Bridgepoint and Eurazeo in Sale of Foncia by BPCE

July 26, 2011

Cleary Gottlieb advised Bridgepoint and Eurazeo in the acquisition of Foncia from BPCE.

As the leading residential real estate services company, Foncia has a network of more than 600 branches run by nearly 7,000 employees. It operates in France, Switzerland, Germany and Belgium, and offers a complete range of services for the residential real estate market: lease management, joint property management, sales advice, financing research, insurance and technical diagnoses.

Foncia’s enterprise value was valued €1.017 billion. Eurazeo and Bridgepoint invested about €480 million in equity capital (including €240 million on the part of Eurazeo and Eurazeo Partners). BPCE invested €200 million in the business, under conditions that protect Eurazeo and Bridgepoint’s returns. The balance of the acquisition was financed by debt of €395 million. The company will also have access to €90 million in available financing to assist with its development.

The acquisition closed on July 26, 2011.