French private equity firm Salvepar’s net asset value (NAV) increased by 2.5 per cent in the first half of 2013 to EUR85m, or EUR54.3 per share based on the number of shares as of 30 June 2013.
During the first half of the year, Salvepar, which is 52.4 per cent by the Tikehau group, sold its stake in GL Events, Polygone, Socotec (including the redemption of convertible bonds), STEF, Touax, Lacroix, RG Safety as well as a block of its stake in Heurtey Petrochem for a total value of EUR58.5m.
Salvepar has invested and is committed to investing in Oceane Naturex and Latin America Power (LAP) convertible bonds emitted by Naturex as well as in LAP for a total amount of EUR11.4m.
At the beginning of July Salvepar finalised the disposal of Courtepaille for a total of EUR9m. The success of its capital increase launched in July allowed Salvepar not only to raise EUR128.8m, but also to expand its shareholder base for the long term. In line with the strategy announced, Salvepar will invest the funds raised in new listed and unlisted assets in France and abroad or reinforce its stake in its existing portfolios.
In August, Salvepar strengthened its participation in Naturex via the acquisition of EUR4.2m of shares.
The board of directors co-opted Christian de Labriffe as director and appointed him as chairman and CEO, with effect from 15 September 2013, in place of Antoine Flamarion.
As a former associate managing partner at both Lazard and Rothschild & Cie, de Labriffe will bring his 25-year strong investment experience to Salvepar.
The board is now composed of seven members, including Flamarion who remains a director.
At the same meeting, the board of directors also decided on the creation of an investment committee, designed to assist the CEO as well as the board in their analysis and decision making relative to investments and/or disposals.
In accordance with the commitments undertaken by Salvepar during the capital increase, the company’s shareholders’ meeting will be convened on 14 October to decide on the release of preferential shares in favour of Tikehau Capital Advisors and Tikehau Capital Partners, and on the representation of important minority shareholders within the board of directors.
