ALLIANCE MARINE acquired by LBO FRANCE

Geneo Capital Entrepreneur, alongside MACSF and Eximium, has acquired a stake in i-Run. This transaction aims to support the group's expansion (with the goal of opening 20 additional stores in France), strengthen its omnichannel strategy, and improve its digital platform in order to maintain its leadership in the specialized running retail market.

The specialist in online distribution and sales of outdoor sports equipment is accelerating its growth with a primary LBO and opening up its capital to IDI and Garibaldi Participations.

Ciclad acquired a majority stake in Ceradel from its founding shareholders in a transaction advised by Clairfield International. The deal was structured as a Leveraged Buy-Out (LBO) aimed at reorganizing the capital structure to facilitate the exit of historical shareholders while bringing in financial firepower for expansion. The new strategic roadmap focuses on accelerating digitalization (e-commerce growth) and pursuing a "Buy-and-Build" strategy to consolidate the fragmented European market for ceramic supplies.

Propolis Developpement has successfully acquired a 100% stake in Bonabio, marking another decisive step in its buy-and-build strategy to consolidate the French organic fresh produce distribution sector. This transaction represents a complete shareholder transition as the founding director executed his retirement succession plan, selecting a qualified strategic sponsor to guarantee corporate continuity and team stability. Prior to the final agreement, the transaction was conducted through a highly structured, competitive M&A auction process managed on the sell-side. From a strategic perspective, this build-up operation is highly complementary to Propolis Developpement’s existing asset portfolio, following its notable 2018 acquisition of Dynamis, a major player in organic and Demeter fruit and vegetable distribution. By incorporating Bonabio’s EUR 17 million revenue profile, specialized tropical fruit sourcing networks, and Rungis-based ripening infrastructure, the combined platform significantly scales its purchasing power and category expertise. The integration will unlock substantial logistical, operational, and commercial synergies, positioning the expanded group as a primary counterparty for specialized organic distribution networks.

To support its aggressive growth strategy and double its size within five years, Groupe Materiel-Velo reorganized its equity structure by welcoming Garibaldi Participations as a new key shareholder. The company had been backed by Societe Generale Capital Partenaires (SGCP) since 2012, who accompanied the initial transformation from a pure web player to a physical retailer. This new round of funding is designed to accelerate the deployment of the group's "cross-channel" strategy, financing the opening of new physical showrooms while upgrading digital logistics. The management team remains at the helm, capitalizing on the strong post-pandemic momentum in the cycling market.

Equistone Partners Europe has finalized the acquisition of a majority stake in Vertbaudet from Alpha Private Equity. The transaction marks a new chapter for the childhood specialist following a successful repositioning strategy initiated in 2015, which shifted the business from traditional mail-order to a digital-first platform. The executive team reinvested alongside Equistone to maintain operational continuity. The deal was completed on July 22, 2021, following the regulatory carve-out of Cyrillus (sold separately to MGA Paris). Despite the global pandemic, Vertbaudet demonstrated significant resilience, growing its turnover by 8% in 2020. The partnership intends to fuel further product diversification and strengthen the group's presence in Northern and Southern European markets.

Core Equity Holdings entered into exclusive negotiations to acquire a majority stake (~54%) in Provalliance. Franck Provost and his family, who had regained full control after Chequers Capital's exit in 2017, will retain the remaining ~46% of the capital. The transaction follows discussions initiated in 2019 but delayed by the COVID-19 pandemic. The deal is structured to support an aggressive external growth strategy (including a bid for competitor Dessange International) and the expansion of the Bleu Libellule distribution network. The financing relies on renegotiating the existing bank debt.

Inspiring Sport Capital acquired a majority equity stake in Piguy Golf Challenge, buying out the previous financial holding companies. The current operational management team retained a minority stake in the company to ensure continuity and alignment of interests. This acquisition serves as the platform investment for a broader "Buy-and-Build" strategy in the European golf distribution market. The new shareholders aim to accelerate the company's digital transformation by implementing a B-to-B-to-C model (enabling pro shops to sell online via Piguy's inventory) and to pursue external growth opportunities to consolidate the fragmented European market.

Eleven years after its founding in Annecy, the outdoor sports retailer Snowleader reports nearly EUR35 million in sales, with 40% coming from international markets. To support its growth (38% in 2019), the company raised EUR10 million from 123 IM, BNP Paribas Developpement, and Sofimac Regions. A minority portion of this funding allows for the exit of some shareholders who had invested EUR2.5 million at the end of 2015—namely Turenne CP, Bpi, and Expansinvest.

Ergon Capital acquired a majority stake in Haudecoeur through a Primary LBO (the first time the family opened its capital to a financial investor). The transaction was the result of an unsolicited offer orchestrated by Raphael Financial Advisory. The Haudecoeur family retained a significant minority stake and continued to be involved in the business. The deal structure included senior debt with specific "acquisition lines" to fund future external growth. The strategic goal is to transform this national champion into a European platform for ethnic foods.