The German ista Group has acquired CIS from Astorg Partners and its managment. The price of the transaction has not been disclosed.
CIS is the leader in the French sub-metering industry. Its scope of activities cover three areas : water and heat allocation, maintenance of buildings’ water network, and electricity and gas metering. CIS had revenues of €78m in 2005.
Astorg Partners manages three funds subscribed by French and international investors.
ista was bought out by CVC from the German utility e-on in 2003 and is the world leader in sub-metering. Ista’s revenues in 2005 were approx. €500m. The transaction will provide ista with an even more international profile, moving non-German sales from 40 % to 48%.
BNP Paribas Corporate Finance acted as financial advisor