NextStage AM announces the second investment of the Pépites & Territoires by AXA France & NextStage AM program, in the Wolf Lingerie group (including the Sans Complexe and Girls in Paris brands), an Alsatian player specializing in the design and distribution of lingerie items, pioneer of ethical and responsible practices in the lingerie market. This investment of 31 million euros through Happy Lingerie Group, is carried out by NextStage AM and its funds for 21 million euros, alongside Bpifrance and BNP Paribas Development.
Founded in 1947 and based in La Wantzenau (67), Wolf Lingerie is today a pioneer in terms of inclusivity and « Body Positivity in its market. Through its WeAct program, the group, which has approximately 170 employees, including 130 in France, continues to promote not only the inclusiveness of its brands, but also the eco-responsibility and traceability of its products. Pioneer of ethical and responsible practices in the lingerie market through its flagship brand, “ Without complexes », specializing in large size lingerie (C to G cups), it sells its products on the sites of its brands and its partners, both physical and digital.
Having become a 2019% “fabless” player in 100, the group has perfectly succeeded in the operational transformation of its economic model to achieve net sales of 43 million euros in 2021. The financial support of its various investors and their knowledge -proven expertise in supporting fast-growing SMEs will enable Wolf Lingerie via Happy Lingerie Group to strengthen its leading position in the ethical and responsible “C+” lingerie market. They will thus contribute to continuing the group's digital growth, particularly on the D2C channel, to enriching its product offering to bring out new market trends and to promoting its expansion on the European market. With this in mind, the “Sans Complexe” brand will be strongly encouraged to develop, in favor of a significant demand for plus size lingerie in the DACH zone (Germany, Austria, Switzerland), in Spain and in Italy.
This operation takes place on the occasion of the exit of the majority shareholder of the group, GIMV. The fundraising will enable the Wolf Lingerie group via Happy Lingerie Group, led by its manager Jean-François Mialon and his management team associated with the capital of the group, to consolidate its position on the large size lingerie market and to accelerate the digitalization and international growth of the group.
This investment is fully in line with the overall strategy shared by AXA France, NextStage AM, Bpifrance and BNP Paribas Development to support and accompany fast-growing French companies that promote responsible and ethical practices.
« We are delighted to welcome NextStage AM to the capital of Wolf Lingerie through Happy Lingerie Group. Their teams, through Jean-David Haas, were able to understand very quickly the problems of our business and the challenges of the operation that we wanted to carry out. Their association with Bpifrance and BNP Paribas Development appealed to us and will allow us to develop our activities serenely. » explains Jean-François Mialon, Chairman of the group.
« Wolf Lingerie is a very beautiful company, a leader in its market and which carries strong societal values of inclusivity and the environment, to which we strongly adhere. The promising development of its omnichannel model and its strong growth bear witness to the particular and noticeable attention paid by the Group to trends in its market. » adds Jean-David Haas, Managing Director of NextStage AM.
« Pépites et Territoires is proof of AXA's commitment to supporting French SMEs and ETIs that bring employment, innovation and growth to the heart of our regions. We are happy that this second investment of the program promotes the development of a particularly innovative and promising company in the responsible fashion sector. » says Patrick Cohen, CEO of AXA France.
« Bpifrance is delighted to join the Wolf Lingerie adventure alongside a quality management team, led by Jean-François Mialon. We were particularly sensitive to the ethical, responsible and inclusive values promoted by the group and to its rigorous practices in this area. Through this investment, we are proud to be able to help support the growth of a very fine Alsatian company looking to the future. » adds Bruno Lettermann, Investment Director at Bpifrance.
« Wolf Lingerie is an ETI with high potential corresponding perfectly to our investment criteria which are the support and development of SMEs and ETIs managed by quality teams. » indicate Michel Allemand and Guillaume Danzelle, Director of Investments and Investment Officer of BNP Paribas Development.
Actors of the operation:
Investors – buyers:
NextStage AM : Jean-David Haas (Managing Director), Mounia Hakam (Business Manager), Léa Boux (Analyst)
BNP Paribas Development : Michel Allemand, Guillaume Danzelle, Laurence Pinta
Bpifrance : Bruno Lettermann, Julie Regnier
Management: Jean-Francois Mialon, Corine Duquin Andrier, Eric Bricout, Olivier Dewailly
Advice from buyers:
- Investor counsel: Yards (Igor Doumenc, Julien Brouwer), Prad Avocats (Jessica Hess), MLA Conseils (Marc Lochert)
- Management consulting lawyer: Orion (Olivier Bilger)
- Financial SD: Ernest & Young (Emmanuelle Picard, Marion Lassus Pigat, Alban Thury)
- Legal, fiscal and social DD: Yards (Kamélia Kerchi, Christine Hillig-Poudevigne, Agathe Meffre, Marion Peringuey, Dorothée Traverse, Jeanne Eve Lepinay)
- Digital SD: Digital Native Group (Vincent Redrado, Benjamin Zetlaoui, Niels Fryda)
- SD ESG: Indefi (Zoya Bragina, Juliette Durand, Salma El Ouahabi)
- DD HR: Leaders Trust (Pierre-Yves Stintzy)
Bank debt : Credit Lyonnais: Dirk Weinand – CIC: Denis Gérard
Investors – sellers:
Wolf Invest : Remy Wolf
Gimv Consumer : Anne Caron, Guillaume Bardy, Edmond Bastinjs
Capital Great East : Stephane Becker
Management: Jean-Francois Mialon, Corine Duquin Andrier, Eric Bricout, Olivier Dewailly
- Investment bank: Vulcain (Thierry Falque-Pierrotin, Marie-Charlotte Bonnemay, Pierre-Olivier Bouet, Quentin Passel)
- Counsel: Paul Hasting (Alexis Terray, Thomas Pulcini)
- Financial VDD: Grant Thornton (Thierry Dartus, Nicolas Tixier)
- Strategic VDD: Javelin Group by Accenture Strategy (Michael Fine, Amber Morillot)
Happy Lingerie Group
Corinne Duquin Andrier
Tel: + 06(30) 04 12 09 XNUMX XNUMX
Tel: + 01(44) 29 99 04 XNUMX XNUMX
Phone: 01 42 47 50 96
BNP Paribas Development
Phone: 06 64 01 40 29
About Wolf Lingerie):
Founded in 1947, Wolf Lingerie is an Alsatian group specializing in the design and distribution of lingerie items. Through a flagship brand, Sans Complexe, created in 1998 and specializing in plus size items (C+ cups), the group stands out as a pioneer in terms of “Body Positivity” and inclusiveness. Labeled PME+, Wolf Lingerie contributes to the implementation of responsible and ethical practices in the textile industry, in particular through its WeAct program, which promotes the inclusiveness of its brands, as well as the eco-responsibility and traceability of its products. Most of the expertise remains centered in Alsace, where all the products are designed. The “design & development” department has about fifteen experienced professionals: stylists, pattern makers, pattern makers, technicians and seamstresses.
Up to 200 lines are created each year and sold in France and internationally, notably through the Sans Complexe, Girls in Paris and Billet Doux brands.
Production, quality and CSR commitments are closely monitored in the production workshops by integrated teams and benefit from the Group's 35 years of industrial expertise.
About “Nuggets and Territories”:
Investment program, labeled France Relance, with a target size of €500m launched by Patrick Cohen, Managing Director of AXA France, in partnership with NextStage AM and which aims to strengthen the equity of innovative French SMEs and ETIs established in our territories and to support entrepreneurs in the future stages of the development of their society.
About NextStage AM :
An independent management company based in Paris, approved by the AMF, NextStage AM, which has cultivated since the beginning in 2002, an "entrepreneur-investor" philosophy, is one of the pioneers and leaders of innovative and patient development capital in France. NextStage AM has developed, step by step, a multi-strategy Private Equity platform which represents in terms of assets at the end of June 2021, directly and indirectly, more than €7 billion in AUM. NextStage AM invests in a limited number of Mid-Size Companies (77 portfolio companies as of 31/12/2021), French and European, innovative and growing, to which it provides entrepreneurial expertise as an investor and strong operational support (integration of innovation, talents, international, external growth). NextStage AM provides long-term support to these Medium-Sized Companies (ETM). It gives them the means to accelerate their development and their capacity for innovation to become the “Champions” of their markets, both in France and internationally, through organic and/or external growth.
In December 2015, NextStage AM was awarded the Gold Award for the best player in development capital in Europe by Private Equity Awards, in 2017 NextStage Croissance won the special Jury Prize for Innovation Assets and in 2019 the Prize for writing, Private Equity category of the 2019 wealth management pyramids. With NextStage Champions III, dedicated to nuggets established in the territories, supplemented by the FPCI Capital Entrepreneur, reinvestment fund dedicated to entrepreneurs wishing to access the strategy developed for institutional investors, NextStage AM completes its development capital investment program and strengthens its capacity for intervention, particularly in the territories.
About AXA France
AXA France, an entity of the AXA Group headed by Patrick Cohen, is the leading French insurer. Multi-specialist, AXA France protects 7,1 million customers, individuals, businesses and professionals.
AXA France has been at the forefront of supporting the relaunch of all French companies, from very small businesses to SMEs to mid-sized companies. AXA France has contributed to all the joint initiatives launched by the State and / or by the world of insurance. AXA France thus added in July 2020 to the “Sustainable Relaunch” program of 200 million euros and mobilized 54 million euros for the solidarity fund set up by the public authorities to support VSEs and the self-employed. On the first fundraising of 11 billion euros, AXA is the first contributor with 2 billion euros which will be able to finance the rebound of professionals, independents and very small businesses everywhere in France through the program of Participatory Loans "Relance" launched in April 2021.
Bpifrance finances companies – at each stage of their development – with loans, guarantees and equity. Bpifrance supports them in their innovation projects and internationally. Bpifrance now also ensures their export activity through a wide range of products. Advice, university, networking and acceleration program for start-ups, SMEs and ETIs are also part of the offer offered to entrepreneurs. Thanks to Bpifrance and its 48 regional offices, entrepreneurs benefit from a close, unique and efficient interlocutor to support them in facing their challenges.
More information on : bpifrance.fr – Follow us on Twitter: @Bpifrance – @BpifrancePresse
About BNP Paribas Development
BNP Paribas Développement is a 100% subsidiary of the BNP Paribas group, present in Private Equity since 1988, which invests its own funds directly in support of transmission and development projects in successful SMEs, as a minority shareholder. BNP Paribas Développement manages a portfolio of more than 470 investments for a total invested amount of more than 1,3 billion euros; which makes BNP Paribas Development one of the main players on the French minority private equity market operating in the SME/ETI segment. Their vocation is twofold: to support the company in carrying out its strategic projects and to provide support and experience to the manager and his team while respecting his independence through minority positioning.
Find the press release in pdf format: https://nextstage-am.com/wp-content/uploads/2022/03/CP_NextStage-AM-avec-par-Bpifrance-et-BNP-Paribas-Developpement-soutient-le -development-of-Wolf-Lingerie-pioneer-alsaci.pdf