Ardian entered into an agreement to acquire a majority stake in Babeau Seguin from NiXEN Partners and a syndicate of minority investors including Pechel Industries, Siparex, and Bpifrance. The transaction was structured as a tertiary LBO, with the management team reinvesting to increase their equity stake. Financing for the acquisition was supported by a EUR70 million senior debt package split into Tranche A and Tranche B. The investment thesis focuses on transforming Babeau Seguin from a regional leader into a national powerhouse through a targeted buy-and-build strategy in a market where the top player holds only a 5% share. Despite regulatory changes to French housing incentives (PTZ), Ardian's investment highlights the group's operational resilience and superior margin profile compared to industry peers.

BABEAU SEGUIN, which reported an EBITDA margin of LOGIN in 2016, is valued in this transaction at an EV/EBITDA multiple of LOGINcurrently observed in the Construction & Real Estate sector.

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