energy. "In a market where the shares are still to take, to go quickly." "The arrival of investors will accelerate our pace," said its President, Ehsan Emami, aimed at customers 100,000 (against 20,000 currently) and 30 of the market by 2011.

The LBO interferes

Another category of cases, companies wishing to strengthen their balance sheets. And to focus on equity rather than debt to finance the "long term". Thus Artys, a society of monitoring which has 330 employees, is growing rapidly diversifying in heating equipment, IP telephony and Internet hosting. In June, she contracted a loan to buy the shares of a minority financial shareholders; Occasionally, it obtained its banks agreement exceeding 50 of its needs. Is still not there, she comes to host two investors, Socadif and MacenInvest, which have invested 6.5 million euros, often in capital increase. "Artys is booming, I prefer to move forward with belt and Suspenders", explains its leader Jacques Soussand.

So, the presence of such carriers records does not, explain only, the renewal of the development capital. This segment, the first entrant in the capital investment in France, had lost its superb, while the LBO flourished. But the wheel turned. And development capital operations using the techniques of LBO multiply.

In their terms and conditions, transfers of securities and/or new financing will often enhance a use moderate to leverage of debt (at the level of the holding company of resumption, if applicable), or even give rise to new loans 'corporate' (at the level of the enterprise). These operations are becoming Legion because they now attract LBO funds, whose activity dried up with the financial crisis. Also accept now to intervene in the minority. For example, in Altéad, the French leader of special transport and lifting. "The desire of management to be majority appeared in our project of recovery." "But it has attracted many of LBO funds", reflects its founding President, Jean-François Torres. It is ultimately Atria, accompanied by of three regional financial, which has been adopted. The operation includes a capital increase of EUR 15 million and a credit of 30 million dedicated to external growth of the Group Nantes, 2,000 collaborators.

Question of patience

Remains to be seen to what extent the immense reserves of LBO funds flow into capital development. This depends in part on the patience that their sponsors will want to give them. Because a "cap - dev" operation requires more time than an LBO to generate profit.

In September, the New York American Securities thus inaugurated a fifth Fund, EUR 2.3 billion. In addition he is two times larger than the previous, it is particularly exceptional life: twenty-five years two and a half of the standard. In finance, for better for worse, the sun rises in the West.