Bridgepoint Capital has announced the sale of its majority stake in Eurogestion, the French pest control and hygiene services company it acquired in November 1999. It is selling the 52 per cent stake to Danish support services group ISS in a deal totalling E155m. The deal will include E72m in new shares issued by ISS.
Since completing the secondary buyout from Electra Partners Europe and Deutsche Morgan Grenfell Investments for an undisclosed sum in 1999, Bridgepoint reports that the business has developed via a series of eleven acquisitions in under three years, including the 2001 acquisition of Libco in Italy. The company, with operations in nine countries including Malaysia and Singapore, has 2000 employees and in 2001 had sales of E122m.
In addition, the sellers have an earn-out worth up to E2m depending upon the financial results for 2002. Gresham Private Equity and Quartus Gestion, which held eight and 20 per cent of Eurogestion respectively, have also sold their stake in the business.