Eurazeo doubles Q1 revenues to €520m

Eurazeo more than doubled first quarter revenues to €520.5 million this year, after a number of bolt-on acquisitions.

Eurazeo, a French-listed investment group, revealed that it had more than doubled its first quarter revenues in 2007 compared to a year ago.

The French group said first quarter revenues had increased to €521 million ($705 million), a 137 percent increase on the equivalent figure for 2006 of €220 million.

This came largely from boosting the revenues of car hire group Europcar to €346 million, thanks to the bolt-on acquisition of rival Vanguard’s European activities. This was a 17 percent increase on the 2006 figure.

Other acquisitions included Villages Hotel, which was bolted on to hotels group B&B, boosting revenues by more than 67 percent to €32.2 million.

Revenues at electrical equipment maker Rexel, which accounts for more than 20 percent of Eurazeo’s portfolio, were also up, rising almost 6 percent to €2.6 billion.

The rise in first quarter revenues came despite the sale of Fraikin, a commercial vehicle hire business, which was bought by CVC Capital Partners for €1.4 billion in December, although the deal only completed in February.