EdRip and Phillimore exit Ocean to Orange

José Rojo
17 April 2015

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Edmond de Rothschild Invesment Partners (EdRip) and Phillimore Investissement have fully exited their joint 40% stake in French fleet and geolocation company Ocean to Orange’s business services arm.

The trade sale comes more than four years after EdRrip and Phillimore Investissement backed an MBO of Ocean in February 2011. The investors acquired a 40% stake in the business from Omnes Capital, while Ocean CEO and owner Jacques Rivière secured the remaining 60%.

The transaction, estimated to be valued at less than €25m, featured a senior debt facility supplied by LCL and Caisse d'Epargne.

EdRip invested via its FCPI and FIP small-cap funds, including Partenariat & Innovation 2, Partenariat & Innovation 3 and Partenariat & Proximité.

Phillimore Investissement's contribution to Ocean's MBO came via its PH2 SAS fund. The vehicle was launched in June 2007 with a target of €15m and held a first close at €8.5m one month later.

Ocean will now see its fleet reinforced by Orange Business Services' 60,000 vehicles. The enlarged company will employ 110 people, of which 40 will work within a technical and development team under Rivière.

Previous funding
Prior to its exit, Omnes Capital had acquired Ocean from Olyvia Pilo in June 2007. The buyout, featuring a debt package provided by LCL, was thought to be valued at less than €25m.

Company
Founded in 2003, Ocean designs and sells vehicle tracking products for SMEs, as well as large companies owning fleets of trucks. Based in Clichy, France, the company manages 45,000 vehicles and claims to have 2,000 clients.

Employing a workforce of 65, it most recently reported €10.3m in turnover, up from the €9m recorded in 2007.

People
EdRip was represented by associate director Sylvain Charignon and director of participations Mayeul Caron, while associates Cyril Tramon and Frédéric Arnaud led the deal for Phillimore Investissement. Jacques Rivière is CEO at Ocean.