Kepler Cheuvreux diversifies its activities with the launch of KCI in a new asset management division

Kepler Cheuvreux announces the takeover of IFE Mezzanine, renamed Kepler Cheuvreux IFE (“KCI”). KCI is a management company with nearly 20 years of experience in raising capital for French and European companies via the launch of investment funds targeted at institutional investors.

Since June 2018, Kepler Cheuvreux has entered into a new phase of accelerated development with the entry of two new shareholders: Atlas Merchant Capital and Edmond de Rothschild Equity Strategies, private equity funds. The launch of KCI leverages the new partners’ expertise in debt and fixed income products.

A launch that meets a two-fold need

KCI will develop a range of real economy financing funds ranging from senior debt to equity in order to provide tailor-made solutions adapted to the needs of companies and their shareholders.

KCI also responds to the appetite of French and foreign institutional investors who want to finance the real economy while diversifying their investments into unlisted companies which may offer more attractive risk/return profiles.

KCI: a combination of expertise and experience in corporate financing

Kepler Cheuvreux is one of the pioneers and leaders in the private debt market in France. Indeed, Kepler Cheuvreux has acted as advisor or arranger for some 50 transactions since 2011. In parallel, Kepler Cheuvreux monitors approximately sixty Euro PP issuing companies with credit analysis on behalf of institutional investors, in particular through its long-standing partnership with the management company Fédéris Gestion d'Actifs (before its integration into La Banque Postale Asset Management in 2016), through which nearly €1.1 billion has been invested in this segment.

Since its creation in 1998, IFE Mezzanine has participated in more than 50 transactions in France and Europe to support the growth of companies or their transfer, investing more than €500 million as part of its historical activity of managing funds dedicated to mezzanine and more recently to sponsor-less transactions.

KCI will initially deploy two complementary strategies: firstly, it will continue its historical activity, dedicated to "preferred equity" (mezzanine and quasi-capital) and, secondly, it will expand in private debt (Euro PP and senior debt), while leveraging Kepler Cheuvreux’s infrastructure and preserving KCI’s management independence.

Guillaume Cadiou, Chairman of the Management Board of Kepler Cheuvreux stated, “this transaction represents a unique opportunity for us to diversify our activities into asset management and is perfectly in line with Kepler Cheuvreux's new dynamic, encouraged by our shareholders”.

Dominique Fouquoire, CEO of KCI, points out that “thanks to the various areas of expertise of Kepler Cheuvreux, we will benefit from new key assets in an evolving market: access to powerful credit analysis, a strengthened presence among SMEs and Mid-Caps and a large network of over 1,200 institutional investors in Europe. Thus, SMEs seeking financing will also be able to benefit from complementary services such as Equity Capital Markets and Debt Capital Markets services and research coverage.”

About Kepler Cheuvreux

Kepler Cheuvreux is a leading independent European financial services company which specializes in research, execution and advisory services. The company has four business lines: Equities, Debt & Derivatives, Investment Solutions and Corporate Finance. Headquartered in Paris, the group employs around 600 staff. This multi-local company is also present in Amsterdam, Boston, Brussels, Frankfurt, Geneva, London, Madrid, Milan, New York, Oslo, Stockholm, Vienna and Zurich.

Management and staff are the largest shareholders: major European financial groups, including Crédit Agricole CIB, UniCredit, Rabobank, Swedbank and Belfius are also important shareholders.

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