21 Centrale Partners, an Italian mid-market buyout firm has completed the public to private of Averys, a French industrial storage equipment business, with the assistance of its co-investors Cogépa and Synergie Finance.
Cogépa is a family holding, controlled by the Duval-Fleury family. Its investment strategy focuses on real-estate management and growth investments in mid-sized companies.
Synergie Finance is an investment vehicle controlled by the Crédit Mutuel du Grand Ouest.
Having acquired 77.3 percent of Averys shares from Axa in September 2005, 21 Centrale Partners and its co-investors made a takeover offer in December 2005 for the rest of the shares, which allowed them to go over the 95% voting rights threshold immediately.
The whole transaction took almost 14 months to complete.
It is the third take-private recently executed by 21 Centrale Partners, following the AFE and Mecatherm deals.