NextStage AM & AXA France via their “Pépites & Territoires” fund, Vauban Infrastructure Partners via its BTP Impact Local fund and Edmond de Rothschild Asset Management (through its infrastructure debt platform – BRIDGE) announce the completion of a financial transaction concerning the financing of the Port Adhoc group, one of the leaders in the operation of marinas in Europe, to support its growth and development.
Vauban Infrastructure Partners ("Vauban"), NextStage AM ("NextStage") and AXA France through the Pépites & Territoires investment program, supported by Edmond de Rothschild Asset Management ("EDRAM") as bond underwriter, are delighted to announce the finalization of an operation concerning the financing and development of the Port Adhoc group (the "Company").
Founded in 2004, Port Adhoc is a French company dedicated to the management and development of marinas. In recent years, Port Adhoc has grown strongly thanks to the dynamism of the yachting sector as well as through several external growth operations or port takeovers in the context of public calls for tenders. As of September 2022, Port Adhoc owns and/or operates 11 marinas in France and the Netherlands under different ownership regimes. Marinas are held in full ownership or through long-term contracts (long-term leases or concession contracts).
The group operates 327 ha of afloat area, 16 ha of dry storage areas and 22m500 of commercial real estate. The group's total accommodation capacity represents approximately 2 berths. Over the past 10.000 years, Port Adhoc has demonstrated its ability to successfully integrate its acquisitions and maintain a high occupancy rate with a high renewal rate, thus offering significant recurrence and visibility on the development of its activity. The Company has also proven its resilience during the COVID-10 period.
Through this operation for a total amount of €70m, Port Adhoc is redefining its financial structure in order to:
– Benefit from a long-term heritage debt by refinancing old short- and medium-term debts, thus generating additional cash flow and improving financial profitability;
– Raise funds for future acquisitions;
– Reshape the shareholding structure through a takeover, strengthening the two main shareholders;
This operation reinforces the commitments of NextStage and Vauban for the Company and positions them as the two main shareholders of the Company, with its management.
Jean-David Haas, CEO of NextStage AM, says: “Over the past 18 years, Gilles Tersis and Stéphane Audoynaud have built an independent player with an innovative vision and a solid reputation. The group experienced sustained growth thanks to the consolidation of the market and the ramp-up of the assets operated. We are happy to reiterate our support for the development of Port Adhoc, alongside our partner Vauban, in order to create the first European marina management platform under the French flag. »
Guillaume Faroux, Fund Director – BTP IL, and partner at Vauban Infrastructure Partners, said: “We are delighted to strengthen our support for Port Adhoc, alongside our NextStage AM partners. Port Adhoc has positioned itself as a key player in the sector, and has demonstrated on the one hand its resilience and its ability to adapt, and on the other hand its qualities of innovation and growth, building a portfolio of assets of high quality. Through these operations, we are committed to supporting the Company and its management even more in the deployment of innovative solutions on behalf of its customers and in the long-term development of infrastructures and services of excellence. »
Audrey Colin West, Investment Director of the infrastructure debt platform BRIDGE (Benjamin de Rothschild Infrastructure Debt Generation) at EDRAM explains: “This investment is an excellent addition to our infrastructure debt portfolio. We are also delighted to be a long-term financial partner of Port Adhoc and its shareholders. By providing this financing, we are also supporting the development and growth of the company, which is consolidating Port Adhoc's position as a leader among marina operators. »
Gilles Tersis, President of Port Adhoc, comments: “This successful transaction represents a turning point in Port Adhoc's European development strategy. It was achieved thanks to the confidence of our shareholders and a new fruitful partnership with Edmond Rothschild Asset Management. These new sources of financing will give the Company a competitive advantage to face the market. The Company started to develop its marina portfolio in Europe by raising €30M in 2019. We have now raised €70M in refinancing and pre-financing, which allows us to finance part of our acquisition pipeline. Our objective for the coming years is to raise €200m and continue our development, as we see abroad, in the United States. Since 2019, American marinas have entered a strong consolidation movement, thanks to a new tax law from the IRS (2019) allowing marina assets to enter REITs. »
Patrick Cohen, CEO of AXA France concludes: “As the leading corporate insurer, investment in SMEs and ETIs is a priority to support job creation and the country's industrial sovereignty. French and European leader in the management of private ports, Port Adhoc Group will benefit from this financing to promote its excellent know-how in this sector of the future. »
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 2022, directly and indirectly, €7.1 billion in AUM. NextStage AM invests in a limited number of SMEs and ETIs (86 companies in the portfolio as of 30/06/2022), French and European, innovative and growing, to which it provides entrepreneurial expertise as an investor and strong operational support (integration innovation, talents, international, external growth). NextStage AM provides long-term support to these SMEs & ETIs. 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, AXA France is one of the main French insurers. A multi-specialist insurer, it protects 10 million customers, individuals, businesses and professionals, thanks to the expertise and proximity of its sales networks and nearly 14 employees.
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.
About Vauban Infrastructure Partners
Vauban Infrastructure Partners is a leading infrastructure asset management company specializing in investments in Core European infrastructure assets. Based in Paris and with a subsidiary in Luxembourg, its team is made up of 65 professionals who have worked together for more than a decade. Vauban IP is an affiliate of Natixis Investment Managers, dedicated to sustainable equity investments. Vauban Infrastructure Partners pursues a strategy focused on investing in European brownfield assets, providing long-term profitability that matches their underlying nature, and on creating sustainable value for the benefit of all stakeholders. To date, Vauban Infrastructure Partners manages nearly 7,2 billion euros mainly in 6 Core infrastructure funds on behalf of more than 100 investors in 17 different countries and has invested in more than 70 assets in the sectors of mobility, energy services, social and digital infrastructure in 13 different countries.
About Port Adhoc
Port Adhoc has been a private leader in the management and development of marinas in France and Europe for more than 15 years. Today, the company operates 11 marinas in France and Holland, representing a total of 10 marina berths. In this evolving market, Port Adhoc has the ambition to transform its ports into travel and leisure destinations, not only for yachtsmen but also for a wider cross-generational public. This is why the Company develops and deploys commercial management tools and innovative port facilities that will make it possible to offer new experiences to yachtsmen.
About Edmond de Rothschild Asset Management
The Edmond de Rothschild group has been a family group since its creation, with a rich history of committed entrepreneurship. Infrastructure financing has been and continues to be an integral part of Edmond de Rothschild's history.
More information available at www.edmond-de-rothschild.com
Legal advisor to the lender
Bentam Lawyers, Guillaume ANSALONI and Ivanna JHAYYA
DMV to lenders
- Legal and tax: Bentam Avocats and AKD, Guillaume ANSALONI and Ivanna JHAYYA
- Financial, accounting and tax model: Mazars, Axel ANDRIEU
- Insurance: Gras Savoye, Sene OSSEBI DOUNIAM
- Business, trade and market: BRli, Nicolas FRAYSSE
Company Advisors
- French legal: Pevensey Avocats, Jérôme LEMERCIER and Grégoire LEPIGEON
- Dutch legal: Van Till Advocaten, Rogier LOOZEN and Jonathan CROZIER
- French taxation: BG2V, Rémi DIAS and Jean-Sébastien DUMONT
- Dutch taxation: Taxwise, Jurjen VAN DAAL
- Financial: Eight Advisory, Erwann HUON DE KERMADEC and Louise VEILLON
Administrative agent :
- Aetherfs: Aya YASSIRE and Mihaela MALENICA
For more information :
Edram
Audrey Colin West- a.colin@edr.com – +44 (0) 7710 307 187
Shirley Chojnacki- s.Chojnacki@edr.com – +44 (0) 7936 359 734
Alexandre Grison Towle – a.grisonowle@edr.com – +44 (0) 7715 069 511
NextStage AM
Jonathan Boudin – jbo@nextstage.com – +33 (0) 1 44 29 99 04
Shan Agency – Alexandre Daudin – alexandre.daudin@shan.fr – +33 (0) 1 44 50 51 76 / Lola Gozlan – lola.gozlan@shan.fr – +33 (0) 6 24 76 83 40
AXA France:
Catherine Alves- catherine.alves@axa.fr - 06 81 27 00 09
Valerie Leselbaum Stepler – valerie.leselbaumstepler@axa.fr - 06 13 47 44 11
Vauban Infrastructure Partners
Press contacts
Havas Paris /amo – Aliénor Miens +33 6 64 32 81 75 / Roxane Certner + 33 6 46 89 25 00
Investor relations contact
Daria Litvinova – Head of Investor Relations – Partner
Tel.: +33 (0) 607 03 24 12
daria.litvinova@vauban-ip.com
Port-Adhoc
Clément Heliot – ch@port-adhoc.com – +33 (0) 6 86 17 94 35
Estelle Devillers – ed@port-adhoc.com – +33 (0) 6 49 24 19 91
Find the full Press Release in pdf format: https://nextstage-am.com/wp-content/uploads/2022/10/Communiqué-de-presse-Port-Adhoc_-VF07102022.pdf
