Permira, Charterhouse exit from French services company

A consortium of investors led by Permira, formerly Schroder Ventures Europe, have sold their interests in Domoservices, A French company that maintains gas boilers.

Permira, Charterhouse Development Capital and management have sold their stakes in Domoservices to trade buyer CGST Save, a French heating specialist, for an undisclosed sum. A spokesman for Permira said the firm had generated an IRR on the investment that was above average.

The consortium bought into Domoservices in a secondary buyout in 1997 for an undisclosed amount. At that time, French buyout firm LBO France held 60 per cent of the company, with a group of Italian investors also participating.

Domoservices was first put up for sale at the beginning of the year following four years of acquisitions and expansion funding which has led to the company today maintaining boilers in 1m households and recording E115m in sales in 2000.

Permira is one of the largest private equity firms in Europe. The group changed its name last week to better reflect the company’s independent state from Schroders.

The E3.5bn Permira Europe II fund raised last year is about one third invested.