Paris, the 21 March 2024
1- The NextStage multi-strategy investment platform made up of NextStage AM, Atream and Linxea, held through NextStage Evergreen, reaches total assets managed or advised of more than €8 billion, directly and indirectly by these entities: raised, investments and performance.
In 2023, the assets of the multi-strategy investment platform (Private Equity – NextStage AM, Tourist Real Estate (Atream) and Distribution of online savings products (Linxea) increased by more than €360m and its savings activity online (Linxea) recorded a record collection of €700m, once again confirming the interest of institutional and individual investors in the strategies and services deployed.
The investment dynamic was maintained with nearly €270m invested in total (€111m invested in Development Capital, €29m in side investments and €130m in tourist real estate). The teams thus made 14 investments including 2 reinvestments. These are: Faguo (iconic French brand of sustainable fashion), Aventa (specialist in renewable marine energy), ForProf (private national benchmark player in primary school teacher training), the Irbis / Linxea group (first independent online platform for the distribution of savings products), Médiprix (digital and intelligent group of more than 1 pharmacies), Acorus (group specializing in eco-renovation and rehabilitation of real estate assets), Cartonnerie Moderne ( specialist in the manufacturing of eco-responsible packaging), Orion Santé (continuing training organization for self-employed healthcare professionals), Eles (Italian family company specializing in semiconductor testing), FAE Technologie (specializing in the design of assembled printed circuits ), Wallix (French publisher of computer security software) and La Sia (engineering and consulting company). At the same time, 220 transfers were carried out in private equity for a total amount of more than €4m: Irbis / Linxea, Acorus (two reinvestments and transfers), Le Cèdre Rouge (distributor of furniture and decorative objects) and Fortius (custom software design). These operations enrich a history of successful disposals by NextStage AM with, since December 80, a multiple and an average IRR of respectively x2020 and 2.78%.
“Our teams have been very selective in their investments with a significant deal flow from excellent SMEs and ETIs, throughout the territories. The opportunities are there, particularly around NextStage AM's main areas of investment (digital transformation, environmental innovation and smart health). Mid-caps and SMEs, particularly those positioned in these growth segments, need equity capital to pursue ambitious strategies for internal/external growth, integration of innovation and transformation. We are proud to support these Nuggets in their development,” declare Nicolas de Saint Etienne and Julien Potier, deputy general directors of NextStage AM.
On the real estate side, Atream is continuing its development strategy in the field of tourism activities with more than €4 billion in assets under management and €130 million raised during the 2023 financial year. Despite an uncertain economic climate with the continuation of increase in rates, it should be noted for example that the SCPI Atream Hôtels continues to display growth dynamics, supported by the excellent performance of the tourism industry in 2022 and 2023 including a record level of activity in France. In this context, the SCPI was able to maintain the price of its share and post a distribution rate for 2023 of 5,30%, up compared to the previous year. The year 2024 also looks positive, particularly with good booking forecasts for the summer driven by the hosting of the Olympic Games in France.
In terms of online savings solutions, Linxea experienced great success in 2023 with a collection of 700 million euros, of which 140 million euros were specifically directed to the PER. This performance surpasses the 600 million in 2022 and the 520 million in 2021, which raises the assets managed in its contracts to a total of 3,3 billion euros. In addition, Linxea welcomed 21 new savers during the year, bringing its total number of customers to more than 000. At the same time, Irbis Finance (Irbis Solutions group – Linxea), which offers privileged access to the market through a complete and exclusive range of structured products, achieved a record year with collections of 100 billion euros. Irbis was notably elected for the second consecutive year as the best broker in structured products by the media Gestion de Fortune.
2- NextStage AM at the heart of the democratization of investment capital
NextStage AM continues its strategy in favor of the democratization of private equity. This asset class is experiencing growing interest from individual savers as demonstrated by the “Units of account and Private Equity” barometer carried out in 2023 by NextStage AM with its partners Spirica and Maison Herez among a representative sample of 1 savers. The study confirmed the growing appeal of investment capital, particularly among young people who are less risk-averse.
NextStage Croissance, a pioneering Investment Capital vehicle eligible for Life Insurance, has been classified by Quantalys as one of the best performing Private Equity solutions in 2023 in this life insurance segment, with +15,06% of growth. NextStage Croissance is referenced by seven major establishments, AXA France, Generali, Crédit Agricole Group (Spirica), Swisslife, Selencia and APICIL group and more recently, Suravenir. NextStage Evergreen, of which NextStage Croissance is the feeder, also recorded an increase in its NAV of +16,5% in 2023, reaching €289,4m. The supervisory board of March 20, 2024 proposed to the company's general meeting a dividend distribution for a total amount of €12m, representing a yield of 4,2%.
The Pépites & Territoires by AXA & NextStage AM investment program continues its development with more than €200m in commitments and a target objective of €500m. This program celebrated its second anniversary in October 2023 and AXA France confirmed, on this occasion, that the vehicle would be offered for sale, through its network, with support from the FCPR AXA Avenir Entrepreneurs. The Pépites & Territoires program is already invested in France in 31 SMEs and ETIs spread across the country and engaged in the energy transition, digital transformation and smart health.
3- NextStage AM involves all of its employees in its growth
2023 will have marked an important milestone in the governance of NextStage AM, with increased participation of partners in the company's capital alongside its two historic founders. At the same time, all NextStage AM employees became shareholders following a shareholding operation reserved for employees. This operation was carried out by a capital increase for the benefit of a dedicated FCPE set up within the Company Savings Plan. The year was strengthened by the arrival of 6 new talents: Charlotte Lengaigne-Giraudeau, as Director of Investments, Henri Bitar who joined the listed investment team as senior business manager, Pierre Tassin as product manager, Laurence Cavallaro, partnerships manager, Victor Commissaire, as analyst and finally Mailys Lesparre, as compliance manager.
4- Continued development of the investment range for SMEs and ETIs in France in 2024
The “Champions” program raised a total of €135M from renowned institutional investors. Currently 80% deployed through Championnes III, the program has invested to date in 11 French SMEs (WiiSmile, Xerfi, Inpart, Solstyce, Finacca, Infolegale, Mathematic, Mondial Piscine, Aventa, Efalia and Green Office) in order to support their development. Championnes III has already cleared its J-curve and had the capacity to distribute more than 25,1% of the invested capital.
NextStage AM plans, during the year 2024, to continue the development of this program with the objective of providing equity support to unlisted profitable SMEs and mid-sized companies, mainly in France with a positioning on the two major disruptions which are digital transformation and environmental and societal transitions.
“We thank all of our entrepreneurs, investors and collaborators who enabled us to carry out a large number of projects in 2023. The Green Industry law and the European ELTIF 2 regulation now mark a decisive turning point in France in favor of democratization private equity and we are proud to be at the heart of this dynamic,” concludes Grégoire Sentilhes, co-founder and President of NextStage AM.
In a context of low valuation of small caps and taking into account the expertise developed in the investment of SMEs and ETIs listed on the stock exchange, NextStage AM is preparing to launch a vehicle to seize the opportunity to support these SMEs in their development and enable them to strengthen their own funds.
About NextStage AM:
Independent management company based in Paris, approved by the AMF, NextStage AM, which has cultivated an “entrepreneur-investor” philosophy since its inception in 2002, 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, managed and advised, as of December 31, 2023, directly and indirectly, nearly €8 billion. NextStage AM invests in a limited number of SMEs and ETIs (82 portfolio companies as of 31/12/2023), French and European, innovative and growth companies, to which it provides entrepreneurial investor expertise and strong operational support to succeed their transformation. NextStage AM provides long-term support to these SMEs & ETIs involved in smart health, environmental innovation and digital transformation. It gives them the means to accelerate their development and their capacity for innovation to become “Champions” of their markets, both in France and internationally, through organic and/or external growth.
Press contacts:
NextStage AM: Ghita Farage – gf@nextstage.com – 06 10 50 32 56
Shan: Laurence Tovi – laurence.tovi@shan.fr – 06 20 58 29 02 / Lola Gozlan – lola.gozlan@shan.fr – 06 24 76 83 40 / Anne-Laure Daulier – al.daulier@shan.fr – 06 28 59 50 38
