The big French Groupe Royer is looking for a new investor, preferring a strategic investor to an institutional one for its long-term development, as Apax Partners is seeking to cash out of the investment it made five years ago. Jacques Royer and his brother Alain still own 77.5 percent of the company, and a spokesperson of the group is denying a rumor that Alain wants to sell his shares. The company's sales have doubled since the takeover, but they rose by only 10.7 percent to €310 million in 2011. The increase was lower than expected, in spite of the acquisition of new licenses, because of the economic slowdown and the unfavorable weather conditions in France in the second half of the year. As previously reported, the company was expected a stable operating margin of 7 percent on sales of €330 million for the past year, up from €280 million in 2010.