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PARIS (Dow Jones)--Technicolor (TCH.FR) a annoncé mercredi la nomination d'Hugues Lepic en qualité d'administrateur indépendant, en remplacement de Loïc Desmouceaux, qui est nommé censeur du spécialiste des technologies de l'image. Investisseur

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  • Nicolas23

    Aleph, a new private equity fund started by Hugues Lepic ; ex Goldman Sachs : and here we go again !! Mr Lepic, If I am not mistaken, you used to sit on the board of PagesJaunes Group, the French Yellow pages ? That was a great LBO deal that Goldman Sachs made with their fellow investors KKR in 2006 : KKR and Goldman Sachs bought a majority stake in PagesJaunes, in order to repay part of the debt they contracted in the initial purchase, KKR and Goldman Sachs had PagesJaunes to pay a dividend of 2 Billions € to their shareholders. KKR and Goldman Sachs again who owned 50% received 1bn€, and the other investors received an unexpected gift of 1bn€. In order to finance this dividend, PagesJaunes had to contract a debt of about 2bn€ which they haven’t repaid so far as the cash flow they made in the subsequent years was used to repay interest on the debt + some more dividends to KKR and Goldman Sachs who still had some debts to repay. Bottom line : PagesJaunes group, besides the fact that it is one of the most profitable company in France (>40% ebitda), besides the fact that it is the only Yellow pages company in the world that managed its transition from a 100% paper based business to a digital company (60% of its current sales), besides all of this, pagesjaunes is left with no cash to invest in its technology, brand and people as it must repay the debt you put on the company. Congratulations Mr Hugues Lepic, what a terrific deal you made ! If you were working in a transparent industry Mr Hugues Lepic, you could have never survived this, you would have been disqualified just as you have been disqualified from the sailing races for the America Cup you ran with your fantastic boat named..Aleph. With absolutely no sense of contrition, you gave your new private equity firm the same name as the boat you financed with the money you have made in all these years with Goldman Sachs without ever taking a single risk and ruining companies you invested in such as PagesJaunes. Crestview, if you are serious about your money, don’t give it to Hugues Lepic. Mr Lepic, if you still have a sense of honour, give to a charity the tens of millions of dirty Euros you have made in your career with Goldman Sachs. This money will not make your kids happy and proud of yourself

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