Astorg Partners
 
INVESTMENTS
 
Comptage Immobilier Services
Comptage Immobilier Services
  • Investment date : July 2004
  • Transaction size (Enterprise Value) : 100-300€m
  • Industry : Professional Services
  • Activity : Water and heating meter management services
  • Previous Majority Shareholder : LBO Fund
  • Status : Sold to the Ista Group in July 2006
  • Fund : Astorg III
CIS in short
Comptage Immobilier Services (CIS) is the French leader for water and heat metering services for building management companies. CIS has long term contracts with managers of condominium apartment buildings and social housing complexes to supply (on a rental basis), maintain and reads flow meters.

In 2004, CIS had a 47 agency network, located mainly in the north of France, the Paris region, the Rhone valley and Brittany. Astorg wanted to extend CIS’ geographic coverage and product range, mainly by the acquisition of small companies with complementary activities.
The CIS opportunity as seen by Astorg Partners
• Strong position in a moderately growing market, potentially boosted by the trend to outsource meter reading for heat, gas and electricity.

• National leader with a highly visible revenue stream through a very large installed base of water meters.

• Large and steady cash-flow generation from the main activity.

• Numerous growth prospects through the development of additional services.
CIS
« At Astorg we met financiers willing to spend time putting us into contact with people difficult to reach otherwise. During the course of our business relation, we also appreciated their trust and relevant comments.
With the deployment of a build-up strategy we were able to buy back shares in our various subsidiary companies, which were partially held by the distributors. We regained our full freedom and strengthened our « Ile de France » operations (Paris Region) with the acquisition of Aquagest.
Lastly, the way the exit transaction and its conclusion were handled, gave us the feeling that we had complete freedom in selecting available opportunities. »
Christian Holweck, ex-chairman of CIS
More information on Comptage Immobilier Services
http://www.ista-france.com/
Astorg Partners     68 rue du Faubourg Saint Honoré 75008 PARIS     Tel: +33 (1) 53 05 40 50     Fax: +33 (1) 53 05 40 57     Mail: info@astorg-partners.com
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