ARGOTEC acquired by SCHWEITZER-MAUDUIT INTERNATIONAL (SWM)

Alliance Etiquettes has completed its first external growth operation since its formation with the acquisition of 100% of NS Etiquettes. This transaction expands the group's geographical footprint into Brittany, a key region for the French food industry, and diversifies its end-markets beyond wine into general agri-food and spirits. Under the terms of the deal, Bruno Quaesaet, the owner and manager of NS Etiquettes, has sold his entire stake to the platform. Simultaneously, he has reinvested a portion of the proceeds to become a minority shareholder in the wider Alliance Etiquettes group, ensuring management continuity and alignment of interests.

Saint-Gobain finalized the sale of its glass packaging subsidiary, Verallia, to a consortium led by Apollo Global Management and Bpifrance. The strategic rationale for Saint-Gobain was to complete its refocusing on high-performance habitat and industrial materials. For the acquirers, the deal represented a massive industrial carve-out of a profitable, market-leading business. Apollo won a highly competitive auction process against several private equity rivals (Blackstone, CVC, Bain/Ardian) and strategic bidders (Ba Vidro) by submitting a superior bid and partnering with Bpifrance to provide social and governmental guarantees regarding French employment. The transaction resulted in a significant reduction of Saint-Gobain's net debt and established Verallia as an independent player ready for a new cycle of industrial investment.

The acquisition of Great Lakes Foam Technologies by Unique Fabricating is a strategic move to consolidate the industry and expand the group's technological offerings into polyurethane molding, while diversifying its sectoral reach beyond its historical exposure to the mass automotive market. This transaction enables the transfer of the target's customer base to the acquirer's broader sales force, leveraging the alignment of the two companies' profitability and growth profiles to generate immediate scale benefits. Under the leadership of its founders, the target had established itself as a niche leader in reaction injection molding technology, with a strong presence in high-value-added sectors such as medical and defense. However, it faced commercial capacity constraints that hindered its ability to reach the next level of national growth. The operational integration led by Unique Fabricating will focus on deploying cross-selling initiatives to the group's existing major automotive accounts, which are increasingly demanding complex polyurethane molded components, and on pooling polymer purchasing capabilities. The continued operational management at the Concord site ensures the preservation of technical expertise, while the acquisition is fully financed through the acquirer's existing credit line, securing rapid execution without altering its capital structure.

Activa Capital has officially launched "Alliance Etiquettes," a strategic build-up platform designed to consolidate the fragmented French market for premium wine and spirits labels. The initiative began with the control acquisition of Imprimerie Laulan in July 2015, followed by the acquisition of Groupe Enes in December 2015. By combining these regional specialists, Activa Capital aims to build a leading national player capable of leveraging industrial synergies and digital printing technologies. The group is led by Olivier Laulan, the former head of the founding entity, and has an aggressive roadmap to acquire further independent competitors to rapidly scale its revenue base.

Unipex (owned by IK Investment Partners) sold its subsidiary Lucas Meyer Cosmetics to IFF. This "build-down" strategy allowed Unipex to monetize its most valuable asset. Following this sale, Unipex refocused solely on its distribution business in France/Benelux (which was later the subject of the 2019 transaction).

Multi-Color Corporation has successfully completed the acquisition of Barat, a leading French wine label printer. The transaction involves the purchase of 100% of the company's shares from the private equity firm Cobalt Capital (which held a 55% majority stake), the founding Le Tellier family, and the management team led by Manuel Lenglet. This deal marks the exit of Cobalt Capital following a Buy-In Management Buy-Out (BIMBO) structured in 2010. By integrating Barat, MCC significantly strengthens its foothold in the strategic Bordeaux wine region, adding a high-quality manufacturing platform and over 200 skilled employees to its European network. The acquisition aligns with MCC's strategy to consolidate the fragmented wine label market by acquiring local leaders with strong customer relationships.

Initiative & Finance supported the management team of Pure Trade Worldwide in gaining independence from its parent company, The Brand Nation. This transformative spin-off allowed the CEO and his partners to take majority control of the capital, with Initiative & Finance acting as a minority financial partner.

Ardian, a leading private investment firm, has sold its majority stake in Novotema to IDEX Corporation, a US-listed company, marking a significant shift from a fund-managed ownership structure to a strategic integration within an industrial platform. Under Ardian's ownership since 2012, Novotema has successfully transformed from a small Italian business to a more robust international enterprise, having strengthened its sales force and enhanced the engineering capabilities of its design office. This transformation has enabled the company to diversify its customer base beyond its historical dependence on the domestic automotive market. The integration of Novotema into IDEX's Sealing Solutions segment represents the third milestone in the US group's acquisition program aimed at expanding its technical elastomer production capacity and broadening its portfolio of exclusive geometric profiles. The post-acquisition priority is to immediately leverage cross-selling opportunities through IDEX's international sales network, introducing Novotema's gas regulation and thermal sealing solutions to the group's major industrial clients in North America and Asia. To ensure operational and managerial continuity, the historical CEO will remain in place at the Villongo site, guaranteeing the preservation of Novotema's chemical formulation expertise and the stability of its relationships with key customers during the technological convergence phase.

Marking a significant milestone in its history, Gault & Frémont has undergone a major restructuring of its capital, with the exit of its historical shareholder, Eurazeo PME, and the entry of new investors, UI Gestion and the company's management team. This transaction represents an important step in Gault & Frémont's strategy of pursuing external growth, both in France and Europe. The company's investment thesis relies on its ability to leverage its expertise in paper and cardboard packaging solutions to drive expansion and improve its competitive positioning. With a strong track record of growth and a solid financial foundation, Gault & Frémont is well-positioned to capitalize on new opportunities and reinforce its market presence. Through this transaction, the company aims to build on its existing strengths, while also exploring new avenues for growth and innovation, ultimately creating value for its stakeholders and reinforcing its position as a leading player in the packaging industry.

The management of Safic-Alcan finalized the acquisition of a majority stake in the group from Parquest Capital. This transaction is a landmark "Management-led Buyout" (MBO) aimed at affirming the company’s independence by placing the founding executives at the center of the capital structure. The deal was supported by a pool of institutional investors providing long-term equity and mezzanine capital. The acquisition financing was underwritten and coordinated by HSBC and Natixis as Bookrunners, with Société Générale joining as Mandated Lead Arranger. This new governance structure is designed to allow Safic-Alcan to pursue its European leadership ambitions through a sustainable and profitable growth trajectory.