Activa Capital invests in Impulsa Group

Activa, a french private equity firm, formally acquires a stake in the accounting and business consulting firm Impulsa Group. This primary transaction secures a balanced capital distribution between the incoming financial sponsor and the existing executive management team, led by the founding partners. Concluded following a highly competitive auction process, the definitive agreement attributes an overall EV of €20–50M to Impulsa. At the time of this capital restructuring, the acquired entity generated an EBITDA margin of [members only] with €10–30M of revenues. For Activa, this specific operation represents a significant milestone, constituting the final capital deployment from its 2021 vintage vehicle, Activa Buyout Fund II. The strategic rationale governing this equity injection explicitly focuses on accelerating the target's capacity to consolidate the highly fragmented French accounting services market. By securing robust institutional backing, the consulting firm intends to execute an aggressive buy-and-build strategy aimed at least doubling its operational scale over the duration of the investment cycle. The strategic expansion roadmap prioritizes the acquisition of complementary adjacent services, specifically targeting specialized human resources and corporate legal practices to increase the average revenue per client. To finance this ambitious external growth trajectory, the transaction's capital architecture incorporates a comprehensive unitranche debt facility provided by the private credit fund Apera. This customized financing package explicitly includes a dedicated €20 million secured credit line exclusively reserved to fund future bolt-on acquisitions. The execution of this leveraged buyout relied on a network of specialized financial advisors. On the sell-side, the founders and management team mandated the investment bank Houlihan Lokey to orchestrate the competitive process and structure the equity transition. Conversely, the acquiring sponsor retained Natixis Partners to manage the buy-side financial engineering and secure the transaction perimeters. Through this partnership, the investors effectively capitalize on the target's advanced technological architecture to establish a dominant, tech-enabled consolidation platform within the regulated corporate services sector.

By taking control of Impulsa Group, Activa Capital continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Groupe Desegur in 2025.