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Eurazeo exits Edenred stake for 2x return

6 Mar 2013

Listed investment group Eurazeo has sold its 10.2 per cent stake in French prepaid corporate services group Edenred, realising a return of two times on its initial investment.

Eurazeo has sold 23.1m shares in the business at a price of €26.13 per share for total proceeds of €603m. Its net proceeds from the sale will be around €295m after taxes, costs relating to the sale and repayment of the debt allocated to Edenred.

The firm said that over the past three years Enenred, which was spun out of Accord in 2010, has developed its market share and expanded into new markets. It added that the business has outperformed the markets since its IPO in 2010.

Virginie Morgon, chief investment officer of Eurazeo, said, “The group has demonstrated solid growth fundamentals on which Jacques Stern, Edenred’s CEO, and the management team can rely in order to successfully implement the new strategic step.’”

This is Eurazeo’s second exit in less than a month. Back in February the firm sold 40m shares in French electrical supply company Rexel through its Ray Investment vehicle, for €640m.

Eurazeo currently has €4bn in assets. Its portfolio companies include Accor, ANF Immobilier, APCOA, Elis, Europcar, Foncia and Moncler.

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