EdRIP and Phillimore invest in Ocean

Both investors will own a 40% stake in the business; the current CEO and owner strengthened its majority shareholding and now owns 60% of the company. LCL and Caisse d'Epargne provided senior debt to finance the acquisition.

Credit Agricole Private Equity backed the original management buyout of Ocean in 2007 via its LCL Régions Développement fund. Since then, turnover has grown by 75% and Ocean's profitability has quadrupled. Crédit Agricole Private Equity reaped a 26% IRR on its original investment.

Founded in 2003, Ocean designs and sells turnkey vehicle tracking solutions for SMEs, as well as large companies owning fleets of trucks. The Clichy-based company employs 50 staff, serves around 1,500 clients and posted a €9m turnover in 2009.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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