A private equity investor consortium has agreed to retain its controlling stake in Italian publisher of phone directories Seat Pagine Gialle for a further three years, following a period of heavy investment and declining profits.

The shareholder consortium of Investitori Associati, CVC Capital Partners, BC Partners and Permira is looking to maximise the value of the company after profits fell 39% last year following heavy spending on new products and services to maintain and extend relationships with advertising clients.