Advent International, the global private equity firm and the François-Charles Oberthur Fiduciaire Group, have completed the acquisition of the Card Systems and Identity divisions of Oberthur, following workers’ council consultation and the approval of the transaction by relevant market authorities.
Advent International, along with the company’s management, now controls 90% of Oberthur Technologies’ capital. Jean-Pierre Savare, founder of the Oberthur group and his family retain a 10% stake in the capital. The transaction is valued at EUR1.15 billion.
Oberthur Technologies is specialised in digital security based on smart card technology. It is the world’s second largest provider of security and identification solutions and services, operating in the mobile and payment industries as well as government and corporate markets.
The group posted sales of EUR814.5 million for the fiscal year 2010.
“We are delighted to be part of the continuing development of this leading French industrial company, the world number two in smart card technologies, created by Jean-Pierre Savare nearly 25 years ago,” says Pascal Stefani, Head of Advent International in France. “Thanks to our international presence and our deep experience in the banking and telecommunications industries, in which we have been investing for over 20 years, we are well positioned to actively support the management in its growth plan for the business, including through acquisitions.”
Xavier Drilhon, previously Deputy Managing Director of Oberthur Technologies & Card Systems Division Managing Director, has been appointed CEO of Oberthur Technologies.
“Smart card technology continues to spread across the world in traditional ways; at the same time, new opportunities are arising with the massive introduction of smart connected devices that have to be remotely managed in a secure way. Today, our industry is specialising in the digital security with more and more secure managed services and solutions. This transformation is accelerating with the arrival of internet players. In this context, I am delighted to have the support of Advent International, which will enable us to accelerate our growth,” says Drilhon.
