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presented by October France



60 months


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Bollène, France



Personal services

Presentation of the company

Created in 2010, SL Ascension is a franchisee of Carlance and has 2 salons : one in Montélimar open in 2010 and one in Bollène open in 2013. SL Ascension is managed by Sophie Laurier, has 10 employees and is based in Bollène.

The company’s main activities are:

  • the providing of beauty cares for men and women
  • the treatments are carried out with products of great brands, such as Thalgo, Maria Galland, by state-certified beauticians

The group Carlance has 60 salons for a total revenue of 16 millions euros. Carlance has created its own beauty products.

The group has developped a technology on his website to inform in real time the availabilities and enable the clients to manage the without appointment.

The competitive advantages are: 

  • the lower prices for quality services and products 
  • the optimizing of wait times for customers.

Project Description

Lou is the holding company set up in 2018 to acquire 51% of the shares of SL Ascension, active in the Beauty salon sector. The balance of SL Ascension shares is owned by Sophie Laurier. 

Emalexance, holding of the Carlance group, which owns 51% of the SL Ascension’s shares, wants to sell its shares. The total valuation of the company is 275 000 € fees included, valuation based on standard of the market. Sophie Laurier via a dedicated company wishes to borrow 142 000 € over 60 months to finance the acquisition of the shares the balance is finance by personal contribution. This project will be realised in the next few months. This operation is secured by a pledge on the shares of the target company.

The amount offered on the platform is limited to 69 580 €, which is in line with the regulatory limits.

Like all projects presented to individual lenders on Lendix, it is co-financed with institutional investors, sophisticated investors and the management of Lendix, subscribers to the Lendix Fund.

Analyst’s Opinion

The borrower is a holding company dedicated for the acquisition whose revenues are derived from services invoiced to its subsidiaries. The financial analysis was carried out on the financials of the target company.

With a turnover of 535 000 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

The increase of the revenue is linked to the increase of the visits in the two salons. The negatif net result and the fixed charge cover ratio inferior to 1 are linked to the management fees due to the holding Emalexance. With the acquisition of the shares, the company will no longer pay it. The forecast has been done on 2017 including the saves on management fees.

The borrower has a good repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1,37 and a strong financial structure, with a forecast net debt / ebitda ratio of 0,7 and a net debt / shareholder equity of 212%.

The analysis of the project leads to a credit rating of B and a 6,6% annual interest rate.

Strong points:

  • Good historical performance based on diversified client base.
  • Good repayment ability with a forecasted FCCR of 1,37.
  • Beauty salon part of the Carlance franchise network

Point of caution:

  • Competitive sector

*The multiple of FCCR at 1,37 means that the company has a safety margin of 37% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Scores & Decisions, Corporate Banking File). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.