Quilvest exits recycling firm Paprec
Quilvest Private Equity has sold its stake in French recycling business Paprec to the firm's CEO, sovereign wealth fund FSI (Fonds Stratégique d'Investissement) and Arkea.
Quilvest took a minority stake in the company as part of the MBO led by Financiere Agache, Paris Orleans and CEO Jean-Luc Petithuguenin in June 2008.
Financiere Agache, part of Groupe Arnault, acquired 37.74% of Paprec for €100m as part of the deal, including a €75m capital increase. Petithuguenin held 38% through holding company JLPP. BNP Paribas and Credit Agricole CIB provided a €150m debt package for the transaction, which was used to refinance €75m of existing debt.
Company
Paprec is a French recycling and waste management business, based in La Courneuve. It primarily focuses on the recycling of paper, plastics, non-hazardous industrial waste and construction-related waste. Founded in 1994, the company's annual revenues for 2012 are expected to amount to €700m on five million tons of recycled waste. Paprec operates 54 facilities across France and Switzerland.
People
Jean-Luc Petithuguenin is founder and CEO of Paprec.
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