Crédit Agricole Private Equity, the private equity arm of French bank Crédit Agricole, and rival French private equity group CIC Finance have sold their stake in Ital Express, a distributor of spare parts for HGVs and tractors.
No sum was disclosed. However, Ital Express, founded in Chalons en Champagne in 1975, generated sales of €23.3m (US$32.7m).
The transaction sees Paris-based LFPI (La Financière Patrimoniale d’Investissement) take control of Ital Express after having invested alongside Crédit Agricole Private Equity and CIC Finance in a secondary buyout in November 2005.
According to Crédit Agricole Private Equity, Ital Express has grown its sales at a CAGR of 5.7% during its ownership, while ‘earnings have improved’.
Source: Thomson Merger News