AIR FLOW acquired by XEBEC

Eurazeo PME acquired a majority stake in Utac Ceram from FCDE in a secondary LBO transaction. The deal involved an equity investment of EUR80 million from the lead acquirer, while the historical shareholder, FCDE, reinvested alongside the CCFA to maintain minority interests. The transaction was supported by a unitranche debt facility provided by an international private debt specialist. The investment strategy is designed to decouple the target's governance from historical industrial ties and fuel a new phase of international expansion. Specifically, the partnership aims to fund the acquisition of complementary technical skills and competitors outside of France, capitalizing on the rapid growth of electric, hybrid, and autonomous vehicle technologies.

Applus+ has successfully finalized the acquisition of 100% of the share capital of a laboratory-based testing specialist, marking a significant reinforcement of its leadership in the electric vehicle (EV) testing segment. This strategic transaction represents a definitive move to gain immediate entry into the Chinese automotive market, currently the largest and fastest-growing EV ecosystem globally. The strategic rationale for the move centers on the acquirer's objective to integrate specialized electromagnetic compatibility (EMC) and powertrain testing capabilities into its global Laboratories division.

The strategy behind this acquisition focuses on the AGQ Labs' international expansion and technological development. Despite the global market volatility at the time of closing, the partnership with Portobello Capital represents a significant milestone for the founders, providing the backing of a major institutional investor through its inaugural minorities fund. The strategic rationale centers on leveraging the target's high-end laboratory infrastructure and sector expertise to capture further market share in the global food and environmental Testing, Inspection, and Certification (TIC) market. The capital injection is intended to support the organization’s expansion project, enhancing its international footprint and strengthening its positioning in the complex food workflow testing process. By maintaining the founders' leadership while integrating the strategic oversight of a private equity partner, the organization aims to professionalize its operations and scale its chemical engineering capabilities. This deal highlights the resilience of mission-critical laboratory services and the continued appetite for high-quality technical assets within the European investment landscape, facilitating a platform for long-term growth and technical innovation.

Astorg entered into a definitive agreement to acquire absolute majority control of Normec from Summit Partners and the company's management team. This transaction marks a major secondary leveraged buyout, allowing the target to transition from a growth equity phase to a large-cap private equity platform. Following a competitive process managed by Jefferies, Astorg successfully secured exclusivity to lead the next international expansion phase alongside the deeply reinvested management team. To adequately capitalize this operation, the deal structure incorporates a substantial senior debt package, providing the optimal leverage required to fuel Normec's ongoing aggressive buy-and-build strategy, which had already seen the integration of over 20 acquisitions prior to this sale.

A consortium led by Cinven and Astorg has acquired LGC Group from KKR. The transaction, which represents the first investment for Cinven's seventh fund. KKR, which acquired LGC in 2015 from Bridgepoint, reportedly achieved a 3x return on its investment following 15 bolt-on acquisitions and accelerated organic growth. The strategic rationale for the deal is to capitalize on LGC’s leading positions in the diversified and fast-growing genomics and quality assurance sectors. The new owners intend to back the existing management team, led by CEO Tim Robinson, to further expand LGC’s global presence, particularly in the US and Asia, and to pursue significant future development opportunities through complementary acquisitions. The deal was supported by a substantial new capital structure, including senior secured term loans and a 500 million GBP PIK (Payment-in-Kind) facility.

Kiloutou acquired Locamodul to strengthen its "Kiloutou Module" business unit. This acquisition allowed the group to integrate a specialized technical team and a high-quality fleet of modular units, primarily in the dynamic Savoie and Haute-Savoie markets. The deal reflects Kiloutou's ambition to become a major player in modular space, competing with specialists like Algeco or Loxam Module.

Boels launched a cash tender offer to acquire all shares of the listed Finnish group Cramo, as a strategic move to create a European leader with combined revenues of EUR1.3 billion and a network of over 750 depots. This deal consolidated the "Top 3" in Europe alongside Loxam and United Rentals (via their European branches).

Clayton Dubilier & Rice has signed an agreement to acquire a significant minority stake in Socotec, taking over the positions previously held by Five Arrows and BIP Investment Partners. This transaction occurs alongside the existing majority shareholder, Cobepa, which has controlled the group since 2013. The capital reorganization follows a period of rapid international growth, most notably the recent acquisition of the American firm Vidaris, which allowed the target to establish a major presence in the North American building consultancy market. The deal marks one of the most significant leveraged buyouts of the year in the French market. The strategic entry of the new investor is intended to support the management team in its continued buy,and,build strategy and to provide the permanent capital necessary for further global expansion. The existing debt structure was recently repackaged through a senior loan facility to support the group,s increased scale and recent acquisition activities.

Acces Industrie acquired its fellow French rental peer Matelev to broaden its technical expertise and regional footprint. This was the first external growth operation since Parquest Capital took control of Acces Industrie in 2017. The acquisition integrated nearly 800 machines and a strong team into the group's network.

After a 2-year holding period, Parquest Capital mandated Canaccord Genuity to sell its majority stake. Under Parquest, the group's EBITDA doubled from EUR20M to EUR40M, driven by organic growth and two strategic acquisitions (Matelev and Novelis). The transaction marked the final transformation of the group from a distressed listed company to a highly profitable private leader.