Financing of the LBO on Phase Neutre (123 Elec): De Gaulle Fleurance advised the banking pool on the arrangement of the bank debt

Deals 19 March 2026

De Gaulle Fleurance advised Caisse d’Epargne et de Prévoyance d’Auvergne et du Limousin, Caisse d’Epargne et de Prévoyance Loire Drôme Ardèche, Caisse d’Epargne et de Prévoyance de Rhône-Alpes and Crédit Lyonnais as co-arrangers, as well as the other lending banks in connection with the majority takeover of Phase Neutre (123Elec), via a tertiary LBO carried out by the group’s managers alongside Siparex Midcap, BNP Paribas Développement, Carvest, Garibaldi Participations and Arkéa Capital.

Founded in 2008 and led by Michel Chaves since 2018, Phase Neutre (123 Elec) is the French leader in the online distribution of electrical equipment for professionals and private individuals.

This transaction marks a new strategic step in the Group’s development, strengthening its position in the French e-commerce market specializing in electrical equipment.

Based in Saint-Etienne, with a logistic and warehousing facility, the group employs 115 staff and achieved consolidated turnover in excess of €90 million in 2025, compared with €43 million in 2019.

De Gaulle Fleurance (May Jarjour, Partner, Claire Haas, Senior Counsel, and Hugo Nougarolis, junior lawyer) advised the co-arrangers, Caisse d’Epargne et de Prévoyance d’Auvergne et du Limousin (Stéphane Courageot and Vincent Becquevort), Caisse d’Epargne et de Prévoyance Loire Drôme Ardèche (Louise Chometon), Caisse d’Epargne et de Prévoyance de Rhône-Alpes (Frédéric Faure and Yvan Mathieu) and Crédit Lyonnais (Sylvain Monteil), who coordinated the lenders and arranged the bank debt intended, in particular, to partially finance this transaction through a banking pool also comprising CIC Lyonnaise de Banque, BNP Paribas and Caisse Régionale de Crédit Agricole Mutuel Loire – Haute-Loire.