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Hightlights - Archived - History
Eurazeo is the result of the merger, in April 2001, of two investment companies with renowned experience, Eurafrance and Azeo (formerly : Gaz et Eaux).
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Eurafrance
Eurafrance which absorbed its subsidiary Azeo before taking the name of Eurazeo was created more than 30 years ago. During these years, the company concentrated its investment activity on operations of considerable importance as a controlling, and often majority, shareholder.
Over the last two decades, the company also supported its subsidiary Azeo in its growth.
Gaz et Eaux / Azeo
Gaz et Eaux (renamed as Azeo in 1999) was created at the end of the 19th century, its activity being water and gas in Northern and Western France. The gas sector having been nationalised in 1945, it retained its water activity until 1976 while gradually changing from portfolio company in the late 1970’s to a pure investment company in the 1990’s. Eurafrance has become a shareholder of Azeo in 1985 and regularly increased its position until the public offer that took place at the end of 2000. |
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Gaz et Eaux / Azeo Chronology |
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2001 |
| February : Eurafrance and its subsidiaries reduce their
interest in Danone from
6% to 4%, realising a capital gain of € 220 million. |
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| 2000 |
March : Restructuring of Lazard group (interests of Lazard
Partners are merged at world level and grouped together in
a structure based in the United States of America and named
Lazard LLC).
July : launching of the first Eurafrance share repurchase
programme.
November : public offer by Eurafrance on its 45% owned subsidiary
Azeo. At the closing of the offer Eurafrance holds 97% of
Azeo shares. |
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2000 : |
| Supplementary investment by Azeo, through its subsidiary
Malesherbes, in Lazard LLC for a total amount of € 647
million. |
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1999 : |
Gaz et Eaux becomes Azeo
Partial sale of Azeo’s interest in Pearson, with a capital
gain of € 475 million.
Launching of the first Azeo share repurchase program.
Azeo pursues its investment effort through the purchase of
interests in Oberthur Card Systems and CCMX. |
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1997 : |
Public offer on La France SA and merger.
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1995 : |
Sale of Sovac for a total amount of € 600 million
following the public offer by General Electric, which is a
profitability ratio of 17.6%.
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1990- 1998: |
| Gaz et Eaux make a significant inroads in capital investment,
with minority interest acquisitions, often within the framework
of LBOs or group restructurings, while intensifying its acquisitions
since 1995, in investment funds and companies with technology
vocation : Infogrames
(1995), François-Charles Oberthur Fiduciaire (1997),
Flamel (1998), Virata (1998). |
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1983-1994 : |
| From 1983 to 1994, setting up of interests in Gaz et Eaux
(renamed Azeo in 1999), Lazard Partners (renamed Lazard LLC
in 2000), Agache, Sofina, first investments in French funds
(Alpha and Partenaires) and American funds (Jupiter, Corporate
Partners), investment in UAP. Sale of interests in Chargeurs
Réunis, Chaussures Andre, Eurafrep, Locatel, Viniprix. |
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1990 : |
| Bruno Roger is appointed as Chairman of Gaz et Eaux, of
which he has been director since 1985. |
1986 : |
Gaz et Eaux sells its interest in Harpener AG, that it
had acquired in 1980, and realises a capital gain of €
150 million. Gaz et Eaux makes a capital increase of €
170 million and acquires interests in Pearson
(10%), BSN (renamed Danone,
2.7%), Sogeti (1%), Société Générale
de Belgique (4%), Eurafrep (11.9%) and Sidel (before its listing,
28%).
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1985 : |
| Escaut et Meuse is the target of a public offer project,
inciting family shareholders of this company to sell their
shares to UAP, Eurafrance and shareholders of Gaz et Eaux,
before Gaz et Eaux absorbs Escaut et Meuse. At the end of
the year, Eurafrance contributes its minority interests in
Chargeurs and Sovac to the capital of Gaz et Eaux. |
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1974-1983 : |
| Major acquisitions in Chargeurs Réunis, Chaussures
André, Eurafrep, Euralux (Generali), La France SA,
Locatel, Viniprix… |
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1982-1984 : |
| The holding company Escaut et Meuse acquires 20% of Gaz
et Eaux, and an option on 13% more allows it to own 33% at
the end of 1984. IDI, diluted through capital increases, sells
its outstanding interest to UAP. |
1977 : |
| Institut de Développement Industriel takes the control
over Gaz et Eaux, which has become a portfolio company. |
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1974 : |
Setting up of Eurafrance following the absorption in May
1974 of CMI Sovac, holding company controlling Sovac.
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1969 : |
| Setting up of the legal entity Parges, which will become
Eurafrance. |
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1945 : |
| Nationalisation of the gas distribution sector, Gaz et
Eaux retains its water distribution activity until 1976. |
1881 : |
| Setting up of Gaz et Eaux, gas and water distributor. |
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