ATELIERS DE FRANCE (FORMERLY MERIGUET-CARRERE) acquired by MANAGEMENT & PRIVATE INVESTORS

Demathieu Bard has completed its fifth management buy-out, a strategic transaction designed to further align company ownership with its operational leadership. The deal facilitates a significant increase in the stake held by the company's internal stakeholders. The historical management team, the group's executive board, and over 225 senior managers, alongside an employee savings fund (FCPE), now collectively own a controlling majority of the company's capital. This move solidifies management's control and is intended to foster long-term commitment and drive continued growth from within. The remaining minority stake is held by a consortium of eleven financial investors. This pool is largely composed of long-standing partners who have supported the company through previous buy-outs, demonstrating their sustained confidence in the group's strategy and performance. The consortium was also expanded to include a new investor, Crédit Agricole Régions Investissement. The transaction was financed with a senior debt package provided by a syndicate of four French banks: LCL, Crédit Agricole, BPCE, and CIC Est. This leveraged buy-out structure supports the group's capital reorganization following a period of strong top-line growth and positions it for its next strategic phase.

Spie batignolles has successfully finalized the acquisition of a controlling block in CIFE / Groupe ETPO, followed by a simplified tender offer to acquire the remaining share capital. This strategic transaction is designed to establish a new specialized autonomous branch within the group, significantly broadening its service offering in maritime, fluvial, and underwater engineering (segments where the acquirer was historically less active). The strategic rationale centers on geographic densification and territorial expansion, particularly in French Overseas Territories and international markets such as Canada and Africa. Prior to the finalization of the control block transfer, the target was streamlined to refocus exclusively on its core construction and public works (BTP) activities through the divestiture of its real estate division and airport concession interests. This integration allows the target to benefit from the acquirer’s centralized commercial coverage and engineering resources while maintaining operational independence. The partnership aims to deliver innovative infrastructure solutions for environmental preservation and large-scale maritime management.

Groupe Roger Delattre has engaged in its first-ever private equity transaction, securing a minority investment from Nord Capital Investissement through a primary Leveraged Buyout (LBO). This strategic move was designed to fuel the company's next growth phase while maintaining leadership continuity. The historical majority shareholder, Reinold Delattre, and his associate will retain their controlling stake post-transaction. A significant element of the deal involves creating an ownership path for key executives, allowing them to become shareholders and better aligning management interests with the company's long-term objectives. The transaction's financing includes a senior bank debt facility, with leverage reported to be less than three times the company's historical earnings. The principal rationale for this partnership is to execute an aggressive external growth strategy. The company has a pre-defined plan for targeted acquisitions across France, aimed at strengthening its position in core business segments, with a particular focus on the building framework market. The ultimate ambition behind this capital injection is to substantially increase the company's scale and market share over the next five years.

Argos Wityu acquired a 60% majority stake in TKH France from its Dutch parent company, TKH Group. The seller reinvested EUR26.5M to retain a 40% minority stake. The deal, valuing the company at EUR118.5M, aims to decouple the French entity to allow for an autonomous buy-and-build strategy in smart buildings and nuclear sectors.

The management team of the target has successfully finalized its fourth internal buy-out, renewing a strategic partnership with its historical financial backers. This transaction represents a pivotal "generational rotation" in the organization’s lifecycle, allowing senior executives to exit while enabling a new cohort of over 150 younger managers to gain a controlling equity stake. The strategic rationale for the move centers on the acquirer’s objective to maintain long-term institutional independence while refinancing the debt structure from the previous 2015 investment cycle. By incorporating a renewed senior debt facility, the organization reinforces its ability to pursue an aggressive inorganic growth strategy, specifically targeting acquisitions in the energy performance and building renovation segments. The partnership is designed to leverage the target’s established multidisciplinary expertise to accelerate its development in high-growth sustainable development markets. This integration facilitates the scaling of the firm’s technical operational depth, providing the strategic resources required to achieve ambitious value-creation goals in "human-centric" and environmental construction by 2030. The move solidifies the group’s standing as a primary enabler of green building transformation in the French market.

Veidekke has successfully finalized the acquisition of 100% of the shares in Constructa Entreprenør, integrating the organization into its Veidekke Bygg division. This strategic transaction represents a significant territorial densification in the Bergen market, one of the most attractive and competitive construction hubs in Norway. The strategic rationale for the move centers on the high degree of technical and cultural complementarity between the two organizations, particularly regarding their shared commitment to maintaining a robust workforce of permanently employed skilled workers. By incorporating the target’s specialized execution capabilities and localized market depth, the group significantly expands its service offering and project pipeline in Western Norway. The partnership is designed to leverage the group’s pan-Scandinavian resources and digital procurement scale to optimize the target’s operational efficiency while preserving its regional reputation for execution quality. This integration facilitates the consolidation of a massive technical talent pool, creating a combined regional unit with a substantially higher execution capacity. This move reinforces the group’s standing as a primary technical enabler for large-scale urban development, ensuring long-term technical durability and operational caliber within the regional building sector.

HAL Holding, the target's long-standing anchor investor since 1989, has successfully finalized the acquisition of 100% of the common stock of Royal Boskalis Westminster. This transformative transaction marks the end of the organization’s 51-year public listing on Euronext Amsterdam, transitioning the entity into a private subsidiary under the acquirer’s industrial portfolio. The strategic rationale for the move centers on providing a stable, private environment for the target to navigate the high-stakes, capital-intensive transition of the global maritime and offshore energy sectors. By removing the organization from public market volatility, the acquirer aims to foster long-term investments in specialized naval assets and digital maritime technologies. The partnership is designed to optimize the target’s role within the group's broader maritime ecosystem, which includes significant interests in terminal operations, offshore engineering, and specialized shipping. This integration reinforces the group’s standing as a primary consolidator of Dutch maritime excellence, providing the strategic depth required to solve complex global water and energy challenges. The transaction was executed via an all-cash public offer, resulting in a successful delisting and full operational alignment between the two organizations.

ByggPartner Gruppen has successfully finalized the acquisition of 100% of Åhlin & Ekeroth Byggnads AB, a transformative transaction that significantly increases the group's presence in the strategically vital Östergötland region. The strategic rationale for the move centers on the creation of a much larger industrial platform capable of competing for high-value contracts while leveraging shared expertise in digitalization and sustainable wood construction. This acquisition follows the group’s updated strategy of geographical diversification to reduce operational risks associated with regional market cycles. The transaction was structured to ensure long-term alignment, with the target’s management team reinvesting a substantial portion of the proceeds into the parent group, thereby becoming significant long-term shareholders. The target will continue to operate as an independent entity under its established brand, preserving its local entrepreneurial spirit while gaining access to the group’s centralized resources for large-scale procurement and research. This integration is expected to be immediately accretive to earnings, enhancing the group’s value proposition in the "partnership" contracting model and reinforcing its standing as a leading technical partner for Swedish urban development.

ByggPartner has finalized the acquisition of 100% of the shares in Flodén Byggnads AB, a strategic move that establishes a robust operational base in the Western Swedish market. This transaction was executed concurrently with the integration of another regional leader, transforming the acquirer into a significantly larger industrial group with a diversified geographic footprint across Sweden. The strategic rationale for the move centers on reducing operational risk through geographic expansion and capturing synergies within group-wide areas such as digital transformation, sustainable wood construction, and centralized procurement. The target will continue to operate as an independent subsidiary under its established brand, retaining its local management and regional technical expertise. This partnership allows the combined group to leverage its enhanced scale to compete for larger-scale contracts and facilitate knowledge exchange between regional hubs. The integration is expected to contribute significantly to the group's long-term growth objectives by combining a high-margin regional leader with a centralized framework focused on high-efficiency partnering models and technical innovation.

Per Aarsleff Holding has successfully finalized the acquisition of a majority stake in Trym Anlegg, a prominent Norwegian railway specialist, integrating the organization into the Aarsleff Rail Group. This strategic transaction represents a significant expansion of the group's footprint in the high-growth Norwegian infrastructure market, particularly within the central region. The acquisition is structured to include an initial majority interest, with a definitive path to full ownership by 2027 based on book value assessments. The strategic rationale for the move centers on the high degree of technical complementarity between the target's specialized railway capabilities and the group’s existing Norwegian operations. By establishing a strategic presence in Trondheim, the organization achieves crucial geographic diversity, allowing it to navigate the operational challenges posed by diverse terrains and climates. The partnership is designed to leverage the group’s pan-Scandinavian engineering resources and procurement scale to bolster the target’s execution capacity for large-scale national railway investments. This integration reinforces the group’s standing as a leading technical enabler for modern transport infrastructure, ensuring long-term operational caliber across the Nordic rail corridor.