CF Les Echos

14 January 2019

Pax news

Sources leverages with three funds

Created in the early 2000s, Sources designs and builds “turnkey” water treatment plants. Since then, it has continued to take market shares from the three leading players in its market: Veolia, Suez and Saur. Backed by Isatis since 2011, Sources now has the means to accelerate its national and international growth by setting up a primary LBO. This was the occasion for the founder and former director of Degrémont France, Patrick Billette, to welcome ten key company executives alongside him and to entrust a minority share to three funds. Turenne Capital is conducting the transaction, backed by reinvestment from Isatis and Bpifrance (“a new investor clearly identified by our public clients” says Patrick Billette, referring to water boards, town councils and urban communities). Sources totalled twenty million euros in revenues last year, of which about 15% was through its activities in North Africa. The treatment plant designer is currently working to strengthen its national network, and as such, has not ruled out taking over colleagues of smaller size in order to be as close as possible to its clients, as it did last summer with the acquisition of BIE (Angers).