FRANCE - AXA PE and CDC in partial exit of Saur

The deal saw AXA and CDC sell 3% and 9% of their respective holdings. The move follows on from a similar deal in May 2008, in which CDC agreed to sell 18% of its shares in the company to existing investor Séché Environnement. As a result of both transactions, HIME’s equity is now divided as follows: CDC (38%), Séché Environnement (33%), AXA Private Equity (17%) and CUBE Infrastructure (12%).

Saur was founded in 1933 and is headquartered in St Quentin-en-Yvelines, near Paris. The company provides outsourced water and waste management of services for local authorities in France. Saur has 12,000 employees and generated revenues of EUR 1.5bn in 2007.

CDC, Séché and AXA originally purchased Saur for EUR 2.3bn in May 2007 from PAI Partners, which had owned the business since 2004.

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