When 3i acquired a majority shareholding in French transport operator Keolis, it was clear that skills in public-private partnership would be key to the company’s success: its core business was operating buses for local authorities, and state rail company SNCF remained a major shareholder.

Michel Bleitrach, a 3i Senior Adviser at the time, was appointed CEO in 2004.  With a background of leadership roles in utilities giant SUEZ, he brought an intimate understanding of relationship-building and contract negotiations in the French public sector.

To complement Michel’s skills as CEO, 3i also introduced two other business leaders to the Board.  Michel Lamboley joined as CFO, his financial skills proving invaluable in the subsequent refinancing and restructuring of Keolis.  Jean-Michel Mauvilly came on board as a Non-executive Director and helped to cement strong shareholder relations through his strong relationship and board role with another SNCF company.

To meet the challenges posed by domestic restructuring and international growth, 3i and the Keolis board undertook a structured review of the management capabilities within Keolis to identify where there were skills gaps that were subsequently filled by an infusion of fresh leadership talent.

The partnership between business leaders and 3i helped Keolis to become a streamlined operator winning major new contracts at home and abroad.  During 3i’s 2004-06 participation, Keolis’s turnover rose to more than €2.5bn, its profits rose by a third and its value almost doubled to €1.075bn.  Today the company’s transformation is regarded as one of the great success stories in France.