Just two years after selling Actaris to Montagu Private Equity, LBO France has bought it back. Montagu bought the business in 2003 for €420m.
LBO France has backed the existing management team led by chairmen Jean-Paul Bize and Clermont Matton. “Through our deal partner, Noel Gouttard, we have established and maintained contact with the management team. This enabled us to arrange a deal without the company going into a formal auction process,” said a spokesperson for the buyout house.
The firm’s first experience with Actaris came after it backed the initial MBO of the metering business in November 2001. That came after vendor Schlumberger’s failed attempt to sell Actaris to Ruhrgas. The trade deal was blocked by the European Competition Commission. LBO France was able to step into the fray quickly due to management contact through the process.