Eurazeo is a French investment company formed by the merger of Azeo and Eurafrance in April 2001. The company is headquartered in
Paris
Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...
. Eurazeo is a leading global investment group, with a diversified portfolio of €25.6 billion in assets under management, including €17.7 billion from third parties, invested in 450 companies.
History
Gaz et Eaux (renamed Azeo in 1999) was created in 1881 and specialized in the distribution of water and gas in western and northern France. Following the nationalization of gas in 1945, it kept its "water" activity until 1976, when it gradually changed from a portfolio company at the end of the 1970s, to a pure investment company in the 1990s. Eurafrance, created in 1969, became a shareholder of Azeo in 1985 and increased its shareholding on a regular basis until the takeover bid at the end of 2000. Eurafrance then absorbed its subsidiary Azeo, to become Eurazeo.
Eurazeo was formed in April 2001 from the merger of two investment companies: Eurafrance and Azeo (formerly Gaz et Eaux).
Between 2001 and 2005, Eurazeo launched three successive major merger operations, giving a more defined shape to the newly created group. At the very inception of the Group in 2001, Eurafrance absorbed Azeo, then in 2004, Eurazeo absorbed Rue Impériale. This was quickly followed in 2005, by the addition of the business of Ateliers de Construction du Nord de la France (ANF). In May 2001, Eurazeo disposed of its holdings in
Generali and
Mediobanca
Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli (at that time CEO of Banca Commerciale Italiana, the largest commercial bank in Italy which promoted its incorporation together with Credito Italiano) ...
.
In 2003, Eurazeo acquired Fraikin Group, and in April it acquired 23% of
Eutelsat
Eutelsat S.A. is a French satellite operator. Providing coverage over the entire European continent, the Middle East, Africa, Asia and the Americas, it is the world's third-largest satellite operator in terms of revenues.
Eutelsat's satellit ...
from France Telecom. The same year, Eurazeo acquired
Buffalo Grill
Buffalo Grill is an American-themed steakhouse chain headquartered in Montrouge, France. Outlets are primarily sited in retail parks and medium-sized city outskirt locations.
Buffalo Grill is France's largest themed restaurant chain (as measure ...
at a price of €20 per share. With the
Carlyle Group
The Carlyle Group is a multinational private equity, alternative asset management and financial services corporation based in the United States with $376 billion of assets under management. It specializes in private equity, real assets, and pri ...
, it invested in
Terreal.
In 2004, Eurazeo merged with Rue Impériale, which it absorbed. Fraikin Group was securitized to repay the debt raised for its purchase.
In 2005, Eurazeo acquired Ateliers de Construction du Nord de la France (ANF). It took full control of
Rexel
Rexel is a French company specializing in the distribution of electrical, heating, lighting and plumbing equipment, but also in renewable energies and energy efficiency products and services. Founded in 1967, Rexel has broadened its scope of activ ...
with mandatory delisting. Eurazeo sold its stake in Lazard. Eurazeo acquired a first tranche of
Accor
Accor S.A. is a French multinational hospitality company that owns, manages and franchises hotels, resorts and vacation properties. It is the largest hospitality company in Europe, and the sixth largest hospitality company worldwide.
Accor op ...
, then of
B&B Hotels. Later in the year, Eurazeo sold Terreal, followed by IRR (Capital International Real Returns) – an investment company acquired in 1997 – and BBS Capital, acquired in 1998.
At the time, Eurazeo's strategy consisted in selling historical investments (Generali, Mediobanca, Lazard and Terreal), while at the same time investing in a wide range of companies (Rexel, ANF, Eutelsat, Accor and B&B Hotels).
In 2006, Eurazeo stepped up its European expansion through the acquisition of operators present in European markets. That year, it acquired
Europcar
Europcar Mobility Group is a French car rental company founded in 1949 in Paris. The head office of the holding company, Europcar Group S.A., is in the business park of Val Saint-Quentin at Voisins-le-Bretonneux ( Saint Quentin en Yvelines), F ...
Europe's number one car rental company, 2006; in 2007, it acquired
APCOA Parking
APCOA Parking AG is Europe's longest-established full service parking management company. , the European leader in parking lot management; and much later, in 2016, it acquired Grape Hospitality, manager of 87 hotels in eight European countries.
In 2006, Eurazeo acquired 20% of
Banca Leonardo
Banca Leonardo S.p.A. is a private and independent investment bank.
It operates, directly and through its subsidiaries, in the Wealth Management business in Italy.
History
Banca Leonardo S.p.A. was founded in Milan in October 1999.
In April ...
, an Italian bank focused on the Italian private equity market, and created Euraleo, a 50/50 joint-venture. Eurazeo Co-Investment Partners was created and Fraikin Group was sold to
CVC Capital Partners
CVC Capital Partners is a Luxembourg-based French private equity and investment advisory firm with approximately US$133 billion of assets under management and approximately €157 billion in secured commitments since inception across American, E ...
.
In 2009, Eurazeo sold its
Danone
Danone S.A. () is a French multinational corporation, multinational food-products corporation based in Paris. It was founded in Barcelona, Spain. It is listed on Euronext Paris where it is a component of the CAC 40 stock market index. Some of t ...
shares through the issuance of bonds exchangeable for shares.
In 2010, Eurazeo acquired
Fonroche Énergie, and sold B&B Hotels to Carlyle.
Through the acquisition of OFI Private Equity Capital, Eurazeo created the "Eurazeo PME" division which took over the companies initially controlled by OFI Private Equity Capital. Jointly with Bridgepoint, Eurazeo acquired
Foncia. Eurazeo sold all its shares in
Ipsos
Ipsos Group S.A. () (an acronym of ) is a multinational market research and consulting firm with headquarters in Paris, France. The company was founded in 1975 by Didier Truchot, Chairman of the company, and has been publicly traded on the Pa ...
(via the holding company LT Participations), then acquired 3S Photonics and Moncler. Between 2012 and 2014, Eurazeo sold Rexel in stages.
In 2013, Eurazeo sold its entire holding in
Edenred
Edenred, formerly known as Accor Services, is an international company that specialises in specific-purpose payment solutions for companies, employees and merchants. Edenred is the inventor of Ticket Restaurant, created in 1962.
The company prov ...
, then acquired IES and Péters Surgical.
On 29 November 2017, Eurazeo invested close to €100 million in
Rhône Group, a US and UK investment firm, for 30% of the company's capital. One month later, on 29 December 2017, Eurazeo announced the acquisition of a 70% interest in
Idinvest Partners
Idinvest Partners, founded under the name AGF Private Equity, S.A in 1997, is a European private equity and venture capital firm. Operating as part of Allianz until 2010, Idinvest Partners then became independent. Idinvest Partners is based in P ...
, thereby doubling the amount of its assets under management, from €8 billion to €16 billion. These two large-scale acquisitions coincided with Virginie Morgon's full assumption of office at the head of the company on 19 March 2018. Patrick Sayer had led Eurazeo for fifteen years.
In 2017, Eurazeo acquired Dominion Web Solutions, a software solutions provider to commercial and recreational dealers. Eurazeo then acquired IberChem, a Spanish manufacturer of perfumes and fragrances in emerging markets. Following on from this, the acquisition of a majority interest in Nest Fragrances (a leader in fine and interior fragrances) was announced in November 2017. At the same time Eurazeo's subsidiary, Novacap, acquired
Chemoxy (United Kingdom) then Produits Chimiques et Auxiliaires de Synthèse (PCAS), two chemical groups. In December 2021 it was announced that Eurazeo had acquired majority ownership and operational control of the consumer goods firm Beekman 1802 of
Schenectady, New York
Schenectady () is a city in Schenectady County, New York, United States, of which it is the county seat. As of the 2020 census, the city's population of 67,047 made it the state's ninth-largest city by population. The city is in eastern New Y ...
. Beekman 1802 was founded by
Josh Kilmer-Purcell
Josh Kilmer-Purcell (born August 28, 1969) is an American writer, businessperson, and television personality. In addition to his ''New York Times'' and National Bestselling memoirs, his life has been documented in the television reality show ''T ...
and
Dr. Brent Ridge known as the
Beekman Boys who will retain creative and brand control.
Schenectady Daily Gazette:13 December 2021:Schenectady based Beekman 1802 selling majority ownership to European investment group
/ref>
References
External links
*
*Jaewon Kan
"LBO Profile: Eurazeo uses consumer sector focus to expand outside of Europe"
Wall Street Journal, 28 June 2017
{{Authority control
Private equity firms of France
Companies listed on Euronext Paris