Credit Agricole Private Equity has sold its minority stake in Ocean to Jacques Riviere, chairman of the company, Edmond de Rothschild Investment Partners and PH2, a fund managed by Phillimore Conseil, within the framework of a secondary LBO.
LCL Regions Developpement, a fund managed by Credit Agricole Private Equity, acquired an equity investment in Ocean in June 2007 on the occasion of the buyout of the company by Jacques Riviere and Jean-Paul Brigot.
This investment had two main aims – to allow for the full withdrawal of the company’s founder and to support Ocean in its expansion.
Ocean, founded in 2003, is a provider of turnkey geolocation solutions for businesses.
Based in Clichy in the Paris region, the company offers its own real-time fleet management solution suited to the travelling trades.
Ocean has 50 employees and is present across all of France. It has 1,500 corporate clients and equips 25,000 vehicles.
Laurent Espic, partner in the LBO & Expansion team at Credit Agricole Private Equity, said they are pleased to have worked with Ocean over the last three years, during which the company has consolidated its position. This deal is the result of a constructive partnership and will enable the LCL Regions Developpement fund to achieve an internal rate of return of 26%.