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Astorg Hires Evercore to Explore Equity, Debt Funding Options

(Bloomberg) -- Astorg, a private equity firm that manages €22 billion ($24 billion) in assets, is working with Evercore Inc. to explore various financing options as the company prepares for a generational change among its leadership.

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The Paris-based firm is assessing funding options, including scenarios that combine debt and equity, it said in an emailed statement Friday. Astorg said an outright sale isn’t being considered.

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“We seek to restructure our capital with two main objectives in mind: support the generational transition of management and capital, and fund the growth of our business,” the firm said in the statement.

Alternative-asset managers have engaged in both consolidation and minority-stake sales as ways of creating liquidity for aging founders. Last month, Paris-based Wendel acquired a controlling stake in mid-market private equity firm IK Partners. Before that, Bridgepoint Group Plc agreed to acquire infrastructure investor Energy Capital Partners, while CVC Capital Partners struck a deal for DIF Capital Partners.

Astorg, founded in 1998 as a spinoff from Suez Group, focuses on buying majority stakes in health-care, business-services, software, technology and industrial companies, its website shows. The firm is led by Chief Executive Officer Thierry Timsit.

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