AXA sells Saur slither

French buyouts firm AXA Private Equity has made a partial exit of Saur Group, a water and waste management provider for local authorities, through an agreement with CUBE Infrastructure, an investment fund belonging to the Natixis Group.

AXA is selling a 3% stake for an undisclosed sum. The deal also sees fellow shareholder Caisse des Dépôts, the French state-owned bank, reduce its stake by 9%.

The equity split of HIME, the holding company of Saur, now stands at Caisse des Dépôts with 38%, waste specialists Séché Environnement with 33%, AXA Private Equity with 17%, and CUBE Infrastructure on 12%.

The capital injection brought about by CUBE’s introduction will be used to establish a new French environmental services company.