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.
