Sparring Capital is organizing the management transition of the founder alongside the new CEO and the management team.
Founded in 2008 by Stéphane Poppoff and based near Nantes, the group employs 35 people and operates two businesses, Kit Utilitaire and MyKitVan.
The main subsidiary, Kit Utilitaire, the group’s historical business, designs and markets interior kits and exterior equipment for 3.5-tonne light commercial vehicles of all brands, for professional customers. In line with current trends and the latest wave in DIY, the Kit Utilitaire concept allows professional users to quickly and efficiently fit out or equip their vehicle while incorporating their business needs. Operating nationwide through a network of 1,100 distributors and applying a muti-channel distribution strategy, Kit Utilitaire has become a benchmark player in its sector and plans to pursue further growth in its various distribution channels, in both France and Europe.
MyKitVan transforms utility vehicles into leisure vehicles for which it has a team of experienced technicians. In a market showing very strong growth in demand, driven by the popularity of “van life” and “slow tourism”, MyKitVan’s multiple-chassis strategy, supported by investment in 2022 in a new production tool, allows it to meet all the needs of a diversified customer base of both individuals and professionals.
Thanks to its hybrid “designer-assembler” approach and its multiple growth drivers, the group has developed quickly and today generates a revenue of nearly €12 million, with an annual growth of 20% over the last few years.
The partnership with Sparring Capital will facilitate the completion of a management transition to support the group’s growth, involving in particular the arrival of Pierre-Yves Buisson as the new CEO. The transaction takes place alongside the historical shareholders and the management team of Kit Utilitaire and MyKitVan.
Stéphane Poppoff, founder of the group: “After 15 years developing our group, I was looking for a partner with real experience in business transition and development, able to ensure optimal managerial transfer of the group. The duo formed by Sparring Capital and Pierre-Yves Buisson brings this know-how as well as extensive experience in supporting businesses, which can be leveraged for the growth and sustainability of the group’s companies.”
Pierre-Yves Buisson, CEO: “I was attracted by the original positioning of the group made up of Kit Utilitaire and MyKitVan and its strong growth prospects. The partnership with Sparring Capital will give us the means to implement our growth objectives, both in France and internationally.”
Johann Le Duigou, Partner at Sparring Capital, adds: “Sparring will support the departure of the founder and the arrival of a new CEO, who will invest alongside us. We were particularly impressed by the group’s differentiated positioning in the design of its products and in its multi-channel customer approach. We are particularly enthusiastic about supporting the group in this new growth stage and we would like to thank Stéphane Poppoff and the operational team for their trust. ”
List of participants in the transaction
Sparring Capital
Johann Le Duigou, Alexandre Beau, Diane Perrin-Pelletier
Senior Debt
Coordinator, arranger and underwriter
CIC Ouest
Bruno Nesti, Antoine Lagoutte
Mezzanine debt
Schelcher Prince Gestion
Florent Launay, Victor Ponce
M&A Advisors – Sellers
Linkers
Giuseppe Sangiovanni, Benjamin Le Guillou, Arnaud Marchandier
M&A Advisors – Investors
Lincoln International
Arnaud Dudognon
Legal Advisors – Investors
Agilys Avocats
Baptiste Bellone, Frédérique Milotic, David Kalfon, Carolle Thain-Navarro, Chloé Journel
Legal Advisors – Sellers
Artlex
Jean-Charles Robert
Legal Advisors for Pierre-Yves Buisson
Cornet Vincent Ségurel
Matthieu Guignard
Legal Advisors for senior banks
CMS Francis Lefebvre
Benjamin Guilleminot, Benoît Fournier
Legal Advisors – mezzanine finance
Volt Associés
Alexandre Tron
Financial Due Diligence – Buyers
Oderis
Julien Passerat, Norian Lebrot, Noëlline Lemois, Khawla Bouzoubaa
Financial Due Diligence – Sellers
Eight Advisory
Bertrand Perrette, Florian Jarnoux, Nicolas Desseroir
Market Due Diligence – Buyers
Neovian Partners
Patrick Richer, Selim Bouaicha, Alban Castellon, Shixuan Shen
Insurance Due diligence – Buyers
Marsh
Jean-Marie Dargaignaratz, Clara Not, Nhat Truong
Digital Due diligence – Buyers
Stéphane Baron
ESG Due diligence – Buyers
Crowe
Jean-Baptiste Cottenceau