France-based 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 leveraged buyouts (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.
According to the Credit Agricole, the investment is mainly intended to allow for the full withdrawal of the company’s founder and to support Ocean in its expansion.
Established in 2003, Paris-based Ocean is a provider of turnkey geolocation solutions for businesses. It own real-time fleet management solution suited to the travelling trades. The company has 50 employees and is present across all of France. Ocean has 1,500 corporate clients and equips 25,000 vehicles.
Riviere said Ocean benefited a great deal from the support given by the teams at Credit Agricole Private Equity.
Laurent Espic, partner in the LBO & Expansion team at Credit Agricole Private Equity, said his 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%.