Highlights

May Eurazeo sells its interests in Generali and Mediobanca, generating a capital gain of € 900 million.

June

presentation of Eurazeo’s new strategy, which positions itself on the activity of capital investment with leverage buy out, with the goal to create funds and manage assets on behalf of third party investors.

February Acquisition of Fraikin for an enterprise value of € 764 million.

April Acquisition of France Telecom’s 23% stake in Eutelsat for a total price of € 450 million.

July Michel David-Weill becomes Chairman of the Supervisory Board.

October Joint investment in Terreal with the US fund Carlyle.

May

Merger of Rue Impériale with Eurazeo. Investment by Crédit Agricole of 100 million euros. Eurazeo acquires the majority in Fraikin and reinforces its investment in Eutelsat and Veolia.

July

First ever whole-business securitization in France, with a value of 600 million euros to refinance the cost of acquiring Fraikin.

December

Purchase of an additional 10% of Eutelsat, increasing Eurazeo’s interest as Eutelsat’s principal shareholder with control of 36%.
Definitive agreement to acquire PPR’s 73.5% interest in Rexel SA for 3.7 billion euros, 2004 largest leveraged buyout in Europe.
Lazard files IPO documents with the Securities and Exchange Commission.

March Acquisition of ANF

Acquisition for 97 million euros of Ateliers de Construction du Nord de la France (ANF), a listed property company, to hold Eurazeo's real estate assets and create a SIIC.

May The stake in Lazard is sold

All Eurazeo interests are purchased for a total of 784 million dollars (610 million euros) as Lazard goes public.
Eurazeo's real estate arm transfers ownership of 100,000 sq m of real estate in Lyon and 275,000 sq m in Marseille to ANF, representing a total asset value of 390 million euros. This deal gives Eurazeo a 99% stake in ANF, held by its subsidiary Immobilière Bingen.

June Investment in Accor

50 million euros are invested in the Accor group as part of a total structured investment of € 1 billion, in the form of convertible bonds and ORA share-redeemable bonds, led by Colyzeo.

July Acquisition of B&B Hotels

Acquisition of B&B Hotels, Eurazeo's fifth LBO, for a total of 141 million euros. After syndication, Eurazeo holds an 83% stake in the acquisition vehicle, at a cost of 128 million euros.

July ANF's free float is partially increased by selling 9% of the share capital on the market, for a total of 56 million euros. This sale reduces Immobilière Bingen's stake in ANF to 90 %.

September First divestment

Terreal is sold for 164 million euros. This was the first divestment of a portfolio company acquired under the private equity investment strategy implemented in 2002. It generated an IRR of 105% and a multiple of 3.5 times the initial investment.

October Sell of IRR Capital

The entire stake in IRR Capital, an investment company held since 1997, is sold for a total of 308 million euros.

The Colyzeo fund invests 17 million euros in Buffalo Grill and Velizy, a project to build 28,000 sq m. of office space for 3 million euros.

November Eutelsat Communications is floated on Euronext Paris on December 2, 2005, at 12 euros per share.

November New investment project

Announcement of plans to invest in Banca Leonardo and for a joint venture with this bank to support the growth of private equity business in Italy.

December Sell of BBS Capital

Eurazeo sells its stake in BBS Capital, an investment fund, held since 1998, for 66 million euros.

Special distribution
Announcement of a special dividend of 6 euros per share, representing a payout from reserves of 296.6 million euros, in addition to the ordinary dividend, subject to the approval of the annual shareholders meeting of 2006.

April Participation in Banca Leonardo

Acquisition of a 20% equity interest in Banca Leonardo for 93 million euros, and creation of Euraleo, a 50/50 joint venture between Eurazeo and Banca Leonardo to carry out private equity transactions in Italy.

May Acquisition of Europcar

Acquisition of 100% of the equity of Europcar in one of Europe’s largest LBOs in the first half of the year (3.1 billion euros). Europcar is the European leader in car rentals.

June Additional investment in Danone

Additional investment of 425 million euros in Danone, raising Eurazeo’s stake to 5.36% of the equity and 9.08% of the voting rights as of December 31, 2006.

June Take over of Keddy Car & Truck

Europcar announces that it has taken over Keddy Car & Truck, the leader in short-term rentals in Belgium, and Utramar, an important operator in the Balearic Islands.

July Creation of Eurazeo Co-Investment Partners

It consists in Eurazeo’s first co-investment fund with a total commitment of 500 million euros. The first closing is for 345 million euros and 94 million euros is invested in Europcar.

July Acquisition of GE Supply

Rexel acquires GE Supply, General Electric’s electrical products distribution business, in a transaction valued at 725 million dollars, thereby moving up from fifth to first place in the United States. This investment is self-financed, as have been all others by Rexel.

October Exclusive negociation

B&B enters into exclusive negotiations to acquire 100% of the equity of Villages Hôtel, a hotel chain in France and Germany.

November Double strategic transaction with Vanguard (National and Alamo vehicle rental brands)

Conclusion of a trans-Atlantic alliance, thereby creating the world’s third-largest integrated player, and acquisition of Vanguard’s European activities, which boosts Europcar’s market share from 19.9% to 26.5%.

December Selling of Fraikin

Signature of an agreement to sell Fraikin, (342 million euros for Eurazeo’s share - IRR of more than 37%).

Selling of Eutelsat Communications
Signature of an agreement to sell Eutelsat Communications (614 million euros for Eurazeo’s share, with an IRR of 59%).

February Disposal of Eutelsat

Eurazeo finalized the sale of its equity interest in the capital of Eutelsat for 614 million euros.
Disposal of Fraikin
Eurazeo sold its equity interest in Fraikin to CVC Partners for 346 million euros, and then re-invested alongside Eurazeo Co-investment Partners (ECIP) so that together they hold a 19% stake in Fraikin.
Sale of 28 funds
Eurazeo finalized the sale of its portfolio of 28 funds in which it had interests as a limited partner.

March Final closing of Eurazeo Co-Investment Partners

Eurazeo finalized the first fund-raising phase for a 500 million euros co-investment fund. This transaction allowed the company to increase its investment capacity and consolidate its syndication process, while creating value for its shareholders.

March Acquisition of Vanguard EMEA

The acquisition of the European activities of Vanguard (National and Alamo Rent a Car) and the transatlantic alliance that has been agreed upon has allowed Europcar to consolidate its position as a European leader and boost its presence in the United States.

April Acquisition of APCOA

Eurazeo finalized the acquisition of APCOA for 885 million euros (of which Eurazeo invested 313 million euros and ECIP 62 million euros of equity).

April Initial Public Offering (IPO)

Rexel launched an initial public offering at the price of 16.50 euros per share.

May Acquisition of Betacar

Europcar signed an agreement for the acquisition of Betacar, the first car rental company in the Balearic and Canary Islands.

July Euraleo’s acquisition of an equity interest in Sirti

Euraleo acquired an equity interest in Sirti, a major Italian player in the design of telecommunications networks and systems.

July Acquisition of the activities of WISAG

APCOA acquired the parking activities of WISAG in Germany

August Increased investment in Air Liquide

Eurazeo is changing its listed assets. It has raised its equity interest in Air Liquide (primary shareholder with 5.5% of the capital) and announced that it will exit from Veolia within 12 to 18 months.

August Acquisition of CPS Europe

APCOA acquired the European activities of CPS and reinforced its position in Europe. APCOA became number 2 in the UK and penetrated both the Spanish and Irish markets

August Acquisition of ELIS

Eurazeo signed an agreement to acquire ELIS, a leading European firm in the rental and cleaning of textiles and hygiene services, for 2,276 million euros.

September Euraleo acquired equity interest in Intercos

Euraleo acquired a 40% equity interest in Intercos, one of the world’s leading subcontractor in cosmetic products.

October Success of the capital increase

ANF successfully completed its capital increase which allowed it to finance the purchase of 159 B&B hotel properties. After this transaction, Eurazeo’s stake in ANF fell from 89.9% to 62.8%.

October Acquisition of EIW

Rexel consolidated its position as number 1 in Australia with the acquisition of EIW, raising the number of acquisitions in 2007 to seven.

November Entry in the MSCI index

Eurazeo entered the MSCI (Morgan Stanley Capital International) index.

November Takeover bid for Hagemeyer

Rexel, Sonepar and Hagemeyer signed an agreement for a recommended bid for Hagemeyer at a price of 4.85 euros per share.

November Reinforcement in Germany

B&B Hotels consolidated its position in Germany through a cooperation agreement with Tank & Rast to develop at least 34 hotels along the German highways.

November Investment in Station Casinos

Eurazeo invested 200 million dollars alongside Colony in Station Casinos, the Las Vegas (United States) local market leader in games and entertainment.

February A new organization for the company

APCOA announces the appointment of Friedrich Schock (former Chief Operating Officer) as Chief Executive Officer, Marc-Andre Micha as Chief Operating Officer and Tjardo Siemens as Chief Financial Officer. Besides, the Group is now organized in six areas.

February Acquisition of Suzhou Xidian

Rexel buys Suzhou Xidian, electrical equipment retailer in China. The acquisition deal is the second in China for Rexel within one year and represents a new stage in the development of its position on a high-growth market.

February Partnership with All Nippon Airways (ANA)

Europcar signs a partnership agreement with All Nippon Airways (ANA), a leading Japanese airline. This agreement is the first partnership in Japan for Europcar and the third in the Asia-Pacific zone.

March Acquisition of Hagemeyer

Rexel acquires respectively 98.7% and 100% of Hagemeyer shares and bonds. Hagemeyer is a Dutch electrical equipment retail company and number 3 worldwide. The acquisition bolsters Rexel’s global leadership.

April Acquisition of its Master Franchisee in the Asia-Pacific region

Europcar acquires its Asia-Pacific franchised network and establishes a direct presence in Australia and New Zealand.

May Opening of a second hotel in Munich

B&B Hotels opens a hotel in Munich (Germany), raising the number of B&B Hotels in the city to two.

May Signature of a shareholder’s agreement with Colony Capital in Accor

Eurazeo signs a shareholders’ agreement in Accor with Colony Capital for the five upcoming years.

June Disposal of Hagemeyer entities and Rexel’s asset swap

Rexel finalizes sale of a number of Hagemeyer entities and an asset swap with Sonepar.

June Divestment of Veolia Environnement

Pursuant to the divestment announced in August 2007, Eurazeo sold almost its entire stake, recording a capital gain of €165.6 million (after tax).
Optimized disposal program for part of the stake in Air Liquide
Eurazeo draws up an optimized disposal program to sell its stake in Air Liquide in order to rebalance its portfolio and to increase its liquid assets.
Refinancing of the Danone shares
Eurazeo transfers all its equity interest in Danone to its wholly-owned subsidiary, Legendre Holding 22, with dedicated financing. This change in the portfolio of listed shares allows Eurazeo to generate new financial resources for future acquisitions.

August Opening of a second hotel in Frankfurt

B&B Hotels opens a 100-room hotel in Northern Frankfurt (Germany).

September Startup of the contract with London’s Luton airport

APCOA’s UK management restructuring allows to boost growth momentum and results in the startup of a significant agreement: the car park of Luton airport, one of the most important in the UK with more than 10 million passengers per year, is now managed by APCOA.

September Strategic alliance with Rent-A-Car

Europcar signs a strategic alliance with Enterprise, leading North-American car rental company. The agreement results in the birth of the world’s number 1 car rental network.

October Appointment of the new Chief Executive Officer

Xavier Martiré, former Managing Director in charge of France, is appointed Chief Executive Officer of Elis.

October Implementation of a new liquidity contract

Eurazeo signs a new larger liquidity agreement in the amount of €10 million, to bolster its response to market changes.

December Finalization of the acquisition of stake in Accor

Following the acquisition of securities, Eurazeo and Eurazeo Partners bought a 10.5% stake in Accor during the year.

December Opening of a hotel in Hamburg

B&B Hotels opens a 100-room hotel close to downtown Hamburg (Germany).

February Appointments

Appointment of two new CEO’s, in Germany and the U.K.

May Bonds exchangeable Danone shares

Issuance of €700 million in bonds exchangeable into Danone shares.

June New contract

Winning of a contract to manage all of the parking lots at Heathrow Airport.

August Reduction of debt

Sharp reduction of debt and successful renegotiation of bank commitments.

September Partnership with Renault

Signing of a partnership agreement with Renault in the fi eld of emission-free mobility.

September Sale of buildings

Announcement of the sale of the buildings of 158 F1 hotels for €272 million.

October Acquisition in Czech Republic

Acquisition of Exit Group, making Accor Services market leader in restaurant vouchers in the Czech Republic.

November World’s leading car rental company

Europcar named “World’s leading car rental company” at World Travel Awards.

December New disposals

Establishment of an optimized divestiture program for all available Danone shares held. Disposal of 3.9% stake in ANF, bringing Eurazeo below the 60% holding threshold and enabling ANF to comply with regulations for French SIIC-type REITs.

December Renegotiation

Successful renegotiation of financing terms.

December Refinancing

Rexel lengthened the maturity of its debt and improved the group’s financial flexibility by refinancing its entire senior credit. €575 million bond issue.

December Validation of the separation

Validation by the Board of Directors of the relevance of the separation of the group’s activities into two business lines.

February Procedures for the separation of Accor/Edenred

The Board of Directors’ approved the implementation of the procedures for the separation of the two Group businesses, hotels and prepaid services.

March Appointment of a new CEO

The appointment of Philippe Guillemot as Chief Executive Officer.

April Launch of Eurazeo Croissance

The launch of Eurazeo Croissance, with an initial investment in Fonroche. Eurazeo Croissance is a new axis of Eurazeo’s development which participates in the development of small and medium sized French companies with high potential which need capital to accelerate their growth.

June The split of the Hotel and Services businesses

In June 2010, two companies were born from the separation of businesses within the group: Accor now only manages the hotel business, while Edenred has taken over the Prepaid services segment. This historical milestone has given birth to two pure players, each a leader in its sector: two listed companies now equipped with ambitious business plans and the best teams, two new ambitions behind which lies high potential for growth and development.

July Contract won

Contract won for the Gatwick airport, the second largest airport in the UK, with 32,000 parking places.

July Universal social coverage

Universal social coverage put in place in over 11 countries.

September Sale of B&B Hotels

In late September 2010, Eurazeo announced the effective sale of B&B Hotels to the Carlyle investment fund. Eurazeo’s net income from the sale amounted to 184 million euros, while the company value was approximately 480 million euros.

October New bulding

A delivery of 13,000 sqm new office building in Marseilles.

October Urban mobility and sponsorship

The launch of Car2go, a new concept in urban mobility, with Daimler in Hamburg.
The sponsorship of Jean-René Bernaudeau’s professional cycling team.

October Renégociation du financement

Renegociation of the senior financing.

November Change in Executive management

Announcement of the change in Executive management: Denis Hennequin replaces Gilles Pélisson.

November Appointment

The appointment of Ralf Bender as CFO.

November Successful refinancing of high yield bonds

Successful refinancing of high yield bonds providing Europcar greater financial flexibility.

December Resumption of acquisitions

Resumption of acquisitions with the purchase of Grossauer in Switzerland.

December New acquisition

8_th external growth transaction of the year (4 in France and 4 outside of France).

July Acquisition of Foncia

Eurazeo acquired Foncia from BPCE in a 50% joint venture with Bridgepoint.

July Sale of DNCA Finance

Gruppo Banca Leonardo sold its asset management business, DNCA. This divestiture generated the distribution of cash to Eurazeo amounting to 41 million euros.

August Sale of LT Participations (IPSOS)

Eurazeo sold all its shares in LT Participations and realized approximately a 10% internal rate of return and a multiple of nearly 3 times its initial investment.

October Acquisition of 3S Photonics

Eurazeo acquired 3S Photonics, the French leader in lasers and optoelectronic components.

October Acquisition of Moncler

Eurazeo acquired a 45% stake in Moncler. Its equity investment, after syndication to private and institutional investors, amounted to 301 million euros.

October Partnership with the Women’s Forum

Eurazeo has been a partner of the Women's Forum since 2008 and supports the Rising Talents program which aims to identify women who have the potential to become leading figures in tomorrow’s world.

November Partnership with the G20 YES

Eurazeo has associated itself with the G20 YES, an international summit organized alongside the G20, which promotes entrepreneurship and growth, economic competitiveness and the creation of value worldwide.

December Signature of the PRI

Eurazeo signed the UN’s "Principles for Responsible Investment" and confirms its commitment to include non-financial criteria in its management and investment strategy.