Stade Malherbe Caen
Oaktree Capital Management (with Pierre-Antoine Capton taking the remaining 20%) acquisition · 1 Aug 2020
- Seller
- Historical SM Caen shareholders, associated with former president Jean-François Fortin
- Stake acquired
- 80%
- Control
- Yes
- Reported consideration
- Undisclosed
- Implied equity value
- —
- League
- Ligue 2
- Country
- France
- Confidence
- MEDIUM
Buyer profile: Oaktree Capital Management: clubs owned, where they buy next
Oaktree Capital Management (with Pierre-Antoine Capton taking the remaining 20%) acquired a 80% majority stake in Stade Malherbe Caen from Historical SM Caen shareholders and others, announced 1 Aug 2020, closing 7 Sept 2020.
The purchase consideration was not disclosed. ~€17.5m of new capital went into the club.
Nearest pre-acquisition revenue was €15.3m (FY 2019/20).
- Announced
- 1 Aug 2020
- Closed
- 7 Sept 2020
- Stake after transaction
- 80%
- Status
- completed
Reported consideration
What the buyer reportedly paid for the stake
Implied 100% equity value
Calculated: consideration ÷ stake acquired
Reported club valuation
Enterprise value
Only shown when debt/cash near the transaction date is established
Debt assumed / restructured
Primary capital injection
Total announced investment commitment
Commitments are not purchase price and not valuation
Nearest pre-acquisition financial year: 2019/20
Revenue
Wages
EBITDA
Net debt
Net income
Core facts (Oaktree taking 80% alongside Pierre-Antoine Capton's 20%, 100% share purchase from the historical ownership group tied to ex-president Jean-François Fortin, DNCG approval and September 2020 close) are corroborated by specialist French football-business media, though not by a primary Oaktree or club press release located in this research pass — confidence is capped at MEDIUM as a result.
Critically, this deal does not have a clean 'purchase price': reporting frames the transaction primarily around a forward investment/recapitalization commitment of €15-20m by the buyers to satisfy DNCG solvency requirements, rather than a disclosed consideration paid to the outgoing shareholders for their equity. We record this as primary_capital_injection (REPORTED, approx, using the €17.5m midpoint of the reported €15-20m range) and leave reported_consideration as UNDISCLOSED rather than conflating the recapitalization commitment with a share purchase price, per the spec's instruction not to collapse different monetary concepts. Pre-acquisition revenue could not be confirmed; only payroll (~€15m, FY2019/20) was found with reasonable sourcing.
- Sport Buzz Business — 'Le Stade Malherbe Caen officiellement racheté par Oaktree et Pierre-Antoine Capton' ↗Tier 4 · specialist media
2020-09-07 · fr — “Confirms Oaktree Capital Management (80%) and Pierre-Antoine Capton (20%) acquired 100% of SM Caen's shares from historical shareholders (SMC 10, Club SMC, the association, former players' club, and the City of Caen), with DNCG approval expected mid-September 2020; Oaktree and Capton committed €15-20m in investment to pass DNCG review; Olivier Pickeu named executive president; Capton retained a right of first refusal on Oaktree's stake.”
- Foot Normand — DNCG report coverage on SM Caen's 2019/20 financial situation ↗Tier 4 · specialist media
2020 · fr — “DNCG-derived reporting citing SM Caen's 2019/20 payroll at ~€15m (3rd-highest in Ligue 2) against a structural operating deficit before transfers of roughly €10-11m. (Sourced via search snippet; not independently re-fetched in this pass — full DNCG club-level filing was not located.)”
- LFP/DNCG — Comptes individuels des clubs, saison 2019/2020 ↗Tier 1 · league body accounts
2021-07-07 · fr — “STADE MALHERBE CAEN — SASP + ASSOCIATION — Droits audiovisuels 9 135 / Sponsors-Publicité 2 632 / Recettes matches 1 402 / Autres produits 2 178 / TOTAL PRODUITS HORS MUTATION 15 347 / Rémunération du personnel chargée 15 188 / RÉSULTAT DES OPÉRATIONS HORS MUTATION -11 187 / RÉSULTAT DES OPÉRATIONS MUTATION 9 976 / RÉSULTAT NET -85 / Situation nette 12 934 / Dettes financières 6 148 / Disponibilités 5 963 (K€, saison 2019-2020)”
- Ouest-France — DECRYPTAGE. SM Caen : ce que dit le rapport de la DNCG sur les comptes du club ↗Tier 2 · regional media
2021-07-09 · fr — “'au 30 juin 2020, elles [les charges] s'élevaient à 26 millions d'euros ! Dont 15 millions sur les charges de personnel ... soit autant que toutes les recettes du club… Parmi ces 15 millions de recettes, 9 millions provenaient des droits TV'”
- SM Caen — Communiqué officiel (Interconnected Ventures / Coalition Capital) ↗Tier 1 · primary company
2024-07-31 · fr — “'Interconnected Ventures est fière d'annoncer un projet d'acquisition, à travers son entité d'investissement Coalition Capital, des parts détenues par les fonds gérés par Oaktree Capital Management, L.P. dans le Stade Malherbe Caen ... PAC Invest, la société d'investissement de Pierre-Antoine Capton, reste actionnaire du club'”
2024-07-30 · fr — “'a racheté les 80 % du club de Ligue 2 jusqu'ici détenus par les Américains d'Oaktree ... Le montant de la transaction serait autour de 15 millions d'euros. Pierre-Antoine Capton ... restera actionnaire minoritaire à hauteur de 20 %.' Le Parisien (29 Jul 2024) put it at 'un peu moins de 20 M€'; Reuters: terms not disclosed.”
- LFP/DNCG — Comptes individuels des clubs, saison 2019/2020 (Stade Malherbe Caen bilan cumulé) ↗Tier 2 · league body accounts
2021-07-07 · fr — “STADE MALHERBE CAEN — SASP + ASSOCIATION — BILAN CUMULÉ (K€): Créances sur mutations de joueurs 10 659 / Disponibilités et V.M.P. 5 963 / TOTAL ACTIF 31 952 / Situation nette 12 934 / Comptes courants d'actionnaires 250 / Provisions R et C 961 / Dettes financières 6 148 / Dettes sur mutations de joueurs 2 019 / Autres dettes 9 640 / RÉSULTAT NET -85”