"3i helped us think through our expansion plans in our largest international operations, the UK, Sweden and Germany, and also to select other territories we wanted to target, such as Belgium and Denmark."
Michel Bleitrach
Michel Bleitrach, one of 3i’s first Senior Advisers, became the CEO of French transport operator Keolis following its acquisition by 3i. As a leading figure in France’s transport and utilities sector, Michel was a natural choice for the role, bringing with him an exceptional ability to form successful public-private partnerships.
During the company's two years of partnership with 3i, Michel led Keolis as it streamlined its structure, won major new contracts, and made several strategic acquisitions. As a result, the company’s annual turnover passed €2.5bn, EBITDA rose 32% and 3i turned an investment of €85m into a realisation of €340m. Today Michel continues to lead Keolis.
Michel gained significant experience in managing relationships with the French public sector during his time at the water, energy and waste giant, SUEZ. Earlier in his career, he had senior roles at Elf Aquitaine and the French Ministry of Equipment.
In the view of 3i’s Remi Carnimolla: “Michel’s outstanding leadership was at the heart of Keolis’s hugely-impressive performance, helping to make this one of the most successful investments to date for 3i France.”
For Michel, 3i’s partnership approach and international network gave him an ideal blend of strategic and practical support during his leadership of Keolis: “3i was extremely helpful in two main ways. First of all, they were a great source of suggestions for more efficient management – establishing key performance indicators, making sure we had the right financial systems, putting in management processes to deliver a tightly-run ship.”
“Secondly, they played a vital part when it came to prioritising opportunities for international expansion. 3i helped us think through our expansion plans in our largest international operations, the UK, Sweden and Germany, and also helped us select other territories we wanted to target, such as Belgium and Denmark. They then introduced us to contacts in those locations who could help us get to know the local regulations and players better. As a result, our international expansion was highly disciplined and happened quickly and profitably.”
