Initiative & Finance takes majority stake in Airess

Initiative & Finance, through its midmarket "tomorrow" fund, has completed the acquisition of a majority stake in Airess, a prominent French specialist in fire safety systems. The transaction was highly preemptive, with Initiative & Finance submitting a decisive offer just three weeks into the sale process, which was managed by Edmond de Rothschild, securing the asset ahead of other interested financial sponsors. The seller, private equity firm Trajan, exited its investment after a successful and rapid two-year holding period during which its strategic objectives for the company were fully achieved, including significant operational structuring through the implementation of a new ERP system and the recruitment of a CFO. The rationale for the acquisition is rooted in Initiative & Finance's long-standing interest in the fire protection sector, which is characterized by strong fundamentals driven by non-discretionary demand from regulatory and insurance requirements. The new partnership will support Airess's next phase of growth. The strategy involves continued organic expansion within France by opening new agencies, complemented by an active buy-and-build strategy to accelerate growth through acquisitions in Southern Europe. The deal was structured as a leveraged buyout, with the company's senior management reinvesting significantly to retain a 25% stake.

By taking control of Airess, Initiative & Finance continues its expansion strategy. Previously, the group had completed 3 acquisitions, including Ymag in 2025.