Listed European private equity investor Eurazeo said it was confident of a strong 2013 after seeing its net asset value rise 7.2 per cent in the first half of the year.
The firm, which manages almost €4bn in assets, had a NAV of €58 per share at the end of June and has since seen it rise to €59 per share as of August 20, the firm’s half-year results show.
Eurazeo made total capital gains on disposal of €580.5m thanks to exits of investments in Edenred, the sale of Danone shares pursuant to early redemption of exchangeable bonds and the partial sale of Rexel shares.
Executive board chairman Patrick Sayer said, “Since the beginning of 2013 Eurazeo has continued to accelerate the rotation of its assets, in line with the objectives set.
“Capitalising on favorable conditions we sold 23 per cent of our portfolio, strengthening our financial structure and enabling us to report very good net income group share of €329m.
“We also completed four acquisitions in two of our target strategic sectors – healthcare and environment – and intend to complete more acquisitions in the coming months.
“We also continued to actively assist our portfolio companies.
“Increasing 40 per cent since the beginning of the year, our share price reports impressive growth which only partially reflects our transformation work, as the implicit discount on our unlisted assets remains very high at 35 per cent.
“Based on activity trends at the end of August, we are confident in the outlook for the group in the second half of 2013.”
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