FRANCE - Truffle Venture makes two good exits

The Isis MPP sale generated a mutiple of 4.5x for Truffle, which had originally invested EUR 4m in March 2003 in exchange for a minority stake. In 2005 the company severed its ties with former parent Areva, when Truffle backed a buyout alongside IRDI. The company generates revenues of EUR 40m and EBITDA of around EUR 6m.

In a secondary placement that values Alternext-listed Netbooster at about EUR 64m, Truffle sold a quarter of its shares, generating a money multiple of 3.6x. The private equity firm, which had made a EUR 5.6m investment in January 2006, intends to divest completely by the end of 2007. The company's turnover increased by 119% last year to reach EUR 19.5m in 2006.

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