Between 2006 and 2012, Keolis, supported by Ardian has strengthened its organic growth with the signing of major contracts in France and abroad (Australia, UK, Netherlands, Germany, Sweden). The group also made several acquisitions in France (EFFIA) and abroad (Belgium and North America). In five years, Keolis’ turnover rose from €2.8bn to €4.9bn.

The company

Keolis’ challenges

Founded in 2001, Keolis is a major operator of public passenger transport in France, Europe and worldwide. The company has offices in 14 countries and is dedicated to provide mobility solutions tailored and adapted to each territory requirements and changes in travelers travel patterns.

Why Ardian?

In 2007, Keolis’ historic shareholder SNCF, was looking for an investor willing to support Keolis’ development in France and internationally for at least five years.

Ardian has formed a consortium together with the Caisse de Dépôt et Placement du Québec, holding 55% stake in Keolis, the remainder being held by SNCF and Keolis’ management.

Entrepreneur’s view

"Ardian has helped Keolis develop into a truly global and profitable transportation company. The success and growth which Keolis benefited during our partnership illustrates the willingness of Ardian teams to support and guide our development. They allowed us to improve the structure of existing management but also meet and exceed our growth prospects abroad by a demanding and creative analysis of each phase of development."

Michel Bleitrach
former CEO of Keolis

Ardian support

"We have reinforced Keolis’ existing management structure and our strict approach to investment has provided a solid foundation for the next phase of their development."
Dominique Gaillard, General Manager Direct Funds at Ardian

Ardian active participation in the choice and selection of investments and tenders won by Keolis has been instrumental in its success. These new processes have allowed the management to ask the right questions and make the right investment decisions and strategic deployment. Thus, Keolis and its strong management have formed a profitable and attractive business group and implemented strict procedures.

Between 2007 and 2012 , the number of employees increased from 38,000 to 52,600.

After Ardian

Keolis is now established in 14 countries in Europe, North America, Australia and Asia.
Three leading transactions have contributed to this growth:
• 2007: Acquisition of City Trafik, a Danish bus company
• 2008: Acquisition of Eurobus Holding, the first Belgian bus company
• 2010: Merger with Effia, a French car-park company

The group is the only operator present throughout the value chain of international mobility. In May 2012, Ardian has sold its shares to the SNCF. A new ownership structure has been created between the SNCF (70%) and CDPQ (30%).


Ardian offers a diversified choice of funds covering the full range of asset classes


Our key figures

Ardian has experienced significant and sustained growth since 1996