Secondary LBO market also holds his attention

Eurazeo has double blow. Yesterday morning, the investment company announced the assignment of his participation in the satellite Eutelsat operator (25.5) and the rental of trucks Fraikin (55.1). Two operations which he related the tune of 954 million euros and marks the end of the first chapter of the new history of the Lazard ex-holding started in 2002 with the arrival of Patrick Sayer at the head of its Board of Directors. These two interests were indeed with Terreal assigned in 2005, the symbol of the strategic shift in direction of the non-coté.

The team of Eurazeo is now at the head of a Treasury of war that it estimated that 1.8 billion and EUR 2 billion. An already impressive amount, which must be added the reserve of a few hundreds of millions are holdings in listed companies (Veolia, Air Liquide, Danone) and the eventual product of the next introduction on the stock exchange of the Rexel electrical equipment group. The investment company, which owns 29 thereof together with Clayton, Dubilier & Rice, prepares his return on the market for spring.

An appetite for ogre

With a such financial strength, Eurazeo claims an appetite of ogre and exclude any hypothesis of investment. "If significant assets to be sold in the field of the environment, we would be interested", said Patrick Sayer, in a transparent allusion to the Suez Environment business. A nomination in solo would be possible for the French part. For the whole of the perimeter, the hypothesis of an alliance is not excluded. When the Italian Enel had watched the Suez folder, the rumor said Eurazeo partner of Veolia Environment for the resumption of these same assets of Suez. In a joke, Patrick Sayer even the idea of a tandem with Wendel investment, the best enemy of Eurazeo ready market French it also refers to break the piggy bank for this folder.

At the same time, the pattern of the holding company recognizes its interest for the FNAC or Redcats (distance selling), where they would be for sale, recalling the crossing the offer made in his time on purpose, another distributor. Secondary LBO market also holds his attention. "Especially if it is to support a company wishing to grow up", he explains. Fraikin and Eutelsat are here to bear witness to the skills of Eurazeo. On the first purchased in March 2003 to Iveco (Fiat Group), its teams have made several France and Britain external growth operations to increase turnover by 30. The work of restructuring has also been important on Eutelsat (read below).

Different processes

But the similarities between the two files stop there. The assignment of participation in the side satellites operator intervenes at the end of a short process in which the purchaser the Caisse des Dépôts et Consignations (read below) was opposed to the Australian Macquarie. It is part of the complete restructuring of the capital with the simultaneous arrival of Abertis to 32 ("Les Echos" of December 6). 26,15, The Caisse des Dépôts pays EUR 862,7 million, or EUR 15.70 per share including 614 million for Eurazeo. The holding company thus multiplies its implementation by 5.6 in 4 years.

Fraikin sale has been less easy. Finally surrendered to the CVC Capital Fund for 1,350 billion euros, the landlord was on track for an introduction on the stock exchange by the end of the year. Asked on whether if this last-minute reversal was due to the fact that the placement of the titles had gone poorly, Patrick Sayer said that if he had "had the opportunity to target the top of the range" for the introduction, its decision would have been different. HVAC supply values Fraikin at 14 euros per share. It represents for Eurazeo proceeds of EUR 340 million, or 3.4 times his initial investment. So far, the holding company reinvests EUR 60 million for 20 of the capital in the new round table.