Societe Generale committed to corporates : Maisons du Monde reaches a new milestone in its growth strategy
Maisons du Monde is a creator of inspirational lifestyle universes in the homeware industry. Founded by Xavier Marie in France in 1996, the company has profitably expanded across Europe since 2003 and today it operates 264 stores in seven countries, generating 34% of customer sales internationally and 17% online.
Controlled by private equity fund Bain Capital since 2013, the company decided to go public in order to accelerate the roll-out of its strategic medium term plan, which includes increasing online sales, continue expanding product range and accelerate domestic and international expansion. By 2020, the company expects to have 50% of sales outside of France vs 34% in 2015 and more than 25% online sales vs 17% in 2015.
Arnaud Louet, CFO of Maisons du Monde, commented: “I am very proud of the success of the IPO of Maisons du Monde. The positive reception and the high interest shown by investors demonstrate the quality and relevance of our unique model and our omnichannel development strategy in France and abroad. This IPO provides Maisons du Monde with renewed financial flexibility, allowing us to embark on a new step in our history of growth in a supportive market environment. The Societe Generale group has been a strong partner of our successful story over the last years and I thank all Societe Generale teams for the strong support across business lines : financing, equity capital markets …”
In what constitutes one of the largest listings of the year in France, Societe Generale has acted as global coordinator and joint bookrunner for the Maisons du Monde IPO on Euronext Paris. The bank helped the client successfully complete the IPO, which was priced at €17 per share raising a total amount of €380m. The transaction led to a €769m market cap and a 49% free float. The listing was completed along with a refinancing of the company’s debt where Societe Generale acted as sole coordinator and documentation agent.
In a challenging environment where several IPOs have been abandoned, delayed or experienced poor after-market performance, the transaction was well received and attracted broad interest from investors with a very good quality of the order book (70% of the book was allocated to long-only investors). The aftermarket performance of Maisons du Monde has been strong and the company reported a very positive 1st semester 2016 set of results early August.
This largest IPO on Euronext Paris in 2016 further reinforces the strong positioning of Societe Generale on the French ECM market (#1 in ECM France over the 2010-2016) and confirms its expertise in French IPOs, with Elis (as joint bookrunner), Spie (joint bookrunner), Europcar (global coordinator and joint bookrunner), Showroomprivé (joint bookrunner), Amundi (global coordinator and joint bookrunner), as well as Mediawan (joint bookrunner).