French PE Firm Eurazeo Sees 2011 Revenues Up 4.3%

Mar 16 2012 | 9:17am ET

French private equity firm Eurazeo, with a diversified portfolio of about €4 billion in assets, reported 2011 revenues up 4.3% on a reported and restated basis.

The company credits the increased revenues to “timely financial operations” like the sale of a stake in the research and marketing firm Ipsos at €32.5 per share and the disposal of DNCA by Gruppo Banca Leonardo, which generated a total of €96 million for Eurazeo. The partial disposal of Rexel shares by Ray Investment at €15.75 per share on March 1, 2012 generated more than €140 million for Eurazeo.

The adjusted EBIT of integrated operating companies was €559 million, up 9.1%.

In related news, Matthieu Michel, chief operating officer of Crédit Agricole, has joined Eurazeo’s supervisory board, replacing Bertrand Badré who recently left the bank. Crédit Agricole remains a major shareholder in Eurazeo along with the family Group of David-Weill.

Patrick Sayer, Eurozeo chairman and CEO, said in a statement that 2011 was “a busy year for Eurazeo in more ways than one. Despite the disruptions in the economy that began in the summer, the group convincingly carried out its professional responsibilities. Our companies performed well, especially with the significant rebounds by APCOA and the excellent results of Elis and ANF Immobilier. Our four acquisitions, very different from each other, are already beginning to demonstrate their potential through their performance.

“Finally, Eurazeo renegotiated its revolving credit facility and divested its stake in Ipsos before the market downturn. More recently, Ray Investment initiated the divestiture of part of its shares in Rexel, increasing liquidity. The good outlook for all of our companies allows us to project a significant improvement in earnings as of 2012. We maintain our objective of creating value to achieve NAV of 100 euros per share as of 2015."

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