Industri Kapital's 2000 fund has acquired Idex, the French energy and environment services company, from its founding family and a consortium of financial investors in a transaction valuing the company at €200 million ($260 million).
Idex, which was founded in 1963 by the Planchot family, provides technical maintenance and energy management services to clients including local authorities, residential complexes and industry. It employs 3,000 people has estimated sales of €400 million this year.
Following the acquisition, IK's fifth in France, Alain Planchot is to remain as company chairman. The Planchot family will also continue to hold a stake in the company, the size of which has not been disclosed. Christopher Masek, a partner at IK, said in a statement that the company's growth strategy would include strategic acquisitions.
Industri Kapital is a European private equity firm with Nordic roots, managing close to €4 billion in fund commitments from Nordic, European and international institutional investors and currently has a portfolio of 26 companies with a total turnover of more than €9 billion. Its other French investments include construction equipment rental group Laho Equipement and animal health product company Ceva Sante Animale.
White and Case acted as legal advisors for IK, Hoche for the vendors, and Brunswick Associés for Alain Planchot. IK received financial advice from PWC, the vendors from Ernst and Young, and Alain Planchot from XK Corporate Finance.