Astorg and the management team have just sold CIS (Comptage Immobilier Services) to Ista International GMBH.
CIS is the leading French facility management company active in the sub-metering industry where it provides water and heating meter management services for collective housing used by building mangers. CIS is also present in water network refurbishment and tap maintenance.
Integrated into the Schlumberger group in 1972, CIS was the subject of an LMBO by Astorg Partners in 2004.
CIS, which recorded a turnover of €70m at the time of its acquisition by Astorg, now forecasts generating €86m in 2006 as a result of the internal and external growth policy carried out by the company's management with the support of Astorg.
CIS employs 820 people in France and benefits from an excellent national coverage through its 17 agencies located in the main provincial towns as well as the Paris area.
The acquisition will make it possible for CIS to engage in a new phase of its development within Ista, an international group which, as a result of this operation, will consolidate its own position as world leader in water and heating meter management services.
Christian Holweck, President of CIS comments "We are delighted to become part of the Ista group, world leader in water and heating meter management services. This alliance preserves our independence of all suppliers, guarantees economies for our customers at a time when the subject of water and energy costs is particularly sensitive. Beyond the obvious geographical complementarity, the two companies will also capitalize on each other's skills in their traditional activities. Indeed:
- Ista has excellent expertise in individual heating meter reading, an activity that is very developed in Germany
- CIS brings its know-how in the management and maintenance of water networks in collective housing."
"CIS is a company of exceptional quality in terms of its management, the services it provides to customers as well as its customers portfolio" adds Xavier Moreno, Managing Partner of Astorg. "We have been very happy and found it rewarding to partner with the CIS management and contribute to the company's growth up to this new step in its development, within an international group"