Montagu Private Equity has agreed to sell its stake in meter
manufacturer Actaris for an undisclosed amount to LBO France. LBO
France becomes the new majority shareholder with the balance held
by the Actaris management.
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Actaris is a worldwide leader (outside of the USA) in the design
and manufacture of meters and associated systems for the
electricity, gas, water and heat industries. It has market shares
of between 20 and 25 percent, depending on the sector, and a highly
diversified international customer base.
Montagu Private Equity, shareholder in Actaris for two years, has
successfully pursued a strategy of refocusing on its core
businesses, rationalising the cost base, launching innovative
products with high added value and expanding its international
distribution network. As a result, the company has grown its market
shares and achieved sustained growth in earnings. For the year
ending 31 December 2004, Actaris reported revenue of €650 million
and EBITDA of €94 million, up 7 percent on the previous year. In
all, it employs more than 6,000 people in more than 30 countries in
Europe, South America and Asia.
The current management team will remain in place after the deal,
thus ensuring the continuity of a strategy that has made Actaris so
Denis Leroy and Sylvain Berger-Duquene of Montagu Private Equity
said: "We are delighted with the success of our partnership with
the Actaris management team over the past two years. Thanks to a
strong product offering, sustained R&D spend and worldwide
presence, Actaris is now ideally placed to benefit from growing
demand in the market for "smart" meters".
Robert Daussun of LBO France said: "This secondary LBO is unique
as LBO France becomes once more the majority shareholder of
Actaris, thus renewing its confidence in a management that always
managed to deliver and a group that holds a worldwide market
position with quality products that secure its future."
The transaction is subject to the approval of the relevant