Macquarie sells 40% Pisto stake to Crédit Agricole entity Predica

Alice Tchernookova
14 February 2017

Tweet
Facebook
LinkedIn
Google plus
Send to

Macquarie Group has sold a 40% stake in oil pipeline operator Pisto to Predica, an insurance unit of Crédit Agricole.

As a result of the secondary buyout, which was officially approved by the European Commission on 24 January 2017, Predica and Macquarie take joint control of the group, with Predica becoming a minority shareholder.

Macquarie first backed Pisto in 2008 and subsequently became sole shareholder in the group in 2016 by acquiring shares owned by Antin Infrastructure Partners.

Previous funding
In October 2008, Macquarie invested in Pisto through its Macquarie Infrastructure and Real Assets division. According to the GP, the transaction is the second largest investment in France for infrastructure funds managed by Macquarie, after the co-investment with Eiffage in toll road group APRR in 2006. Pisto had previously been supported by Compagnie Nationale de Navigation, BNP Paribas Développement and several investment funds managed by Banexi and Bridgepoint.

Antin – an infrastructure fund sponsored by BNP Paribas – joined Macquarie as minority co-investor in Pisto in 2010, acquiring a 33.3% stake in the group. The announcement had come shortly after the firm held a second closing on €215m for its €1bn infrastructure fund.

Last year, Antin entered into a binding agreement with Macquarie for the sale of its stake, which by then had increased to 35.6%, with Macquarie thereby becoming the sole shareholder in the group.

Company
Founded in 2003, Pisto operates an oil pipeline network connecting Le Havre, Paris, Orléans and Tours. It also handles and transports refined oil products. Holding company Pisto owns Compagnie Industrielle Maritime, Compagnie Commerciale de Manutention Pétrolière and around 32% of Trapil, all operating in sub-sectors of the oil industry.

Pisto is headquartered in Paris, France. It had revenues of €151m in 2015 with €75m in EBITDA, according to the GP.

Advisers
Equity – Allen & Overy, Alexandre Ancel, Frédérique Dugué (legal); Natixis, Arnauld Schaefer, Thomas Desflesselles (corporate finance).
Vendor – Linklaters, David Swinburne, Sabrina Kotas (vendor).