Crédit Agricole Private Equity sells its stake in Altrad

Crédit Agricole Private Equity sells its stake in Altrad to the group's founder manager
Monday, January 10, 2011

Crédit Agricole Private Equity is selling its minority stake in Altrad, leader in construction and industrial materials, to Mohed Altrad, the group's Chairman and majority shareholder.

In 2005, Crédit Agricole Private Equity's LBO & Expansion team invested €15 million in Altrad for its minority stake, alongside Sofilaro and Sofipaca, two investment vehicles owned by the Crédit Agricole Regional Banks, which invested a further €1 million.

In twenty-five years, the Altrad group has become a leading player in the construction and industrial materials market. It manufactures, sells and hires scaffolding, tubular equipment, concrete mixers and wheelbarrows through its production and marketing operations across Europe, Asia and Africa. More than half its sales now come from outside France, making Altrad an international group and European or global leader in its markets.

In the past five years, Altrad has expanded substantially through strong organic growth combined with some major acquisitions such as Belgian company Balliauw, French company Guy Noël and UK company Belle. Its revenue has risen from €180 million to €440 million, with margins increasing apace despite the economic slowdown.

Mohed Altrad, Chairman of the Altrad group, commented: "The funds raised enabled us to rebalance the group's financial structure and thus pursue our build-up strategy. Crédit Agricole Private Equity believed in my group and its business plan and I appreciated their continued confidence in me throughout the difficult times as well as the good."

Fabrice Voituron, Investment Manager with Crédit Agricole Private Equity's LBO and Expansion team, added: "We are pleased to have contributed to the Altrad group's development. As we thought, Mohed Altrad is a dynamic businessman and his business model has proved robust even in a difficult economic environment."

The deal gives Mohed Altrad full control over his group and marks a new milestone in its development.

The financial investors achieved a multiple of 2x on their investment. It is Crédit Agricole Private Equity's fourth exit from the CACI 2 fund, which now has eleven remaining investments.


Altrad group

Mohed Altrad, Chairman, – +33 (0)6 13 12 46 34

Crédit Agricole Private Equity

Martine Sessin-Caracci, Head of Communications– +33 (0)1 43 23 90 88

About Crédit Agricole Private Equity

Crédit Agricole Private Equity is an AMF-accredited asset-management subsidiary of Crédit Agricole, specialising in direct private-equity investment in non-listed companies. A multi-specialist player, Crédit Agricole Private Equity’s team of 100 professionals manages €3.3 billion with specific expertise in LBO & Expansion, Venture Capital, Mezzanine, Co-Investment, Renewable Energy and PPP Infrastructure. Crédit Agricole Private Equity has signed up to the United Nations’ Principles for Responsible Investment (PRI).