CMS Francis Lefebvre Avocats advised Mr Franck Provost and his family, Fabien and Olivia Provost, on the sale of 54% of the capital of the Provalliance group, Europe’s leading provider of haircare services and products, to the Core Equity Holdings investment fund.
This sale is part of the growth strategy adopted by the group, which plans to step up its development in France and around the world and tackle the challenges imposed by the demands of digitalisation.
With operations in more than 35 countries, the Provalliance group owns 17 brands, involved in providing services and the distribution of haircare products, including Franck Provost, Jean-Louis David, Saint Algues, Fabio Salsa, The Barber Company and Blue Libellule.
The Provost family, the management of Provalliance and Bleu Libellule will retain a significant involvement in the group’s capital, alongside Core Equity Holdings, which thus becomes the majority shareholder. Franck Provost will continue to provide Provalliance with the benefit of his strategic vision, while his son Fabien Provost will remain Managing Director responsible for the artistic direction of the brands and Marc Aublet, Managing Director since 1995, will now take up the post of CEO. Caroline and Jean-Philippe Wincker, founders of Bleu Libellule, join the management team of Provalliance as Managing Directors of the distribution, products and logistics division.
Participants in the transaction:
Target: Provalliance Group
Seller: Provost family and Wincker family (LTG SARL)
Buyer/Investor: Core Equity Holdings (Pierre Heinrichs, Gary Cleaver, Arthur de Clermont Tonnerre, François Thomas and Jeremy Simon)
Managers: Provalliance managers (Marc Aublet, Matthieu Mauthe, Elie Matta, Vanessa Loosveldt, Nathalie Noennich, Carole Gollec, Alain Scarfato, Gregory Diaz, Nicolas Barthelemy, Gille Bonnier, Frederic Auffret, Thomas Gramain and Arnaud Fauqueur).
Target counsel: Paul Hastings (Olivier Deren, Sébastien Crespy, Lorraine Dorval and Nicolas Lovas)
Seller counsel:
- For the Provost family: CMS Francis Lefebvre Avocats (Michel Collet and Inès Mzali) and Astura (Matthieu Mélin).
- For LTG (Wincker family): PLMC Avocats (Pierre Pujol)
Buyer counsel: Latham & Watkins (Bénédicte Bremond, Gaëtan Gianasso and Alexandre Magnier)
Managers counsel: Valther (Velin Valev, Idris Hebbat, Bastien Charra and Alexandre Berrnard) and Arsene (Brice Picard and Camille Pons)
Seller due diligence:
Legal/Taxation/Employment law: Paul Hastings (Olivier Deren, Sébastien Crespy, Lorraine Dorval and Nicolas Lovas)
Financial: Eight Advisory
Buyer due diligence: PWC (Jean-Philippe Brillet, Baptiste Allais and Guillaume Collart)
Seller M&A adviser: Alantra (Fabrice Scheer and Nicolas Senlis)
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