ARDIAN takes majority stake in MasterGrid

Supported by a senior bank debt package and equity capital, the acquisition of a majority stake in MasterGrid by private equity firm Ardian from Andera Partners marks a secondary buyout transaction announced in May 2025. The shareholding reorganization orchestrates the full exit of historical financial sponsor Andera Partners, which divests its 75% controlling equity interest initially acquired during the 2019 corporate carve-out from Siemens. Operational continuity is cemented through a substantial rollover reinvestment, with the target's founders, executive management, and employees maintaining significant equity holdings alongside the incoming majority shareholder. Generating an annual turnover of , the business transitions into Ardian's Expansion portfolio to execute a new multi-year expansion cycle. From an industrial perspective, the investment thesis focuses on capitalizing on structural megatrends, including the global energy transition, the replacement of aging high-voltage infrastructure, and expanding electricity grid demand. The capital allocation framework will fund the development of proprietary equipment lines and support targeted build-up acquisitions across complementary European jurisdictions, focusing on countries bordering France and expanding across the Middle East. The transaction was structured through an extensive multi-disciplinary advisory consortium. On the buy-side, Ardian mandated Sycomore Corporate Finance, Natixis Partners, and Investec as financial M&A advisors, with Hogan Lovells handling M&A legal structuring and Paul Hastings overseeing debt financing legal counsel. Strategic due diligence was conducted by Kearney, financial due diligence was completed by Eight Advisory, KPMG Avocats handled legal, tax, and labor audits, and Finaxy managed insurance due diligence. On the sell-side, Andera Partners and the company were advised by Amala Partners on M&A advisory, Volt Associés on corporate legal counsel, LEK on strategic vendor due diligence, Alvarez & Marsal on vendor financial audits (VDD), and EY Société d'Avocats on vendor legal, tax, and social reviews. Management retained Duroc Partners and Chaouat & Associés as independent advisors. Closing remains subject to consultation with employee representative bodies and customary regulatory clearances.