Iris Capital and Edmond de Rothschild Investment Partners invest with Patrice Thiry in a successful recapitalization of ProwebCE
Funds managed by Edmond de Rothschild Investment Partners and Iris Capital, together with Edenred, partner with Patrice Thiry, founder and manager, in a reorganization of ProwebCE’s shareholders base, completing an equity investment in newly-formed holding company ProwebClub.
Founded in 2000 by Mr. Patrice Thiry, ProwebCE is the leading provider of communication and management solutions for the works councils (« Comités d’Entreprise ») market in France, including the management of their social and cultural activities (Comités d’Entreprise websites, software suite to manage their activities, subsidy programs and accounting, ticketing, library). The group provides its solutions to over 7,000 Comités d’Entreprise representing over 5 million employee beneficiaries. Through the acquisition of Meyclub in 2009, ProwebCE launched the first communication and management platform seamlessly interfaced with an e-commerce portal integrating Comités d’Entreprise subsidies. More recently the group further launched a new innovative electronic gift voucher offer.
ProwebCE generated annual revenues of 43.2 million Euros in 2011, an increase of 24% over 2010. The group’s customer base includes the Comités d’Entreprise of Cap Gemini, Logica, MMA, Eurocopter, Chanel, Havas, Canal +, BNP Paribas, HSBC, Marine Nationale, Orange.
Patrice Thiry, President of ProwebCE, commented: « The whole ProwebCE team and I are delighted with the transaction as the support of Edmond de Rothschild Investment Partners and Iris Capital bring the means to pursue an ambitious growth strategy. »
André Renaison, directeur de participations at Edmond de Rothschild Investment Partners commented: « After having accompanied the diversification strategy of the group in e-commerce, we are happy to be part of this new expansion phase led by Patrice Thiry and his management team who succeeded in building a market leader. »
Erik de la Rivière, Partner at Iris Capital, commented: « We are very pleased to participate in this recapitalization transaction and to support the group’s new innovation and growth phase, notably in the e-commerce and e-voucher space. »
In the course of the recapitalization transaction ProwebClub launched a tender offer for the remaining shares of ProwebCE, listed on Nyse Euronext, which resulted in ProwebClub holding 94.5% of ProwebCE shares as of September 7, 2012.
This public transaction was completed based on a price per ProwebCE share of 18.00 Euros representing a 100% equity value of 35.7 million Euros. The buyout transaction totals over 19 million Euros.
Press contact Iris Capital :
Erik de la Rivière
+ 33 1 45 62 7373
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About Iris Capital
Iris Capital is a pan-European venture capital fund manager specializing in digital economy. Since its inception in 1986, the Iris Capital team has invested more than 880 million Euros.
Iris Capital targets opportunities in service or technology companies, seeking growth capital in order to realize their strategy. It provides active support to its portfolio companies on the basis of its strong sector specialization and experience, and has offices in Paris, Dusseldorf, San Francisco, Montreal, Riyadh and Dubai.
In 2012 Iris Capital has entered into a strategic partnership with Orange and Publicis to manage their joint venture capital initiative.
14, Rue Chaptal 92300 Levallois-Perret T : + 33.(0)1.70.15.09.50
Edmond de Rothschild Investment Partners
47, rue du Faubourg Saint-Honoré 75401 Paris Cedex 08 T : +188.8.131.52.25.74 Fax : +184.108.40.206.31.43
Iris Capital Management
62, rue Pierre Charron 75008 Paris T : +33.(0)220.127.116.11.73