Eurazeo, a private equity firm quoted on the Paris Stock Exchange, has reported €1.165 billion ($1.475 billion) of acquisitions in the first half of 2006.
In its results for the year to 30 June 2006, Eurazeo said that net profits reached €93.3 million, an increase of 11 percent on the €84.l million generated in the same period of 2005.
The firm made several large transactions in the first six months of 2006, including the €3 billion buyout of European car rental business Europcar from Volkswagen in March, one of the Eurazeo’s largest investments with an initial equity injection of almost €900 million, a portion of which was later syndicated.
The same month, Eurazeo made a further €425 million investment in Danone, a French dairy products group in which the firm has been a shareholder for over 20 years, increasing its stake from 3.87 percent to 5.27 percent.
In April, Eurazeo purchased a 20 percent stake in Banca Leonardo, an Italian investment banking boutique owned by ex-Lehman banker Gerardo Braggiotti, for €94 million.
Eurazeo said that it has €425 million remaining from a €1 billion credit facility arranged with banks, as well as almost €2 billion in listed liquid assets. The firm also raised €345 million of third party money in July with the first close of Eurazeo Co-investment partners. A final closing target of €500 million is expected to be reached by year end.
At 12.30 BST today, Eurazeo shares were trading at €90.90, up from €88.15 per share on the 1 January 2006.