M&A Deal Summary

Ardian Acquires Saur

On April 6, 2007, private equity firm Ardian acquired utilities company Saur from PAI Partners and NiXEN Partners for 2.3B EUR

Acquisition Highlights
  • This is Ardian’s 2nd transaction in the Utilities sector.
  • This is Ardian’s 20th largest (disclosed) transaction.
  • This is Ardian’s 49th transaction in France.
Investment Fate
  • Saur was sold to a consortium of buyers in 2018.

M&A Deal Summary

Date 2007-04-06
Target Saur
Sector Utilities
Buyer(s) Ardian
Sellers(s) PAI Partners
NiXEN Partners
Deal Type Secondary Buyout
Deal Value 2.3B EUR

Target

Saur

Issy-les-Moulineaux, France
Saur is a drinking and wastewater management company focused on small/mid-sized cities across France. The company is also active internationally, particularly in Iberia, Saudi Arabia, and Poland. Saur was founded in 1933 and is based in Issy-les-Moulineaux, France.

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Buyer(S) 1

Buyer

Ardian

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 125.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ardian is a mega-sized diversified investment group focused on opportunities worldwide. Ardian invests across and manages funds focused on small and mid-sized buyouts, growth capital financings, mezzanine, infrastructure, real estate, and co-investment opportunities. Ardian's small-buyouts group targets controlling interests in French, German, and Italian businesses valued up to €100 million. It's mid-sized buyout group seeks businesses valued up €1.5 billion and does not have any geographic limitations. The Infrastructure team looks for European opportunities and can commit up to €150 million per transaction. The Mezzanine group supports junior capital commitments of €5 to €80 million. In addition to direct investing, Ardian also manages various private equity fund-of-funds. Ardian was founded in 1996 and is based in Paris.


DEAL STATS #
Overall 81 of 418
Sector (Utilities) 2 of 7
Type (Secondary Buyout) 21 of 137
Country (France) 49 of 185
Year (2007) 8 of 28
Size (of disclosed) 20 of 67
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-03-09 The Sun Products

Wilton, Connecticut, United States

The Sun Products Corp. is a manufacturer and marketer of fabric care and household products.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-11 Rexel

Paris, France

Rexel is a distributor of electrical parts and supplies. The Company supplies customers involved in residential, commercial and industrial construction, maintenance and renovation and currently has a network of approximately 1,700 branches in 29 countries, providing over 1.2 million products and related services. Rexel was founded in 1967 and is based in Paris, France.

Sell -

Seller(S) 2

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.


DEAL STATS #
Overall 10 of 50
Sector (Utilities) 1 of 2
Type (Secondary Buyout) 6 of 25
Country (France) 8 of 24
Year (2007) 3 of 4
Size (of disclosed) 4 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-01 Provimi BV

Postbus, Netherlands

Provimi is a leading international developer, manufacturer and distributor of animal nutrition products. The company's principal activities include the manufacture, distribution and sale of pre-mixes, concentrates, complete feed, specialty products such as nutritional supplements, piglet feeds and milk replacers, fish feeds and pet food.

Sell €1.7B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-07-01 Kaufman & Broad

Neuilly sur Seine, France

Kaufman & Broad is a developer and builder of homes and apartments, focused on middle-end to high-end construction. Kaufman & Broad was founded in 1968 and is based in Neuilly sur Seine, France.

Buy €1.5B
SELLER

NiXEN Partners

Paris, France

Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 600M EUR
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

NiXEN is a French private equity group that targets investments in middle-market companies valued between €30 and €300 million. iXEN looks to invest €20 to €25 million of equity capital to support management buyouts/buy-ins, leveraged build-ups, owner buy-outs (OBOs), and public to private deals. The Firm is a 'hands-on' investment group and will consider opportunities in a variety of sectors, including manufacturing, consumer goods, specialist retailing, restaurants, and services. iXEN is supported by Natixis Private Equity and was formerly known as Natexis Industrie. The Firm was formed in 1998 and is based in Paris.


DEAL STATS #
Overall 4 of 28
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 17
Country (France) 4 of 26
Year (2007) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-11-22 Gerflor

Lyon, France

Gerflor designs, manufactures and markets innovative, decorative, eco-responsible and complete solutions for resilient floors, wall coverings and accessibility, from installation to finish for professionals and individuals. Gerflor was founded in 1937 and is based in Lyon, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-04-25 CEVA Sante Animale

Libourne, France

CEVA Sante Animale is a veterinary health company focused on the research, development, production and marketing of pharmaceutical products and vaccines for pets, livestock, swine, and poultry. CEVA Sante Animale was founded in 1999 and is based in Libourne, France.

Buy -