Investment fund Alpha Private Equity is set to enter exclusive negotiations to buy French auto servicing chain Feu Vert, a source with knowledge of the discussions told Reuters on Tuesday.
Alpha will negotiate the purchase of Qualium Investissement‘s 65 percent stake in the business and 34 percent from the Monnoyeur group, the source said, without commenting on the deal value.
“It’s done. The agreement should be signed during the night,” the source said without giving details.
Feu Vert operates 462 auto repair centres in Europe and posted 676.9 million euros ($754.07 million) in revenue for 2014. It employs 7,100 people.
Qualium is a division of France’s state-owned Caisse des Depots and acquired its controlling stake of Feu Vert in 2007 from the Monnoyeur group.
Feu Vert’s management holds the remaining 1 percent.
Qualium declined to comment. Monnoyeur and Alpha’s Paris office were not immediately available for comment.
U.S. investment fund Colony Capital had been in talks to buy Feu Vert in September, but a deal never materialised. ($1 = 0.8977 euros)
(Reporting by Mathieu Protard; writing by John Irish; editing by Adrian Croft)