Eurazeo sees 2.1x return on divestments in H1 2013

Ellie Pullen
28 August 2013

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Eurazeo made an average 2.1x multiple on €853m worth of disposal proceeds in the first half of this year, representing 23% of its portfolio.

Eurazeo recorded turnover of €3.4bn in the first half of the year, as well as an EBIT of €215.5m. The GP also realised total capital gains of €580.5m on its various sales of portfolio companies.

Eurazeo has been gradually divesting its shares in Rexel, a listed French electrical equipment supplier, since the beginning of this year. Rexel's backers, which also include Clayton Dubilier & Rice (CD&R) and Merrill Lynch Global Private Equity (MLGPE), sold a 14.7% stake and raised a total of €640m in February, €225m of which went to Eurazeo. Following this in June, the GP offloaded a further 10% stake with CD&R and MLGPE, pocketing €85m of the €500m raised by the exiting investors.

Earlier in August, the consortium also divested a further 28.8 million shares for €525m, of which Eurazeo received €100m.

Other disposals made by Eurazeo in H1 2013 comprise the sale of Edenred for €603m, in which the firm reaped a 2x return on its original investment; the secondary buyout of The Flexitallic Group to Bridgepoint for €450m; and the sale of a minority stake in BFR Groupe for €2.9m.

Eurazeo also made four acquisitions in H1, totalling approximately €100m in terms of acquisition price. Eurazeo Croissance notably bought 93% of IES in June, in a transaction valuing the company at €22m.

In July, Eurazeo PME acquired both Cap Vert Finance and Péters Surgical in deals with enterprise values of €70m and €42m respectively.