ALLIED INFRASTRUCTURE MANAGEMENT acquired by COLAS

Colas has successfully finalized the acquisition of 100% of the shares of the target entity from a Finnish family investment firm, following definitive regulatory approvals. This transaction marks a structural entry into the Northern European market, a region characterized by resilient public spending and high demand for specialized infrastructure maintenance. The strategic rationale centers on expanding the group's multidisciplinary footprint in areas with high barriers to entry due to environmental and technical complexity. By integrating the target’s established leadership in the road and rail segments, the organization reinforces its ability to deliver complex infrastructure projects in the Nordic geography. The partnership is designed to capitalize on technical synergies in the renewable energy and railway sectors, where the target maintains a robust competitive advantage. This integration allows for a broader commercial reach and the deployment of the group’s industrialized innovations in a stable, growth-oriented market. The transaction reinforces the organization’s standing as a primary partner for large-scale mobility and energy transformation projects across the continent.

The investment organization has successfully finalized a strategic minority acquisition in the share capital of the target, acquiring a significant interest alongside the founding management and employees. This transaction represents a pivotal milestone in the group’s lifecycle, facilitating the exit of a long-term institutional partner after a decade of capital support. The strategic rationale for the move centers on the acquirer’s objective to support the target’s sustained organic expansion and its ambitious multi-technical infrastructure strategy across international markets. By incorporating a specialized service-sector investor, the organization reinforces its ability to seize large-scale growth opportunities and strengthen its commitment to complex environmental and social governance initiatives. The partnership is designed to maintain the group’s unique independence through a robust employee-ownership model, which remains a primary pillar of its operational stability. This integration facilitates the scaling of technical operational depth in critical areas such as high-speed rail, fiber optics, and sustainable concessions. The move solidifies the group’s standing as a primary enabler of structural modernization in the global construction landscape, providing the financial depth required to compete at the highest tier of the infrastructure market.

Hivest Capital Partners has acquired a majority stake in Face Group in a primary LBO transaction, marking the start of the company's transmission from its founders. The deal followed a competitive process involving both financial and industrial bidders. The Torres family, who founded and led the company since 1979, has decided to reinvest alongside the private equity firm, as have several subsidiary managers who were already shareholders. The transaction is supported by bank financing provided by Bred and Société Générale, which includes a dedicated CAPEX line to fund future external growth opportunities. The strategic rationale for the acquisition is to capitalize on the growth of the non-residential building maintenance and renovation markets, as well as the transition toward solar energy. Hivest aims to support Face Group in completing its territorial coverage in France through the acquisition of local players. This partnership is designed to transform the family-run business into a more professionalized and diversified group, focusing on high-growth areas such as photovoltaics and specialized building maintenance services.

Goldbeck has successfully finalized the acquisition of 100% of the share capital of GSE, marking a significant milestone in the creation of a premier European leader in turnkey commercial construction. This strategic transaction involves the full exit of the previous private equity sponsor, TowerBrook Capital Partners, which facilitated the organization's rapid international expansion over the past decade. The strategic rationale for the move centers on the high degree of geographic and technical complementarity between the two organizations. While the acquirer maintains a dominant presence in Central and Northern Europe, the partnership provides immediate access to high-growth markets in Southern and Eastern Europe, as well as an established operational footprint in China.

AF Gruppen has successfully finalized the acquisition of a 70% majority stake in HMB Holding AB, integrating the entity into its Swedish subsidiary, AF Gruppen Sverige AB. This strategic transaction represents a significant milestone in the group’s "Strategy 2020," aimed at aggressively expanding its industrial footprint in the Swedish market. A key feature of the deal is the retention of a 30% equity stake by the target’s employees, ensuring continued alignment of interests and management continuity. The strategic rationale centers on geographic densification across the Stockholm/Mälardalen corridor and the Dalarna region. By incorporating the target’s specialized residential and commercial capabilities, the organization bolsters its multidisciplinary value proposition in Sweden. The partnership is designed to leverage the group’s pan-Scandinavian procurement scale and technical resources while preserving the target’s agile, entrepreneurial culture. This integration reinforces the organization’s standing as a leading technical enabler for modern urban development in the Nordics, providing the strategic depth required to navigate complex cross-border construction environments.

Nazca Capital has successfully finalized the acquisition of 100% of the share capital of Terratest, a global leader in specialized ground engineering. This strategic transaction represents a significant milestone in the acquirer's strategy to back industrial platforms with high internationalization potential and a presence in mission-critical infrastructure sectors. The strategic rationale for the move centers on the high degree of growth forecasted in the global infrastructure market, driven by demographic shifts and the modernization of transport, energy, and water networks. By acquiring this platform, the group aims to capitalize on the target's established leadership in large-scale international projects, such as the Grand Paris development. The partnership is designed to leverage the acquirer’s financial resources to accelerate the target's recent expansion into the United States market following its 2018 acquisition of Geostructures. This integration reinforces the group’s standing as a primary enabler of complex engineering solutions, providing the strategic depth required to participate in the largest global infrastructure tenders. This transaction marks a definitive exit for the previous shareholders while securing the management team's long-term business plan for global development.

Stella Group acquired 100% of FLIP from its CEO and the investment firm Siparex. This acquisition was purely geographical, allowing StellaGroup to fill a gap in its national coverage by establishing a strong industrial base in Northern France. The deal brought the group's total headcount to 850 employees and pushed its pro-forma 2018 revenue above the EUR230M threshold.

PAI Partners acquired a majority stake in Stella Group, facilitating the exit of ICG, which had backed the company since 2015. The management team reinvested significantly alongside PAI. The strategic rationale for this new investment cycle is to accelerate the Group's internationalization through a targeted 'buy-and-build' strategy, focusing on market consolidation in Germany, Southern Europe, and the Benelux region.

ICG has acquirer a majority stake in Groupe Stella from Equistone Partners Europe, which had been the lead investor since 2010. This quaternary LBO aimed to support the management team in professionalizing the group and initiating its first steps toward international expansion.

Ferrovial acquired 100% of Enterprise Plc from 3i Group. This acquisition allows Ferrovial to integrate Enterprise into Amey, creating a combined entity with a turnover of �2.3 billion and 21,000 employees. The integration targets �40 million in cost and revenue synergies.