LBO France acquires Actaris

Montagu Private Equity is selling its stake in meter manufacturer Actaris for an undisclosed amount to French private equity house LBO France and Actaris management in a tertiary buyout transaction. LBO France becomes the majority shareholder once again, having invested in the original MBO in 2001.

Montagu Private Equity led the secondary buyout of the business from LBO France in 2003 for E420m (excluding transaction costs and working capital funding.) The transaction was financed through a combination of institutional equity provided by Montagu Private Equity and Actaris’ management, as well as senior debt from Mizuho Corporate Bank.

Previously known as Schlumberger-RMS, Actaris was acquired by LBO France from Schlumberger in November 2001.

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 competition authorities.