CPE sells Orège stake to Eren

According to unquote" data, CPE remained one of Orège's largest shareholders following its flotation on the NYSE Euronext Paris in July last year, with a stake of 22.7%, equivalent to 4 million shares.

This has decreased since the flotation, through the exercise of an overallotment option, to sit at 19.8%.

CPE reaped more than 2x its investment following a holding period of less than three years - a successful early exit, considering the firm's usual holding period extends to five years, said CPE vice president Nicolas Moiseeff.

Eren originally entered Orège's shareholding through the purchase of shares worth €15m in the company's global placement. The IPO gave Orège a market cap of approximately €57.7m and the company raised proceeds of around €20.1m.

Eren's tender offer has raised the company's market cap to €80m. "I think the flotation and the tender offer by Eren validates the company's commercial progress," said Moiseeff.

CPE invested €6m in Orège in July 2011, as part of an €8m funding round that the firm led. Luxembourg-based GP Oraxys supplied the €2m balance via its Oraxys Environment I vehicle, while CPE invested in the company through its €200m CPE fund.

Orège had previously received an undisclosed investment from French firm Innocap in June 2008.

CPE invested in the company to support its commercial expansion, Moiseeff explained. Since the firm's investment in 2011, Orège established its initial sales in the oil and gas, chemical and municipal sectors. "This may not be fully reflected in the company's financials, but these take time and are key achievements," said Moiseeff.

Company
Founded in 2005, Orège is headquartered in Jouy-en-Josas with a research and development centre located in Aix-en-Provence. The company employs 40 staff and recorded revenues of €1m in 2012, as well as an operating loss of €2.2m.

Orège provides effluent and sludge treatment technology to industrial and municipal customers. Its products aim to comply with new regulatory and environmental requirements.

Markets targeted by Orège include oil and gas, petrochemicals, agricultural food production and local authorities.

People
Pascal Gendrot is the CEO of Orège. CPE managing director Alex Betts and vice president Nicolas Moiseeff both sat on the company's board of directors.

Advisers
Vendor - King & Wood Mallesons SJ Berwin (Legal).

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