FRANCE - EUR 2bn Converteam deal provides partial exit for BPE

LBO France and the management, who reinvested the entirety of the EUR 500m plus-value, have each acquired a third of the equity, while BPE rolled over EUR 300m in order to retain the remaining third. HSBC, Lehman Brothers, Natixis, Société Générale and Royal Bank of Scotland will provide a staple financing agreement.

Massy-based Converteam manufactures rotating machines, converters and drives for the marine, oil & gas and offshore energy industries. The company has 4,600 employees in 14 countries worldwide and recorded an 80% increase in orders to generate a turnover of EUR 1.43bn in 2007. The new owners will seek to take Converteam public in the next three years.

BPE purchased the company, formerly called Alstom Power Conversion, from Alstom three years ago for EUR 150m.

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