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Actaris
http://www.actaris.com
Deal Type: Management BuyoutDate: July 2003
Status: Realised
Purchase Price: €525 million
Funds Raised: €525 million
Industry Sector: Electronic & Electrical Equipment
Interested in contacting us about this deal?
Chris MastersonChairman
T: +44 20 7336 9933
E: chris.masterson@ montagu.com
Detailed Information
In June 2003, Montagu Private Equity led and arranged the secondary
management buyout of Actaris the leading world-wide manufacturer of
metering systems from LBO France, a French Private Equity house,
for a total consideration of €525 million.
Previously known as Schlumberger-RMS, Actaris is the leading world-wide producer of a wide range of metering systems used to measure utility flows. Through a presence across all product ranges (water and heat, gas and electricity meters, residential and industrial) and all regions, the group has achieved world-wide leadership with market shares ranging from 20% to 25%, a critical size in all segments, and an attractive diversification across products, countries and clients.
Over the last two years, Actaris has reorganised its operations focussing on the most profitable markets and product lines. This led the group to achieve sales of c. €650 million for the year to December 2002, and an EBITDA of €88 million. It employs more than 6,000 people and operates plants in more than 30 countries in Europe, South America and Asia.
The whole management team rolled-over in the new transaction the bulk of the equity value they had in the company, thus demonstrating their commitment to the group’s success.
We were convinced to do this deal because of the in depth strength of the management team and their belief in the business, demonstrated by the fact of their significant personal financial investment. Whilst LBO France was able to crystalise profit on their investment, we were able to secure an attractive deal as the management were only prepared to participate on a basis that made sense for their reinvestment.
Actaris’ management continued to implement its strategy of reinforcing the business’ position in developed countries by introducing value added and innovative meters, that tended to replace the existing installed base and by expanding its operations in developing countries, where increasing water, gas and electricity consumption generated strong demand for new installations.
In June 2005 Montagu sold its stake in Actaris for an undisclosed amount to LBO France. LBO France became the new majority shareholder with the balance held by the Actaris management.
Previously known as Schlumberger-RMS, Actaris is the leading world-wide producer of a wide range of metering systems used to measure utility flows. Through a presence across all product ranges (water and heat, gas and electricity meters, residential and industrial) and all regions, the group has achieved world-wide leadership with market shares ranging from 20% to 25%, a critical size in all segments, and an attractive diversification across products, countries and clients.
Over the last two years, Actaris has reorganised its operations focussing on the most profitable markets and product lines. This led the group to achieve sales of c. €650 million for the year to December 2002, and an EBITDA of €88 million. It employs more than 6,000 people and operates plants in more than 30 countries in Europe, South America and Asia.
The whole management team rolled-over in the new transaction the bulk of the equity value they had in the company, thus demonstrating their commitment to the group’s success.
We were convinced to do this deal because of the in depth strength of the management team and their belief in the business, demonstrated by the fact of their significant personal financial investment. Whilst LBO France was able to crystalise profit on their investment, we were able to secure an attractive deal as the management were only prepared to participate on a basis that made sense for their reinvestment.
Actaris’ management continued to implement its strategy of reinforcing the business’ position in developed countries by introducing value added and innovative meters, that tended to replace the existing installed base and by expanding its operations in developing countries, where increasing water, gas and electricity consumption generated strong demand for new installations.
In June 2005 Montagu sold its stake in Actaris for an undisclosed amount to LBO France. LBO France became the new majority shareholder with the balance held by the Actaris management.