Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGI QUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229- 91111. Fax: +32 229- 64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu.  
  EUROPEAN COMMISSION  
Brussels,  06.10.2021  
C(2021) 7358 final  
PUBLIC VERSION 
TowerBrook  
1 St. James’ s Market, Carlton Street  
SW1Y 4AH London  
United Kingdom  
Subject : Case M .10430 — TOWERBROOK / BRUNEAU GROUP  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No  139/20041 and Article  57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 7 September 2021, the European Commission  received  a notification of a 
proposed concentration pursuant to Article 4 of  the Merger  Regulation by which 
TowerBrook Capital Partners L.L.P. (‘TowerBrook’, United States of America), 
ultimately under the control of Neal Moszkowski and Ramez Sousou acquire s within 
the meaning of Article 3(1)(b) of the Merger Regulation sole control of the whole of  
JM Bruneau SAS (‘Bruneau’, France), currently ultimately controlled by Equistone  
Partners Europe .3 The concentration is accomplished by way of purchase of shares .  
2. The business activities of the undert akings concerned are:  
− TowerBrook is  an investment management firm  whose portfolio companies are 
active in the consumer goods/services, financial services, healt hcare, industrials , 
technology, media, telecommunication a nd knowledge  sectors ; 
− Bruneau sells office supplies through online sales to professional customers, 
mostly small and medium sized companies. The products sold by Bruneau include 
stationery, printing consumables and paper reams. Bruneau also offers office 
equipment and furniture, as wel l as catering , packaging , and cleaning  products. 
Bruneau operates also under the brands Maxiburo, Muller & Wegener, and 
Viking .  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009, the Treaty on 
the Functioning of the European Union ( the ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘ Community ’ by ‘Union’  and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p. 3 ( the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C 372, 16.9.2021, p. 13.  

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope  of the Merger  Regulation  and of 
paragraph 5(b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No  139/2004.4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation and Article 57 of 
the EEA Agreement . 
For the Commission  
  
(Signed)  
Olivier GUERSENT  
Director -General  
                                                 
4  OJ C 366, 14.12.2013, p. 5.