On 20 July 2001, Cegelec became independent and underwent a LMBO. This "refoundation" makes Cegelec a young and dynamic group, building on a rich past which enabled to leverage its experience and technology expertise.
Have a look at the chronology of the groups development
The CGE (Compagnie Générale d’Electricité) created the CGEE (Compagnie Générale d'Entreprises Electriques), to install and build electricity networks, lines, substations and power plants necessary for France’s electrification.
Formation of CGEE ALSTHOM, after the takeover in 1967 of the SGE (Public Works and Civil Engineering, Construction, Industrial Works, Electricity Services) by CGE. This was Europe’s largest electrical engineering company, with 13, 000 employees and sales of almost one billion francs.
GEC (General Electric Company) acquired a 24,50 %, stake in CGEE Alsthom and transferred its industrial control businesses to the company. On 15th September, CGEE Alsthom changed its name to Cegelec. The Group, which is one of the leading players in the industrial control sector, confirms its position as the world’s leading electrical engineering company.
Cegelec set up in Germany and Austria through the acquisition of AEG-AAT and its international subsidiaries. Cegelec took on an international dimension.
Cegelec was bought by Alstom. Some divisions were integrated fully or in part within Alstom’s sectors.
Cegelec became Alstom Entreprise then Alstom Contracting. Acquisition of Missenard Quint Climatique, Bouyer, Mimault-Champion, Filetest Guyane, Electricité et Technique in France, the contracting business of Scottish Power and that of Norweb in the United Kingdom, Sunvic in Germany and Benelux ; In November 2000, Alstom Contracting set up Faceo as a joint-venture with Thalès, combining the two companies’ Facility Management businesses.
Alstom Contracting was acquired by its managers and employees in a LMBO (Leverage Management Buy-Out) with the backing of two financial institutions : CDC IXIS Private Equity (Caisse des Dépôts et Consignations) and Charterhouse. The company was renamed Cegelec.
February 10, 2003: Cegelec acquired the Installation Department of Siemens Nederland whose turnover is 18 M€. The 177 staff are employed in 5 sites : Amsterdam, Assen (North) ; Deventer (East), Ridderkerk (Rotterdam) and Susteren (South). With this operation, Cegelec is set to achieve a 70 M € turnover on the Dutch market .
September 30, 2003: Cegelec acquires ABB Building Systems in Belgium and the Netherlands. This will lead the Benelux operations to generate a EUR 350 million turnover by 2005.
October 13, 2003: Cegelec acquires Deltatherm, a company specialising in air conditioning systems. Deltatherm is based in Domène (France) and had revenues of EUR 6 million in 2002.
May 7, 2004 : Refinancing of the company's acquisition debt and convertible bonds. The refinancing involved a combination of EUR 275 million securitisation of trade receivables and EUR 320 million of senior debt. It allowed Cegelec to return to shareholders 84% of their initial investment and halved the company's interest charges, giving it more flexibility.
A second LMBO backed by LBO France