Eurazeo nets €93m profits in first half 2006

The Paris-listed private equity manager invested €1.165 billion in buyouts in the year to 30 June 2006, including its acquisition of Europcar from Volkswagen.

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.

Patrick Sayer, chairman, Eurazeo

Eurazeo, headed by chairman Patrick Sayer, said that it was now almost fully invested, having reduced the amount of cash on its balance sheet from approximately €1.4 billion at the beginning of the year to €204 million as of 30 June 2006.
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.