{"id":10140,"date":"2015-03-12T11:03:10","date_gmt":"2015-03-12T10:03:10","guid":{"rendered":"https:\/\/valoxy.org\/blog\/?p=10140"},"modified":"2024-07-13T18:10:51","modified_gmt":"2024-07-13T16:10:51","slug":"lbo-qu-est-ce-que-c-est-12032015avalsebhaus","status":"publish","type":"post","link":"https:\/\/valoxy.org\/blog\/lbo-qu-est-ce-que-c-est-12032015avalsebhaus\/","title":{"rendered":"Qu\u2019est-ce qu\u2019une op\u00e9ration de LBO ?"},"content":{"rendered":"<p>Un LBO, ou Leverage Buy-out, est <span class=\"exergue\"><strong>une op\u00e9ration de rachat d\u2019entreprise utilisant un effet de levier financier<\/strong><\/span>. Elle permet de prendre le contr\u00f4le d\u2019une entreprise sans disposer de la totalit\u00e9 de sa valeur. Le compl\u00e9ment \u00e9tant financ\u00e9 par un emprunt, lui-m\u00eame rembours\u00e9 gr\u00e2ce aux b\u00e9n\u00e9fices futurs de la soci\u00e9t\u00e9 rachet\u00e9e.<br \/>\nCes op\u00e9rations concernent traditionnellement les grandes entreprises. Cependant, elles sont <strong><span class=\"exergue\">de plus en plus couramment utilis\u00e9e dans les op\u00e9rations de transmission ou de rachat d\u2019entreprises petites ou moyennes<\/span><\/strong>.<\/p>\n<p>Valoxy, cabinet d&rsquo;expertise comptable dans les Hauts de France, vous en dit plus sur ces op\u00e9rations<\/p>\n<figure id=\"attachment_3797\" aria-describedby=\"caption-attachment-3797\" style=\"width: 300px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-3797 size-medium\" title=\"LBO\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2013\/06\/export-300x197.png\" alt=\"LBO\" width=\"300\" height=\"197\" \/><figcaption id=\"caption-attachment-3797\" class=\"wp-caption-text\">Qu\u2019est-ce qu\u2019une op\u00e9ration de LBO ?<\/figcaption><\/figure>\n<h2>Qu\u2019est-ce qu\u2019un effet de levier financier ?<\/h2>\n<p>Prenons l\u2019exemple d\u2019une soci\u00e9t\u00e9 valant 1 million d\u2019euros et d\u00e9gageant chaque ann\u00e9e un b\u00e9n\u00e9fice de 200.000\u20ac.<br \/>\nSi vous achetez directement cette entreprise, vous allez investir 1.000.000 et vous recevrez en contrepartie 200.000\u20ac de dividendes chaque ann\u00e9e.<br \/>\nA ce niveau, <span class=\"exergue\"><strong>votre taux de retour sur investissement (TRI ou ROI en anglais) est de 200.000\/1.000.000, soit 20% par an.<\/strong><\/span><\/p>\n<p><img decoding=\"async\" class=\"alignright wp-image-6507 \" title=\"LBO\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2013\/10\/sarl-ou-sas-241x300.jpg\" alt=\"LBO\" width=\"122\" height=\"152\" \/>Imaginons maintenant que pour payer ce million, vous n\u2019apportiez que 300.000\u20ac et empruntiez le reste aupr\u00e8s d\u2019une banque, soit 700.000\u20ac. Le remboursement de cet emprunt serait \u00e9tal\u00e9 sur 8 ans (plus g\u00e9n\u00e9ralement 7 ans), soit 100.000\u20ac par an avec les int\u00e9r\u00eats venant en diminution des dividendes per\u00e7us.<br \/>\nDans ce cas, votre investissement personnel serait de 300.000\u20ac et votre dividende annuel de 100.000\u20ac. (200.000 de base \u2013 100.000 de remboursement d\u2019emprunt).<br \/>\n<strong><span class=\"exergue\">Votre TRI serait alors de 100.000\/300.000, soit 33.33% par an.<\/span><\/strong><\/p>\n<div class=\"encadre-style\">En recourant \u00e0 l\u2019emprunt pour financer l\u2019acquisition, vous avez pu acheter pour 300.000\u20ac ce qui vaut en r\u00e9alit\u00e9 1.000.000 et du m\u00eame coup, <strong><span class=\"exergue\">vous avez fait bondir de 66.66% la rentabilit\u00e9 de votre investissement.<\/span><\/strong> Cela s&rsquo;appelle\u00a0 l\u2019effet de levier financier.<\/div>\n<h2>Quel est le montage juridique d\u2019un LBO ?<\/h2>\n<p>Le montage juridique classique d\u2019un LBO repose sur la cr\u00e9ation d\u2019une soci\u00e9t\u00e9 nouvelle, <strong>appel\u00e9e Holding,<\/strong>\u00a0qui recevra l\u2019apport, contractera l\u2019emprunt et acquerra les titres de la soci\u00e9t\u00e9 cible.<\/p>\n<p><img decoding=\"async\" class=\"alignright wp-image-6466 \" title=\"LBO\" src=\"https:\/\/valoxy.org\/blog\/wp-content\/uploads\/2013\/10\/businessman-game-300x198.jpg\" alt=\"LBO\" width=\"259\" height=\"171\" \/><\/p>\n<p>Les avantages de la holding dans le montage sont multiples :<\/p>\n<ul>\n<li>Plusieurs acqu\u00e9reurs peuvent participer \u00e0 l\u2019op\u00e9ration,<\/li>\n<li>Elle facilite les op\u00e9rations de transmission,<\/li>\n<li>Les int\u00e9r\u00eats d\u2019emprunt pay\u00e9s <a title=\"Cr\u00e9er sa holding pour b\u00e9n\u00e9ficier d\u2019une fiscalit\u00e9 avantageuse\" href=\"https:\/\/valoxy.org\/blog\/holding-et-fiscalite-avantageuse\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>sont d\u00e9duits du r\u00e9sultat fiscal de la holding<\/strong><\/a> (voire du r\u00e9sultat d\u2019ensemble holding-cible en cas d\u2019int\u00e9gration fiscale),<\/li>\n<li>Les associ\u00e9s de la holding ne sont directement impos\u00e9s que sur la part de b\u00e9n\u00e9fices qu\u2019ils per\u00e7oivent. Et non sur la part de b\u00e9n\u00e9fices laiss\u00e9s dans la holding ou servant \u00e0 rembourser l\u2019emprunt.<\/li>\n<\/ul>\n<h2>Quelles sont les limites du LBO ?<\/h2>\n<p>La limite principale d\u2019une op\u00e9ration de LBO repose sur la pression suppl\u00e9mentaire qu\u2019elle fait porter sur l\u2019entreprise cible.<br \/>\nEn effet, pour que<a title=\"La cr\u00e9ation d\u2019une holding dans le cadre du rachat ou de la vente d\u2019une entreprise\" href=\"https:\/\/valoxy.org\/blog\/holding-et-rachat-vente-entreprise24122014avalthibmar\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong> la holding<\/strong><\/a> puisse rembourser l\u2019emprunt bancaire (aussi appel\u00e9 \u00ab dette senior \u00bb) contract\u00e9 pour le rachat, la soci\u00e9t\u00e9 cible devra \u00eatre en mesure de distribuer chaque ann\u00e9es des dividendes importants.<br \/>\nUn LBO est donc plus \u00ab sensible \u00bb aux \u00e9volutions de conjoncture \u00e9conomique.<br \/>\nDe plus, <strong><span class=\"exergue\">les distributions de dividendes limitent les capacit\u00e9s d\u2019investissement de la cible.<\/span><\/strong><\/p>\n<div class=\"encadre-style\">Certaines \u00e9tudes relativisent n\u00e9anmoins ces risques potentiels <strong><span class=\"exergue\">en faisant appara\u00eetre des r\u00e9sultats \u00e9conomiques, financiers et sociaux relativement meilleurs dans les entreprises sous LBO<\/span> <\/strong>par rapport \u00e0 l\u2019ensemble des entreprises.<\/div>\n<p>Pour en savoir plus sur l&rsquo;effet de levier d&rsquo;une holding, retrouvez nos articles sur le blog de Valoxy :<\/p>\n<ul>\n<li><a class=\"mkd-pt-link\" href=\"https:\/\/valoxy.org\/blog\/effets-de-levier\/\" target=\"_self\" rel=\"noopener noreferrer\">Les effets de levier : quels sont-ils ?<\/a><\/li>\n<li><a class=\"mkd-pt-link\" href=\"https:\/\/valoxy.org\/blog\/effet-de-levier-quest-ce-que-cest\/\" target=\"_self\" rel=\"noopener noreferrer\">L\u2019effet de levier : qu\u2019est ce que c\u2019est ?<\/a><\/li>\n<li><a class=\"mkd-pt-link\" href=\"https:\/\/valoxy.org\/blog\/les-avantages-de-la-holding-animatrice-dans-le-cadre-dun-lbo\/\" target=\"_self\" rel=\"noopener noreferrer\">Les avantages de la holding animatrice dans le cadre d\u2019un LBO<\/a><\/li>\n<\/ul>\n<div class=\"mkd-pt-two-excerpt\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Un LBO, ou Leverage Buy-out, est une op\u00e9ration de rachat d\u2019entreprise utilisant un effet de levier financier. Elle permet de prendre le contr\u00f4le d\u2019une entreprise sans disposer de la totalit\u00e9 de sa valeur. Le compl\u00e9ment \u00e9tant financ\u00e9 par un emprunt,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,9],"tags":[],"class_list":["post-10140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fusac","category-gestion"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Qu&#039;est-ce qu&#039;un LBO ?<\/title>\n<meta name=\"description\" content=\"Un LBO est une op\u00e9ration financi\u00e8re permettant \u00e0 un investisseur de prendre le contr\u00f4le d\u2019une entreprise sans disposer de la totalit\u00e9 de son prix. 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