Succession, LMBO
From blockage to successful transfer: the strength of integrated advice.
Départ Voyages SA and Albertsen Voyages SA, two major players in tourism in French-speaking Switzerland, were owned by a single shareholder and shared premises, operational activities, financial flows and a common history.
Their founding owner, keen to pass on the business, had been in discussions for 4 years with two key managers. But with no agreement on the terms of the takeover, the succession process stalled.
Things to remember
This double LMBO illustrates our firm’s ability to transform a static situation into an entrepreneurial dynamic. Thanks to an integrated approach – succession, fundraising, governance, strategy – we enabled two female managers to take over, while securing the long-term future of two emblematic brands in Swiss tourism.
The challenge:
Separate two overlapping entities (B2B and B2C), while ensuring the future viability of each.
The directors commissioned our firm to resolve the situation and reach an agreement between the owner and his two managers.
We carried out a comprehensive assignment involving advice on transfer, financial structuring, governance and repositioning strategy.
Results obtained :
Successful takeover of 100% of the capital of each company by each of the managers via two dedicated holding structures.
The two holding companies raised several million euros in capital.
Teams, customers and relationships of trust maintained.
Clear separation of activities with clarified governance.
Deployment of two distinct strategies:
➤ Départ Voyages strengthens its focus on tailor-made B2B international travel.
➤ Albertsen refocused on retail and high-end partnerships
Business Case : Succession, LMBO
Our advisory services
- Corporate governance & management
- Strategy
- Corporate Finance
Operational separation and repositioning
Départ Voyages SA has been repositioned as a B2B tour operator, specialising in tailor-made international tours, with an offering designed for partner agencies and groups. Albertsen Voyages SA has been refocused on its core business as a B2C travel agency, with a personalised service aimed at the general public.
Dual financial structure
Development of two independent LMBO packages, structuring the transaction to ensure the financial profitability of each entity separately
Fund raising
Negotiation of two separate financing packages: bank debt, vendor loan
Legal and shareholder clarification
Treatment of cross-shareholdings, definition of a separate price for each company, valuation of unrealised liabilities and extraction of joint cash flows.
Governance and strategy
Assisting the two buyers in building their respective strategies, redefining inter-company collaboration contracts (leases, IT, resource sharing, commercial partnership).
Negotiation support
Drafting letters of intent, coordinating due diligence, validating sale agreements with all parties.