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Dassault Buys Le Figaro from The Carlyle Group
The Carlyle Group is one of the world's largest private equity firms and it invests heavily in the defence industry. its investors have included Frank Carlucci, former Defense Secretary and Deputy Director of the CIA, the Bin Laden family, and former heads of state George Bush Snr. and John Major. More >>
Statement on the website of The Carlyle Group >>
In March 2002, Carlyle Europe Partners I announced the sale of its 40 percent stake in Le Figaro, France�s best known publishing and media enterprise. The terms of Carlyle�s exit met all expectations set at the time of the acquisition and were very well received by the fund�s investors.
Forty years after it was founded in 1826, Le Figaro had become the leading daily newspaper in France. Today, Le Figaro is a media group, which continues to publish not only the Le Figaro newspaper daily, but also news magazines and a stable of specialized publications. In recent years, Le Figaro has expanded into other media including a controlling interest in the leading Internet site for executive job placements.
Carlyle acquired 40 percent of Le Figaro Group in July 1999 through a combination of shares and convertible bonds from the company�s parent, Socpresse. Socpresse was 100 percent owned by the Hersant family at the time of Carlyle�s investment. The Hersant family had held Le Figaro since the 1970s, and also had interests in numerous regional papers.
Carlyle�s investment allowed the family to retain control of Le Figaro with a 60 percent interest while providing necessary balance sheet restructuring. Following the investment Carlyle worked closely with the management team to support a major redesign of the paper and refocus of business strategy. The results were impressive and Le Figaro�s readership, revenues and profitability climbed steadily over the following three-year period.
Following Serge Dassault�s acquisition of a 30 percent stake in Socpresse in February 2002, Carlyle entered a definitive agreement through which Socpresse reacquired all of the shares and convertible bonds Carlyle owned in Le Figaro. As a result of the transaction, Socpresse once again owned 100 percent of Le Figaro.
Dassault Aviation's investment in Le Figaro
Dassault Aviation is Europe's leading exporter of combat aircraft.
The Very Rich (Bankers and Industrialists) Come to the Aid of the Very Poor (French National Newspapers). But Is It In Time?
Philip Stone December 6, 2004
Serge Dassault, head of Dassault Aviation and confidant to President Jacques Chirac, failed in efforts to buy L�Express in 1997, and France Soir and Le Figaro in 1999, finally got his wish in March, 2004, when he bought more than 80% of Socpresse, the company that owns Le Figaro and 70 other titles. The cost? Some 1.5 billion. More >>