18 May 2020

Satellite x Adaxtra Capital x Ouest Croissance

Fund raising

Secteur Consumer Products & Retail

Adaxtra Capital and Ouest Croissance acquire a stake in Satellite alongside Paul-Henri Duillet, the new CEO. The two founders, Daniel Ouaki and Sandrine Dulon will continue to participate in the Group's strategy as shareholders. This transaction will allow the Group to consolidate its position on the French market, to perpetuate its presence in Italy, and to continue its deployment in China.

Client Groupe Satellite

The Satellite Group, created in 1987 by Daniel Ouaki and Sandrine Dulon, has gradually built up to become a benchmark premium player in ethnic jewelry. The finesse of the creation and the quality of the products have enabled Satellite to forge a solid reputation in France which has exported for a few years to Italy and China. The company has grown strongly in recent years with a continuous increase in turnover. It currently employs 51 people distributed between the head office and the 15 Group stores.

Contrepartie Adaxtra Capital

Adaxtra Capital supports French SMEs with equity and quasi-equity on ambitious transmission capital and development capital projects, by taking unit tickets between 1 and 5 M €. Adaxtra Capital currently has € 200 million in assets under management and is deploying them in particular via the Fax Adaxtra France PME 2021. The team, made up of experienced people with complementary multisectoral skills, is particularly sensitive to the human values of managers who 'she accompanies. His will is to build long-term associations, based on trust and respect. Adaxtra Capital is a subsidiary of BRED Banque Populaire.

Contrepartie Ouest Croissance

A private equity firm from three Banque Populaire banks (BPGO, BPACA, BPVF), Ouest Croissance has supported the development of more than 450 regional SME-SMIs since its creation. A close partner of high-performance companies, it supports them in their growth projects, capital reorganization or transmission, by providing "top-up" expertise - acquired over more than thirty years -, its strategic advice and up to € 10 million in equity per investment ticket. Ouest Croissance has more than 100 active participation. It stands out for its human approach and trust, its long-term reciprocal commitment with business leaders, its strong regional roots, and its financial expertise.

Satellite, founded in 1987, is today the market leader in high-end ethnic jewelry. The capital was reorganized when Paul-Henri Duillet arrived and the desire to involve the executives of the Group. This transition will ensure the sustainability of the activity and its international deployment.

Today omnichannel, the brand has diversified its distribution channels and has around fifteen branches, in France and Italy, as well as an e-commerce site. Through French and foreign resellers, the Group is present in more than 300 stores and generates nearly 30% of its turnover from exports. He also knew how to build a strong strategic partnership with a Chinese distributor.

Supported by export and store openings abroad, Satellite has recorded regular growth of 10% per year since 2015, reaching sales close to € 9 million in 2019.

Paul-Henri Duillet, the new Managing Director of Satellite, displays his desire to develop the business based on the achievements of the past thirty years. He will also bring all his experience in luxury and distribution networks, acquired in particular within the framework of the exercise of managerial functions within the L’Oréal and Parfums Christian Dior Groups.

Backed by this new shareholder base, Satellite plans to expand through existing distribution channels, with investment in exports and online sales, for which recruitment is currently underway. Sandrine Dulon, the brand’s artistic director, will manage the transition of the design studio for the duration of the investment.

"We are proud to enter the capital of a company combining a strong identity and creativity. Our decision was motivated by the quality of the buyer, the ambition of the future project, and the solid achievements of the company" underlines Ludovic Sarrazin, Director of Investments at Adaxtra Capital.

Olivier Philippon, Director of Investments at Ouest Croissance, explains: "The complementarity of the career paths of the historic managers and the new CEO opens, based on the fundamentals of the company, a new stage in its history. The areas of digital and international marketing are fundamental areas of development that particularly appealed to the team at Ouest Croissance, and which are also the preferred areas of Paul-Henri Duillet."

Secteur lié

Consumer Products & Retail

PAX Corporate Finance is a leading investment bank recognised by industry players.

Équipe Membres associés

Autres références

Fund raising

Consumer Products & Retail 2024

Satellite x Adaxtra Capital x Ouest Croissance

VelyVelo x NCI / CDG Invest / MTF

Sirfull x Innovacom / Capital Grand Est / Demeter / Wille Finance

Provectio x Generis Capital Partners

Purecontrol lève des fonds auprès de Veolia, OKwind, Unexo et Noshaq