Eurazeo

Eurazeo is a French investment group headquartered in Paris and listed on Euronext Paris. Its activities span private equity, private debt, real estate and other alternative-investment strategies, with investments made directly and through funds for institutional and other third-party clients. The group invests across sectors including consumer goods, healthcare, technology, financial services, business services, chemicals, hospitality and real estate. The modern Eurazeo was created in April 2001 through the merger of Eurafrance and Azeo. Its history, however, reaches further back. Azeo developed from Gaz et Eaux, a company founded in 1881 that originally distributed water and gas in western and northern France. After the nationalization of gas distribution in 1945 and the subsequent reduction of its operating activities, the company gradually became an investment vehicle and was renamed Azeo in 1999. Eurafrance, founded in 1969, became an Azeo shareholder in 1985 and ultimately took control before the two companies combined. During its first years as Eurazeo, the group reshaped itself through acquisitions, disposals and mergers. It absorbed Rue Impériale in 2004 and incorporated Ateliers de Construction du Nord de la France, or ANF, in 2005. It also built a portfolio that included Fraikin, Eutelsat, Buffalo Grill, Rexel, Accor, B&B Hotels and Europcar. These transactions reflected a strategy of moving away from older financial holdings such as Generali, Mediobanca and Lazard while expanding into operating businesses and sectors with international growth potential. Eurazeo broadened its European investment platform during the 2000s and 2010s. It acquired Europcar in 2006, invested in Banca Leonardo in Italy, established the Euraleo joint venture and created Eurazeo Co-Investment Partners. The group later developed dedicated strategies for smaller and mid-sized companies, including Eurazeo PME, formed following the acquisition of OFI Private Equity Capital. Its portfolio subsequently expanded into energy, healthcare, specialty chemicals, fragrances, software, hospitality and consumer brands. A major strategic step came in 2017, when Eurazeo invested in Rhône Group and agreed to acquire a majority interest in Idinvest Partners. The Idinvest transaction significantly expanded Eurazeo's assets under management and strengthened its private-debt, venture and growth-investment capabilities. The period also marked the transition from Patrick Sayer, who had led the group for approximately fifteen years, to Virginie Morgon, who assumed the chief executive role in 2018. Eurazeo's investments have included both control positions and minority stakes. The group has owned or backed companies such as Carambar & Co, Moncler, Foncia, Fonroche Énergie, IberChem, Novacap, PCAS, Chemoxy, Dominion Web Solutions, Nest Fragrances and Beekman 1802. Its portfolio approach combines capital investment with operational support, strategic repositioning and, in some cases, international expansion. Eurazeo also exits investments through trade sales, secondary transactions, public-market disposals and recapitalizations. The company presents itself as a diversified European investment platform rather than as a conventional bank. Its activities generate returns from managing capital and investing in companies, credit instruments and property assets. According to the supplied reference material, Eurazeo held approximately €35 billion in assets under management, including approximately €23 billion from third parties, and had investments in more than 600 companies. These figures are time-sensitive and should be read in the context of the cited reference rather than as a current financial statement.

Eurazeo's corporate history combines the transformation of a former French utility holding company with the development of a dedicated investment platform. Gaz et Eaux was established in 1881 to distribute water and gas in parts of western and northern France. Gas nationalization in 1945 reduced the importance of that business, while the company retained water activities until 1976. During the late 1970s and through the 1990s, it increasingly evolved from an operating portfolio company into an investment vehicle. It adopted the name Azeo in 1999. Eurafrance was created in 1969 as an investment company. It purchased a shareholding in Azeo in 1985 and steadily increased its interest. After launching a full takeover bid at the end of 2000, Eurafrance and Azeo formally merged in April 2001, creating Eurazeo. The new group then consolidated its structure through a sequence of mergers. Eurafrance absorbed Azeo at formation, Eurazeo absorbed Rue Impériale in 2004, and the business of Ateliers de Construction du Nord de la France was added in 2005. The early Eurazeo portfolio included both financial holdings and operating companies. In 2001 the group sold holdings in Generali and Mediobanca. In 2003 it acquired Fraikin, bought a stake in Eutelsat from France Telecom and acquired Buffalo Grill. It also invested in Terreal with Carlyle. Fraikin was later securitized to help repay acquisition debt. In 2005 Eurazeo took full control of Rexel, acquired initial positions in Accor and B&B Hotels, sold its Lazard stake and disposed of Terreal and other historical investment vehicles. This combination of exits and new acquisitions defined the group's transition into a more focused investment organization. International expansion accelerated in the middle of the 2000s. Eurazeo acquired Europcar in 2006 and invested in the Italian bank Banca Leonardo, while establishing the Euraleo joint venture. Eurazeo Co-Investment Partners was also created to support co-investment activity. Fraikin was subsequently sold to CVC Capital Partners, and Eurazeo continued to recycle capital through disposals. The group sold its Danone shares through exchangeable bonds in 2009 and sold B&B Hotels to Carlyle in 2010. The 2010s brought increased emphasis on sector specialization and smaller-company investing. Eurazeo acquired OFI Private Equity Capital and used the transaction to establish Eurazeo PME. It invested in Foncia with Bridgepoint, acquired Fonroche Énergie, 3S Photonics, Moncler, IES and Péters Surgical, and exited positions including Ipsos, Edenred and Rexel. In 2016 it purchased a collection of confectionery brands from Mondelez International, including Carambar, Terry's, Kréma, La Pie qui Chante, Malabar, Vichy Pastilles, Suchard and Poulain, and grouped them into Carambar & Co. In 2017 Eurazeo invested in Rhône Group and announced the purchase of a 70% interest in Idinvest Partners. Idinvest's capabilities in private debt, venture and growth investing complemented Eurazeo's existing platform and substantially increased assets under management. The expansion coincided with a leadership transition: Patrick Sayer, who had headed the company for around fifteen years, was succeeded by Virginie Morgon, who formally took over in March 2018. The group continued to build a broad portfolio in business software, fragrances, chemicals, consumer products and hospitality. Referenced investments include Dominion Web Solutions, IberChem, Nest Fragrances, Chemoxy, PCAS and Beekman 1802. Eurazeo's present identity is that of a listed alternative-investment group with several strategies and a geographically diversified portfolio, rather than an operating utility or a conventional deposit-taking bank.

1. 2021Beekman 1802 transaction

   Eurazeo acquires majority ownership and operational control of Beekman 1802, while the founders retain creative and brand control.

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2. 2018Virginie Morgon assumes the chief executive role

   Virginie Morgon formally succeeds Patrick Sayer as Eurazeo's chief executive.

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3. 2017Rhône Group and Idinvest transactions

   Eurazeo invests in Rhône Group and agrees to acquire a majority interest in Idinvest Partners, expanding its investment capabilities and assets under management.

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4. 2016Carambar & Co is formed

   Eurazeo acquires multiple confectionery brands from Mondelez International and groups them into Carambar & Co.

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5. 2011Eurazeo PME is created

   The acquisition of OFI Private Equity Capital leads to the creation of a Eurazeo division focused on smaller and mid-sized companies.

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6. 2006Europcar acquisition

   Eurazeo acquires Europcar as part of a wider European expansion.

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7. 2003Expansion into operating companies

   Eurazeo acquires Fraikin, a stake in Eutelsat and Buffalo Grill, and invests in Terreal with Carlyle.

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8. 2001Eurazeo is created

   Eurafrance and Azeo formally merge in April, creating Eurazeo.

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9. 1999Gaz et Eaux is renamed Azeo

   The former utility-related company adopts the Azeo name as its investment-company identity develops.

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10. 1985Eurafrance takes an interest in Azeo

    Eurafrance becomes an Azeo shareholder and gradually increases its ownership.

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11. 1969Eurafrance is established

    Eurafrance is founded as an investment company that later becomes the principal predecessor of Eurazeo.

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12. 1881Gaz et Eaux is founded

    The predecessor company begins as a distributor of water and gas in western and northern France.

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A diversified European alternative-investment platform combining private equity, private debt, real estate and international portfolio-company investing.

• Private equityInvestment strategy

  Eurazeo invests in private companies through buyout, growth and sector-focused strategies. Investments may involve majority control, minority positions, operational support and international expansion. The group has historically targeted consumer, healthcare, technology, business-services, industrial and specialty-chemicals companies.

• Private debtInvestment strategy

  The private-debt platform provides financing through privately negotiated credit investments. Idinvest Partners' integration strengthened this part of Eurazeo's broader alternative-investment offering and added capabilities in financing, growth and venture-related strategies.

• Real estateInvestment strategy

  Eurazeo invests in real-estate assets and businesses as part of its diversified platform. The strategy complements the group's corporate private-equity and credit activities by providing exposure to property-related assets and operating platforms.

• Eurazeo Co-Investment PartnersCo-investment platform2006

  Eurazeo Co-Investment Partners was created to support co-investment activity alongside Eurazeo's principal investment strategies. It enables additional capital to participate in selected transactions and broadens the group's fund and investor-partnership model.

• Eurazeo PMEPrivate equity division2011

  Eurazeo PME was established after Eurazeo acquired OFI Private Equity Capital. The division focuses on small and mid-sized companies and forms part of the group's strategy of serving businesses below the scale of its larger buyout investments.

• 2017Expand the alternative-investment platform through IdinvestM&A

  Eurazeo sought to expand beyond its established private-equity business and increase its assets under management.

  What changed. The group announced the acquisition of a 70% interest in Idinvest Partners.

  Aftermath. The transaction approximately doubled reported assets under management at the time and added private-debt, venture and growth capabilities.

  Assets under management. €8 billion → €16 billion (At the time of the 2017 transaction)

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• 2016Build a standalone confectionery platformM&A

  Mondelez International was selling a collection of French and other confectionery brands.

  What changed. Eurazeo acquired the brands and organized them under Carambar & Co.

  Aftermath. The transaction created a dedicated confectionery group with a portfolio of established consumer brands.

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• 2005Rebalance from legacy holdings toward operating businessesStrategy

  Eurazeo was disposing of historical financial investments while seeking broader exposure to operating companies and international markets.

  What changed. The group sold or reduced positions including Lazard, Terreal and other legacy investments while acquiring or expanding positions in Rexel, ANF, Eutelsat, Accor and B&B Hotels.

  Aftermath. The portfolio became more closely associated with private-equity ownership of operating companies.

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• 2001Merge Eurafrance and AzeoM&A

  Eurafrance had progressively increased its ownership of Azeo after becoming a shareholder in 1985.

  What changed. The companies formally merged in April 2001 to create Eurazeo.

  Aftermath. The merger established the current investment-group structure and began a period of portfolio consolidation.

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• 2021Eurazeo acquires majority ownership and operational control of Beekman 1802

  Eurazeo acquired majority ownership and operational control of the US consumer-goods company, while its founders retained creative and brand control.

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• 2017Eurazeo invests in Rhône Group

  Eurazeo invested close to €100 million for approximately 30% of the US- and UK-based investment firm, according to the supplied reference.

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• 2017Eurazeo announces acquisition of a majority stake in Idinvest Partners

  The transaction expanded Eurazeo's investment platform and approximately doubled its assets under management from €8 billion to €16 billion at the time, according to the supplied reference.

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• 2016Eurazeo forms Carambar & Co

  Eurazeo acquired a group of confectionery brands from Mondelez International and organized them under Carambar & Co.

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• 2011Eurazeo creates Eurazeo PME

  Following its acquisition of OFI Private Equity Capital, Eurazeo established a division focused on small and mid-sized companies.

  M&A
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• 2006Eurazeo acquires Europcar

  The acquisition added a major European car-rental platform to Eurazeo's portfolio.

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• 2005Eurazeo takes control of Rexel and invests in Accor and B&B Hotels

  The transactions illustrated Eurazeo's shift toward large operating businesses and international consumer-facing assets.

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• 2003Eurazeo acquires Fraikin, Eutelsat stake and Buffalo Grill

  The group expanded its portfolio into vehicle leasing, satellite communications and restaurant operations.

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• 2001Eurafrance and Azeo merge to form Eurazeo

  The merger created the modern Eurazeo investment group.

  M&AOther
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1. Eurazeo
2. Eurazeo official website