Private equity group records 157% return on Numericable
15 April 2016 | Alan Burkitt-Gray
Private equity group Cinven has made a profit of €1.7 billion on its 11-year investment in French cable operator Numericable, following the sale of its last stake in the business.
The group spent €528 million on a 70% stake in Numericable in 2005-06, alongside Patrick Drahi’s Altice. Over a series of deals since then – ending with the final sale of its last stake in March to Altice, just announced – the company has returned €2.2 billion to its investors.
Thomas Railhac, senior principal at Cinven, added: “The returns achieved from this investment are the result of the strong combined vision and partnership between Cinven and Altice, the telecom company founded by Patrick Drahi, who has since become one of Europe’s most successful telecoms entrepreneurs, as well as Carlyle, who joined us in 2008.”
Cinven’s return from Numericable exceeds its results from Dutch cable operator Ziggo, now owned by Liberty Global. That generated €1.7 billion and a money multiple of 2.8 times. Cinven’s latest investment in the sector is in
12m | Alan Burkitt-Gray
1h | Alan Burkitt-Gray