Private equity

Private equity is one of the firm's leading practices and the team dedicated to this area is particularly well-recognized for its expertise.

We assist fund management companies in their investments in all business sectors involving venture capital (particularly in the new technology and biotechnology sectors), growth capital (minority and majority investment), in the context of mezzanine financing transactions, including convertible bonds, or in leveraged transactions such as LBOs, MBOs, MBIs or OBOs, and prepare all contractual documentation (investment agreements, shareholders' agreements, warranties, profit-sharing agreements, etc.). We are also regularly appointed by companies, from their setting up and throughout their development (the early creation phase in limited circles with founders and seed investors, and in all other phases of their development) to help them structure new projects and negotiate investment terms and conditions.

We also advise the management teams on negotiating and putting in place management packages.

Working closely with the lawyers in the firm's other practice areas, we provide clients with comprehensive and pragmatic advice that is tailored to their needs, aiming at ensuring that the legal and tax structuring creates optimal value for them.

Venture Capital and Growth Capital
  • Preliminary analysis of needs and advice in connection with investment strategy and raising funds.
  • Due diligence.
  • Drafting legal documents (letters of intent, shareholder agreements, investment agreements, representations and warranties, etc.).
  • Advice in connection with putting in place profit sharing mechanisms, complex security offerings (preference shares, convertible or redeemable debt, etc.) including preliminary analysis, drafting corporate law documents, acting as an interface with the other parties and external stakeholders (special benefits auditors, accounts auditors, experts, etc.).
  • Advising funds on the legal aspects of their investment strategy (requirements for capital contributions, profit-sharing, corporate governance, non-competition clauses, etc.).
Mezzanine Financing and High Yield Transactions
  • Financing transactions through any type of financing products such as bonds with warrants or subordinated debt (OBSA or ORA), or other hybrid and complex instruments;
  • High yield transactions (LBO, MBO, MBI or OBO), it being specified that our team dedicated to financing simultaneously coordinates the advice and assistance related to the debt aspects of such transactions.
  • Numerous investment deals involving convertible bonds and subordinated debt financing (OBSA) for an investment fund specialized in mezzanine (acquisition of an equity interest backed through a bank debt in a group specialized in energy saving certificates and in a network of residential services for seniors).
  • Numerous projects for French investment funds: acquisition of an equity interest in a company specialized in innovative hydrogen-energy production solutions, investment in a company specialized in the analysis and prediction of air quality in urban areas, several fund raisings for a company developing a non-invasive medical device for ultrasound therapy to treat aortic stenosis, several fund raisings for a company working in close cooperation with several prestigious medical research institutes on an enzyme essential for the proper functioning of the immune system, several fund raisings for a company working on the design of a miniaturized sensor to better treat strokes, etc.
  • Assistance to a software development company in the retail industry in relation to its B and C series fund raisings.
  • Assistance to a biotechnology company in the context of its successive fund raisings for a cumulative amount of more than €60 million and subsequently in connection with its IPO.
  • Assistance to an independent French website publishing media group focused on new technology in its €22.5 million fund raising.
  • Assistance to a company specialized in the development of in vivo cellular imaging systems for biomedical applications in a multi-million-euro fund raising with US and French investors.