Wendel Investissement to compete in the private equity arena

Wendel Investissement, which is co-investing alongside KKR on the buyout of Legrand, was formed following the merger of CGIP and Marine Wendel, and is to position itself as a competitor to the large buyout funds focusing on Europe. It has EUR 1bn available for investment, and already manages a portfolio worth EUR 1.4bn. When it makes investments in unquoted companies it is intending to provide average investments of EUR 100m in return for stakes of around 30%. It will be directed by Ernest-Antoine Seillière, and is already forecasting that it will be able to generate an IRR of 15%. It will be 32.7% owned by the family holding, Wendel Participations, and 65.3% owned by the public. The new entity will concentrate its investments on growth industries, avoiding cyclical industries. It expects to sell all of its shares in the majority of its quoted portfolio, which includes companies such as Cap Gemini, Valeo and Trader.com, in the next five years. It currently also holds stakes in Orange Nassau (100%), Bureau Veritas (32.7%) and Stallergènes (47.5%).

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