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FRANCE - Direct Energie receives additional funding

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Crédit Agricole Private Equity (CAPE), CITA Gestion and NBGI Ventures have renewed their commitments in the third round financing of Direct Energie. As a result of the transaction, industrial Group Louis Dreyfus takes a two third equity stake, financial investors and management share the remaining third, and IDI Kairos, CM-CIC Capital Privé and BNP Private Equity (BNP PE) exit their first round investments

Exiting investors realised an IRR of 141% and a money multiple of 4.2x.

Founded in 2003, Direct Energie is an electricity provider based in Paris. Since the end of EDF’s monopoly for professional users on 1 July 2004, the company has focused on providing electricity to small-medium-sized businesses. The company generated a 2005 turnover of EUR 40m with 50 employees, and aims for EUR 100m in 2006.

In early 2004, CITA, IDI, and BNP PE had brought about EUR 8m to the company. In August 2005, CAPE and NBGI joined existing investors in a EUR 8m second round of financing.

EDF's monopoly as French private consumers' electricity provider will come to an end on 1 July 2007.

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