Credit Agricole and CIC Sell Ital Express Stake

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