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Takeover of the Parisot Group: CMS BFL advises Windhurst


CMS Bureau Francis Lefebvre advises Windhurst in relation to the acquisition of 51% of Parisot Group's ultimate holding company, in partnership with the FSI Strategic Investment Fund.

CMS Bureau Francis Lefebvre's Corporate department has advised Windhurst as to the negotiation and conclusion of a memorandum of agreement under which Windhurst Industries will acquire 51% of the equity and voting rights in the ultimate holding company of furniture manufacturer Parisot Group. The takeover should be completed in the course of Q1 2011, subject to authorisation from the competition authorities. CMS Bureau Francis Lefebvre also advised Windhurst as to the negotiation of agreements with investment fund and financial partner FSI. The finance house is to invest in Windhurst Industries (partly through an increase of capital) so as to enable a controlling interest in the Parisot Group to be acquired.

Windhurst Industries already owns the Clestra Hauserman Group (which makes demountable steel office partitions) and Tifany Industries (which designs single-use tableware). The acquisition of the Parisot Group, which has significant potential for international development, can be expected to accelerate its growth. Founded by Jacques Parisot in 1936, the group now has a turnover of €250m, 12% of which represents exports.

Windhurst Industries already has a strong international presence, especially in Asia through Clestra Hauserman. Its objective will be to increase Parisot's export sales to 25% of turnover over the medium term. Together, the three entities (Parisot, Clestra Hauserman and Tifany Industries) will have a turnover of nearly €500m and 3,800 employees.

Windhurst was advised as to the legal aspects of this transaction by CMS Bureau Francis Lefebvre, through Philippe Rosenpick, Arnaud Hugot and Virginie Corbet-Picard, and through Alex Burri in relation to tax issues. It was it was advised as to the financial aspects by Eskidea Conseil, through Charles de Yturbe.

FSI was advised as to the legal aspects by Cotty Vivant Marchisio & Lauzeral, through Thierry Cotty and Marine Aubert. It was assisted by Ernst & Young in relation to accounting and financial due diligence, and by Oliver Wyman in relation to commercial due diligence.

The Parisot family were advised as to the legal aspects by the firm of Campana Ravet & Associés, through Yves-Marie Ravet, as to the tax aspects by the firm of Juridil, through Bernard Brétillot, and as to the finance aspects by Financière de Courcelles, through Hubert Leclercq, Mathieu Kessler and Alexandre Sécher.

For further information, please contact :
CMS Bureau Francis Lefebvre
Florence Jouffroy / Tel: +33 1 47 38 40 32
Laetitia Mostowski / Tel: +33 1 47 38 40 74

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