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Idex acquisition marks Industri Kapital's fifth investment in France

Nordic private equity firm Industri Kapital has completed its fifth investment in France with the acquisition of energy and environment services firm Idex. The deal was valued at around E200m.

IK bought the business from the founding family and a consortium of financial investors. Idex was founded in 1963 by the Planchot family and now employs 3000 people. Sales this year are estimated to have been worth E400m.

Christopher Masek, a partner at IK, said: 'IK's experience in local technical services as well as management of long-term contracts, will allow us to support the development of the group. We will work with the management team, led by Alain Planchot, to identify and implement profit improvement opportunities together with strategic opportunities.'

Idex's core activity is the technical maintenance of collective heating and cooling networks (public and private) and the technical maintenance of buildings and third party management of utilities.

IK closed its most recent fund last month with commitments of just above E800m. The closing fell a long way short of the original target of nearer E3bn and took more than two years to achieve.

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