Emmanuel, who are you?
I’m Emmanuel Denis from Groupe Leader Print, a specialist in large-format digital printing.
I come from a completely different world, video games, and this is a new business for me that I’ve learned over the years.
How did you come to buy Media Fab?
I bought MediaFab at the bar in 2011 and then went on to buy several other companies.
For obvious reasons of market size and clients, I decided to expand from Montpellier to Paris and Lyon, with the idea of establishing a network throughout France. To do this, I had to find resources.
So I called on the investment bank PAX to help me with my acquisitions and fund-raising process.
We’ve been working together since 2014 and the idea is to continue this fruitful and relevant collaboration.
How did you hear about PAX?
I think it was by chance! I quickly realized that I couldn’t carry out fundraising and acquisitions without financial advice; it’s a special business requiring in-depth analysis to avoid pitfalls. And the first contact was Enrick
Why do acquisitions?
I wanted to buy companies because I felt there was a window of opportunity to do so. Large-format digital printing is a niche business, and there was no dominant player in it. It seemed obvious to me to consolidate in this sector.
I also looked at digital offset, which is certainly a different business, but one that has reached maturity, and I wanted to apply the same model.
What financial transactions have you carried out with PAX to date?
Before 2017, we had carried out two external growth operations. We had reached a sufficient size to bring in an investment fund and support my development project. The Pax team was the perfect partner to complete this acquisition. They offered me a range of funds to match my project, my ambitions, my business, and anything else that might fit within my scope. And I could make my choice with those who supported my project. It all went very well.
Once the fund had acquired a stake in my company, although I still had a majority stake, I wanted to continue making acquisitions and also think about the next move.
After half a dozen acquisitions, what are the positives and negatives?
I’ve learned a lot about analysis from the PAX investment bank. I’m passionate about this build-up strategy, this financial mechanism that adds value to my project.
I even think that if one day I were to change jobs, I’d like to continue in this vein. I find it very rewarding.
And what do you think of your collaboration with PAX?
I find the support ideal because there’s a lot of talking and listening on both sides. The relationship is built on durability. I also think it’s very positive that the same bank is working with me because it has a perfect grasp of the subject and my company’s ambitions, and is always there to defend my interests. I’ve built up quite a strong bond with Enrick and Simon, and I trust them. I know they’re working for me, it’s a team that bounces back, that never gives up, and always finds a way forward. When I’m in doubt, there’s always a solution with them, which I really appreciate. The problem or the analysis of the situation may change, but there’s always a solution to the company’s new situation.
PAX is also a psychological aid to my development because when you’re the head of a company, you’re often on your own. The teams are in charge of operations, and I’m in charge of business development. It’s essential for me to be able to work with Enrick and Simon, who are both experienced and capable of supporting me in real M&A projects. There are projects where I could have made a mistake, but their advice enabled me to take a step back and not go ahead with them.
It’s often said that investment banks have a cost, but I don’t see this as a cost, but rather as indispensable support for those who want to seek development. For me, the investment bank is an indispensable aid. It has the necessary hindsight, it carries out analyses and comparisons with different activities or similar financial operations. At PAX, there’s always a zen attitude that allows me to put issues down on paper and think things through, so I don’t have to make decisions in a hurry. There’s always good analysis, so I can make the right decision every time.
