London, U.K. and Essen, Germany — (METERING.COM) — March 26, 2007 – CVC Capital Partners has sold its stake in ista International to Charterhouse Capital Partners after CVC acquired ista in a management buy-out in June 2003. ista is a global leader in the area of submetering and billing of energy, water and ancillary costs. The company is active in 24 countries across Europe, North America and Asia.
Sales increased under CVC’s ownership from approximately €460 million ($610 million) in 2002 to €600 million ($796 million) in 2006, while ista’s share of international revenues expanded from 27 per cent to almost 50 percent over the same period of time. This was primarily driven by organic growth and a number of acquisitions, both internationally and in Germany. ista’s staff increased under CVC’s ownership from 3,700 to 4,500.
Marc Strobel, Senior Managing Director of CVC, commented: “ista is a highly attractive business, both for financial investors and for the stock market. It benefits from stable and predictable cash flows, high margins and healthy growth prospects. We strongly believe in ista’s future potential and trust in management’s capabilities. Therefore CVC funds intend to take a minority stake through reinvesting a part of the sale proceeds.”
Walter Schmidt, CEO of ista, added: “We enjoyed working with CVC and highly appreciated their support for our international expansion strategy, including through our most recent acquisition of CIS in France. With Charterhouse we welcome a new investor with particular expertise in investing in business service companies, such as PHS and Autobar. Charterhouse is fully committed to endorse management’s plans and to provide further capital to assist in the expansion of the business.”