Interview – Pierre Fraignaud, Acquirer of Les Parisettes

Hello Pierre, can you introduce yourself and your company, Les Parisettes?

Of course! My name is Pierre Fraignaud, I’m 50 years old, with around 20 years of experience in commercial and marketing leadership roles—first in large corporations like Procter & Gamble, then in mid-sized companies. Just over two years ago, I decided to embark on a business acquisition project. In September 2024, I acquired Les Parisettes, a very small company specializing in the design and sale of cultural and tourist products—mainly souvenir items for museums, tourist offices, and concept stores. We create fully customized products for major institutions such as the Louvre or Puy du Fou, but also for smaller clients.

⚙️ Why Les Parisettes? Adecision based on passion but also solid criteria

What madeyou choose this company?

I had areal coup de cœur. It came after more than a year of searching, and LesParisettes ticked almost all my boxes—except one: the company’s size. Ihad defined several selection criteri

• Type of activity: a trading company, B2B.
• Profitability: a financially sound company  with positive net income.
• Size compatible with a solo LBO: I wanted to be able to     finance the acquisition on my own and still pay myself a salary.
• Location: necessarily in the Paris     region, for personal reasons.
• Professional alignment: I wanted a business where my     commercial and marketing skills would make a real impact.
• Emotional factor: desire. You must love the     business you’re going to lead every day.

When I metthe seller, I quickly made a full-price offer. It wasn’t aggressivenegotiation, but a strategic decision to secure a project I truly believed in.

🔍 Finding the right company: a challenge ofpersistence

What werethe main challenges during your search?

The biggestchallenge is maintaining a steady flow of interesting opportunities. You don’tfind a company every month. For me, the journey came down to three successivechallenges:

1. The “seduction phase”: understanding the seller,     their company, and building a relationship.
2. The decision to make an offer: objectively evaluating     potential, even though no target will ever check every single box.
3. Structuring the offer: valuation, financing     strategy, negotiation.

Andthroughout, you must remember that time is the acquirer’s enemy—you haveto keep momentum. Some opportunities came through networking, others throughplatforms like Fusac. In the end, diversity of sources is essential.

🧠 Preparing your acquisition project:introspection and method

What advicewould you give to future acquirers?

Based on myown experience, I’d recommend:

• Do real introspection:     list your motivations, strengths, weaknesses, personal constraints.
• Meet other acquirers: understand the diversity of     their paths and refine your own strategy.
• Validate your project: define your ambition, clarify     what you’re looking for and what you want to avoid.
• Get trained: programs like CRA are     extremely useful.
• Define a search strategy: build your own CRM, routines,     and organizational tools.
• Surround yourself: rely on a trusted team     (lawyer, accountant, perhaps an M&A advisor) and create a “core team”     to challenge your decisions.

Thisgroundwork is crucial for success.

🛠️ The first 100 days: adaptation,optimization, transformation

Once youacquired Les Parisettes, what happened during the first 100 days?

It was anintense period! I tackled several urgent priorities:

• Understanding existing     processes, client files, daily operations, and internal organization.
• Moving to new offices—buying     furniture, IT equipment, and even assembling desks myself on weekends.
• Administrative     updates: banks, insurance, contracts.
• Tech upgrades: replacing the     old ERP and rolling out a CRM.
• Recruitment: one intern and one     buyer (not originally in the business plan).

And all ofthis while trying to keep revenue afloat. The first two months saw a double-digitdrop in sales, but I was prepared for turbulence. By month four,turnover was strongly growing again.

📈 Driving growth: a focused strategy

What wasyour strategy to restart growth?

For yearone, I had a single priority: short-term revenue growth. Toachieve this, I:

• Recruited to free up my own     commercial time.
• Deployed new tools: ERP, CRM,     marketing automation.
• Cleaned and expanded the     prospect database, with a goal of tripling it.
• Ran targeted campaigns:     newsletters, emailings, automated follow-ups.

I didn’ttouch the product offering at first—the urgency was commercial efficiency andprocess structuring.

🌱 ESG: aligning with values

Do youintegrate ESG practices into your management?

It’s notcentral to the business model, but it’s essential for me. Here’s whatwe’ve implemented:

• Governance & HR: value-sharing bonuses,     reflections on profit-sharing, CSE-type benefits.
• Responsible production: no more products from Asia,     priority to Made in France.
• Environment: recyclable materials, organic     cotton, minimizing overpackaging.
• Social impact: partnerships with ESATs,     product donations to local organizations.

Theseactions are embedded in the company’s daily life.

❌ Common misconceptions aboutacquisitions

What arethe false assumptions you encountered?

Three stand out:

1. “There are plenty of SMEs to     acquire”: true     in numbers, but few are truly viable for acquisition.
2. “Valuation is purely     mathematical”:     false. Of course, multiples and EBITDA adjustments matter—but negotiation     is deeply human.
3. “An acquirer isn’t a real     entrepreneur”:     completely false. You’re in action, taking risks—you absolutely need the     entrepreneurial drive.

🤝 Network and support: an often underestimatedpillar

Who wasimportant in your journey?

I had a coreteam of three people: a former acquirer, a startup founder, and a friendalso seeking an acquisition. They were indispensable for challenging andpushing me forward. Then, my CRA group—we called ourselves the “Mohicans”—wasa real source of energy and support. And of course, the broader network andacquirer clubs… often, that’s where the best opportunities come from.

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