Credit Agricole Private Equity has said that it is selling its minority stake in Altrad, a provider of construction and industrial materials, to Mohed Altrad, the group's chairman and majority shareholder.

In 2005, Credit Agricole Private Equity’s LBO & Expansion team invested €15m in Altrad for its minority stake, alongside Sofilaro and Sofipaca, two investment vehicles owned by the Credit Agricole regional banks, which invested a further €1m.

Altrad said the funds raised enabled the company to rebalance the group’s financial structure and thus pursue the build-up strategy.

The deal gives Mohed Altrad full control over his group. The sale of stake is the Credit Agricole Private Equity’s fourth exit from the CACI 2 fund, which now has eleven remaining investments.

In twenty-five years, the Altrad group has become a major player in the construction and industrial materials market. It manufactures, sells and hires scaffolding, tubular equipment, concrete mixers and wheelbarrows through its production and marketing operations across Europe, Asia and Africa.

In the past five years, Altrad has expanded substantially through organic growth combined with some major acquisitions such as Belgian company Balliauw, French company Guy Noel and UK company Belle. Its revenue has risen from €180m to €440m, with margins increasing apace despite the economic slowdown.