Why did you acquire minority stakes in companies like Vivarte, Faiveley Transport and Ceva?

Because we were inspired by their teams and their business plan.

In the case of Faiveley Transport, we were given the rare opportunity to join forces with François Faiveley to create a world leader.We seized this opportunity immediately, since we have contractual exit guarantees, even though we hold only a minority stake.

As regards Vivarte, we worked extensively with Georges Plassat when he was a Sagard Industrial Advisor.This allowed us to become thoroughly acquainted with the company and fully understand the potential value of his project for Vivarte.It was therefore only natural for us to take part in the transaction, along with PAI.

This same logic prompted us to invest in Ceva Santé Animale in 2010.Our flexibility allows us to take minority positions in companies with strong growth track records rather than focus solely on majority stakes in projects with less clear-cut growth prospects.