Astorg, the Paris-based mid-market investor, has realised its investment in CIS (Comptage Immobilier Services) to Ista International, a German house metering business owned by CVC.
CIS is a French facility management company specialising in sub-metering, providing water and heating meter management services for collective housing used by building mangers.
Astorg invested in the business in 2004. At that time CIS had a turnover of €70m and it is now forecasting revenues of €86m for 2006. It employs 820 people in France and has 17 agencies located in the main provincial towns as well as the Paris area.
Xavier Moreno, managing partner of Astorg, said: “CIS is a company of exceptional quality in terms of its management, the services it provides to customers as well as its customers portfolio. We have been very happy and found it rewarding to partner with the CIS management and contribute to the company’s growth up to this new step in its development, within an international group”.
The purchase of CIS is the largest acquisition in Ista’s history, making it the largest provider in France overnight and now making it the market leader in Europe as well. CEO Walter Schmidt said: “Primarily we see future growth in the water measurement sector. In the USA, as well as in emerging countries, there is an enormous need for it. The acquisition of CIS, which is particularly strong in the segment, puts us in a better position to tap market potential.” CVC acquired the group in 2003.
It is the first exit by Astorg III, which reached financial close in April 2005 on €300m. The fund has investments in four other companies: ECM, a maker of manufactures industrial heat treatment equipment; Mecatherm, a manufacturer of large industrial bakery equipment; Geoservices, a service provider in the oil and gas sector; and textiles company Onduline.