EPF Partners, a French investment group, has sold its 9.2 percent stake in wireless hands-free phone company Parrot for €45 million ($61 million), via a secondary placement on the Euronext exchange.
Parrot has a market capitalisation of over €500 million. Last year, its sales volume grew by more than 100 percent, to €167 million.
Bryan Garnier, which arranged the placement for EPF, predicts a 55 percent top line growth in 2007, due to the further deployment of the company’s car kit offering. This will complement its existing use of wireless technology for mobile telephone accessories.
EPF invested in Parrot in January 2005 when the company was generating €27 million in sales.